Your Late-in-Life Wealth Creation Plan

11 Oct 2017
Retreat by the sea,
I think it’s safe to say that each of us dreams of getting rich at some stage – maybe not to the same extent – but certainly to the point where we would like to enjoy our lives without having to slog away every day from nine to five. Retirement is imagined as warm weather, relaxation and time spent with the family – without the added stress of worrying about finances and wealth creation

Unfortunately many people think about this dream for far too long and don’t actually take any steps towards securing their financial future. It’s easy to suddenly wake up and realise that retirement is heading at your fairly swiftly and that you are yet to wisely invest enough to keep wealth creation going through your retirement years without actually having to work for it. 

Here is a wealth creation plan for those that have left things a little too late: 


Aggressive investment


When you are younger it is totally okay to invest in little bits here and there – putting away a couple of hundred quid a month and spreading yourself fairly thin over a couple of schemes. This is because you have got time - in your 20s you have a good 45-50 years to get your wealth creation where you want it to be. However, when you are in your 50s or 60s time is starting to run out and you no longer have the luxury of putting away a few hundred pounds here and there - you need to invest hard and fast. Invest as much of your salary as you possibly can every month, and at a 10% interest rate you should be okay by the time you hit retirement. 



Start a business


Starting a business is a great plan for late life wealth creation. While it may seem counterintuitive, as you will have to spend money, a successful business could make you a lot of money and also keep you going during your retirement. You may think that you aren’t young or gutsy enough to do this but the thing is that in your 50s and 60s you have got tons of experience, know the ropes of the industry and should be able to find amazing opportunities in your industry. Not only will it (hopefully) turn into an extra income for now – you can also either sell it when you retire or pass it on to someone else to keep running and keep getting a monthly income out of it. 


Delay taking your pension


Four months before you reach state pension age, you will be given the opportunity to choose whether to take it or not. While most people undoubtedly look forward to this day, and will take the money – in terms of a late life wealth creation plan – it’s best that you hang on for a couple of more years. Deferring your state pension can mean a whole lot more money later down the line when you do decide to take it. This article from explains the ways in which delaying your pension could benefit you, and the conditions under which it could result in you receiving more money. 



Invest in real estate


Although this can be a risky way of wealth creation, buying real estate is often one of the most lucrative and popular ways to invest and make money at a later stage in life. Make sure that you invest in property in an area that is up and coming, try to look for houses that will fetch more when you sell them, or look to invest in an area where there is always likely to be tenants such as students or tourists. A real estate investment in a tourist area can double up as a holiday home a couple of times a year, as well as giving you a passive monthly income. When you retire, you can either sell the house for a profit or move into it and rent/sell the property you were living in while you were working. 


Calpe is a small town on Spain’s Costa Blanca coastline that is known for its excellent tourism, as a result of its relatively low prices and beautiful landscapes. It is also one of the most popular spots in Spain for Britons to buy property for investment purposes, wealth creation and retirement. If you are looking to make some money a little late on in life, then have a look at our substantial portfolio of property for sale in Costa Blanca and contact us for advice and insight into the Spanish real estate market. 


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