Money Makeover: Looking for More Income in Retirement
February 21st, 2006 No Comments » | POSTED BY ROB
The Independent has a money makeover for a single mum from Bournemouth who wishes to generate more income for her retirement.
She lives with her son in a £285,000 house, and has been considering downsizing, as well as buying a buy-to-let property to help put her son through sixth form and university.
The experts suggest that the buy-to-let property (on an interest-only mortgage) might be a bad idea – if the property was unoccupied for any period of time, the mortgage would still have to be paid, and what would happen to her if residential property prices were to fall?
The experts also make recommendations for her savings and pension provision, given that she is due to retire in 8 years time.
