If part of your retirement plan is a gap year or two Enable’s IFA’s in Bishop’s Stortford can try and help you factor them into your financial planning. More and more gap years are not just for students, once you stop full time work you might finally have enough spare time on your hands to travel. But whatever your age, it’s not a bad idea to get in good financial shape before you leave to make a success of your year out.
According to research from Charter Savings Bank older people are now twice as likely to take a gap year as younger people. Indeed two out of five are planning to travel after they turn 60, against less than one in five before age 30. “Many of us think about gap years being the preserve of backpacking students, but older people are catching the travelling bug.” Says Director Paul Whitlock.
On average people plan to spend £5,000 each on the trip, with two thirds funding the cost from savings built up during a lifetime of work. “Globe-trotting in your 60s does have the likely advantage that you will be travelling in a little more luxury and not having to run up debts to fund it.” But do sort out a bit of a budget in advance and decide what to do with your property. “Renting out your home while away could fund your trip, but you will need someone to manage the property.”
Remember you might need to review your household insurance, which could be invalid if you rent out your home or leave it empty for more than 30 days. If you are planning a later life gap year Enable’s IFA’s’ can always help you get your finances in order.
Issued by: Enable Independent Financial Life Planners • 25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 – Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE