Are you worried about maintaining your wealth and assets in retirement?
An Aviva Property Plan is a lifetime mortgage and refers to Aviva's Lifestyle Lump Sum Max and Lifestyle Flexible Option products. Below we've put together a typical scenario to show how an Aviva Property Plan could help you.
Andrea and James live in Cambridgeshire, with a property valued at £3m. They both have good pensions from long, successful careers, have paid off their mortgage, and have 2 grown-up children.
They’re used to a high standard of living, and have worked hard to afford a lot of possessions that they don’t want to risk losing.
They've spoken to a financial adviser about the best way of making the most of the assets they have built up to maintain their current lifestyle in retirement, but also how to manage their estate so they pass down any inheritance to their children in a tax-efficient way when they die.
After considering the options with their financial adviser, they're thinking about taking out an Aviva Property Plan.
Why? Pensions can often provide a good way to pass on a lump sum or regular income to children in a tax-efficient way. In the specific case of Andrea and James, an Aviva Property Plan would let Andrea and James access the equity built up in their property as part of their overall plan rather than drawing an income from their pensions, leaving these available to pass down to their children as part of their plan to provide the children with a tax-efficient inheritance.
They’ve decided to take a lump sum of £450,000 so they can upgrade their kitchen, pay for both their cars and enjoy holidays to far away places without the financial worry – just as they did when they were working full-time.
What’s more, Andrea and James could set up £270,000 a reserve, so they’d be prepared for any surprises in the years to come.
Could you maintain your lifestyle with an Aviva Property Plan?
An Aviva Property Plan can benefit retiring homeowners of all incomes and net-worths.
Even with a healthy investment portfolio and good savings, maintaining your home and keeping up with the life you’ve built for yourself could become easier with our plan – but remember, you should always speak to a financial adviser before deciding.
This is a fictitious example for illustrative purposes only. An Aviva Property Plan is a lifetime mortgage which can’t be taken out without financial advice so we’ll put you through to a carefully selected, specialist adviser who isn’t employed by us but can only advise on our lifetime mortgages. If you require general financial planning and investment advice please speak to your own financial adviser. If don't have an adviser, but want to speak to one, you can find one near you at www.unbiased.co.uk. Taking out a lifetime mortgage will reduce the amount of inheritance you are able to leave. Your tax position and eligibility for welfare benefits may also be affected.
Call us on 0800 141 3455 to check if you’re eligible for a lifetime mortgage and to be put through to a specialist financial adviser who is qualified in providing advice on lifetime mortgages.