An update to my original
One issue I didn’t really highlight in the original post was debt. Pay it
off. Not having debt could be considered a leg in itself. No mortgage,
no credit card debt, no student loans, etc. That all needs to be gone
once you retire.
Private pensions sometimes have an option to borrow from them for various
reasons. You should almost never do this. Right now interest rates are
low so mortgages will generally give you decent rates, so even using
your pension to buy property isn’t a great idea. It’s far easier if you
think the money is locked away until you’re 65.
An additional benefit to rental property is as a retirement home when you
have reduced mobility when you’re older. An accessible small apartment
in a city centre should be easy to rent out when you’re younger and it
can provide you independent living when you’re older.
As someone who lives in a rural area this is definitely something to