Are you looking for ways to increase your current retirement income or are you still working but worried you won’t have enough money to live on once you’ve retired? Perhaps you’d simply like to earn a little extra cash for treats and holidays. This article offers some handy hints and tips on how to boost your retirement income.
Tip 1: Turn your hobbies into a small business
Try and think about what you enjoy and are skilled at doing in your leisure time. This might be things such as needle craft, sewing, knitting, watercolour painting, pottery, baking, flower arranging, gardening or woodwork. There is a trend right now for homemade gifts which you could sell at a local arts and craft market or local artesian fayre.
You could even try and arrange a summer or winter fayre at your retirement development and run a stall selling your wares. If you’re comfortable using the internet, you could sell items you make via ebay or Etsy. There is also a market for giving lessons in these skills.
Tip 2: Look for a part-time job
Many people believe that once you move into a retirement apartment you must give up work completely, but it's not the case. Many retirees who move into retirement living accommodation continue to work well into their seventies.
If you’re fit and healthy and are considering a part-time job, there are many roles you could consider, depending on previous experience, such as: office work, janitor, shop assistant, supermarket assistant, or even teaching assistant.
For an occasional income boost you could offer to look after a neighbours pet or house sit while they are away on holiday. If you are good with animals you could offer a dog-walking service or pet grooming.
Another popular source of income is through taking online surveys and getting paid to answer questions. If you don’t have your own computer and internet access, visit the local library or see whether your retirement development has a shared computer in the communal lounge with an internet connection, so you can easily log on for a few hours each week and earn a bit of extra cash.
Remember to look out for employers who have no default retirement age, such as the DIY chain B&Q where almost 30% of its workforce are over the age of 50. Other employers who value older workers include supermarkets such as Sainsbury’s, Asda and Marks & Spencer.
Tip 3: Research savings rates at different banks
Use an online comparison website such as ‘comparethemarket.com’ or ‘moneysupermarket.com’ to compare different savings and current accounts and their interest rates. You can get some really good rates on current accounts at the moment, compared with traditional savings accounts. That way you can see what return you may get on any savings you may have and make adjustments. It’s always wise to consult an independent financial advisor when making any decisions regarding money.
Tip 4: Don’t retire too early
It’s common knowledge that if you finish work to take early retirement, your pension pot won’t be as large as if you continued working and retired ten years later. It’s all about retirement planning and retiring at a time that’s right for you and your future lifestyle.
Tip 5: Downsize your property
Downsizing can be an exciting and daunting prospect. It can provide a good lump sum as long as you actually move to a new home which is smaller, but don’t forget to factor in moving costs. Living in a smaller property will also cut down utility and maintenance costs.
To find out how much downsizing could benefit you, begin by researching sale prices on similar properties to your home, and then look online for smaller properties in the area you want to retire to. Moving is an emotional journey, but hopefully it will provide a financial cushion that you can use to enjoy your life and enable you to do the things that you want to do. Read this article to learn more about downsizing.
Tip 6: Find a new home for your well-loved possessions!
If you have items that you don’t use anymore, such as furniture, musical instruments, ornaments, a dinner service that’s just gathering dust or a cutlery set that your family doesn’t want to adopt, consider selling it on an online auction site such as Ebay, Gumtree or Pre-loved. If the Internet’s not your thing, you could simply put an advertisement in the local free-ads paper or shop window. This will not only clear some space in the house, but may also provide you with the much-needed cash to boost your retirement income.
There are many different options available when looking to boost your retirement income, these range from selling your wares at a local market to downsizing your property to free up cash. It’s more about finding what option is best for you and your lifestyle.