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Lifetime Home is the latest solution from our Partner, Lifetime Retirement Income, that aims to help retirees over 70 to supplement their retirement income without the burden of debt. It works by unlocking the value of your mortgage-free home without taking on a new mortgage, debt, or interest.
Its fair to say that there is a bit of confusion and scepticism around this new idea so, we have a new customer story from the team at Lifetime Income which shares Judith's recent experience.
You can read the original article here: Lifetime Home gave Judith financial freedom in retirement. Or you can read the article published in full below and tell us what you think in the comments section.
Lifetime Home gave Judith financial freedom in retirement
Adjusting to life after a steady paycheck is one of the biggest challenges facing newly-minted retirees, as Judith* (name changed to protect privacy) discovered when she stepped away from her career last year. After decades working as a social worker for children and adolescents, she was ready to embrace retirement—but the financial shift from a regular income to relying solely on NZ Super was an eye-opener.
“I retired at the end of September, just before I turned 72,” Judith explains. “Going from a steady salary to just the pension was a shock. And I realised it could be a bit of struggle.”
Discovering Lifetime Home
Judith first heard about Lifetime Home through a friend and Lifetime Retirement Income customer. Intrigued, Judith looked into it further and was confident it could be the answer to her financial conundrum. Her financial adviser and lawyer agreed.
“My lawyer was a bit sceptical at first because she hadn’t heard of Lifetime Home, since it had only just been launched,” Judith says. “But after reading through the contract and all the explanatory information, she said: ‘Actually, this is a great solution for you’.”
Simple and transparent
“It was really good, really transparent,” she says. “I understood what I was signing up for.”
A better retirement
It’s been about six months since Judith received her first Lifetime Home income payment and she’s found the extra income has made a real difference in her day-to-day life.
“It’s improved my retirement a lot,” she says. “Having that additional income on top of NZ Super means I can still pay my bridge fees and afford petrol for trips away. All those little things that I probably would’ve struggled with otherwise.”
Not only has Lifetime Home helped Judith maintain her lifestyle, but it’s also allowed her to start saving again.
“I’m even able to put aside a little here and there, which is a great feeling,” she says.
An alternative to downsizing
For many retirees, downsizing is the go-to option for freeing up extra funds, but Judith realised that selling her home wouldn’t actually put her in a better position.
“I looked at downsizing, but it would cost just as much to move as it would to stay put,” she says. “A smaller place in my area is basically the same price, especially once you add in moving costs and everything else. And I love my home.”
She also considered a retirement village, but her heart wasn’t in it.
“I like my privacy,” Judith says. “In a village, you’re right beside someone else, and in most of them you don’t actually own your property. It just wasn’t for me.”
Peace of mind without debt
The fact Lifetime Home is structured around regular payouts, rather than a lump sum, was one of the things that appealed to Judith the most.
“I just wanted to replace my income,” she says. “I don’t have the financial cushion I might’ve had because of relationship breakups over the years. It takes a long time to come back from that.”
She also appreciates the security of knowing exactly how much of her home she still owns and that she won’t be burdened with growing interest charges down the line.
Living retirement on her own terms
With her finances sorted, Judith is enjoying her retirement to the fullest. Her days are busy playing golf and bridge, maintaining her home and garden, reading, and visiting friends and family.
“I’ve worked hard in social work for 50 years,” she says. “I deserve to enjoy my retirement. Now, I can still buy the odd treat, which I wouldn’t have been able to manage on NZ Super alone.”
Judith says she highly recommends that other retirees who need a bit extra for a comfortable retirement also consider Lifetime Home.
Have you thought about Lifetime Retirement Income to look after your money in retirement?
If you’d like to find out more about any of our retirement income solutions, including Lifetime Income, Lifetime Home and Lifetime Invest, their locally-based income specialists are on hand to chat.
So click on the button below and contact Lifetime Retirement Income to find out more.
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