Bank finance articles and tips

Article explaining how you can make more money in retirement.
Having a long and happy retirement is something all of us will no doubt want to achieve after spending most of our lives working hard. Although money cannot buy happiness of course it does ensure a certain level of comfort which makes a real difference once you have stopped working. Not having enough money in retirement will mean having to live below your desired standard of living. If you find that once you are retired you don’t have a satisfactory level of income there are a number of options available for boosting your income.

Work part-time

Technically were you to take up part-time work you would no longer be classed as retired. However part-time work is one of the most obvious ways to increase your income once you finish your full time career. Even working 10 hours a week on minimum wage equates to about £60 extra per week. Not only will this provide additional income it can also help keep you active and healthy.

Start your own business

Retirement can also offer the chance to be your own boss if you decide to start your own business. If you are not sure what kind of business to start, think about the needs of people in your local area. For example you could start a dog walking business to help local people who work full time.

Downsize properties

If you own a big family home outright but are only now using one bedroom then it maybe wise to cash in the value of your property and move to a smaller house/flat. Although it is not for everyone, what it does do is release money tied up in the property that can be used to fund a more enjoyable retirement. Also a smaller property will cost less to maintain in terms of utility bills and council tax.

Sell your unwanted items

Do you have any unwanted items hanging around you house that you no longer use but cannot bring yourself to throw away? Anything of value can be sold, either on the internet or perhaps at a carboot sale. You may want to consider selling more valuable items such as a second car if you no longer require two vehicles.
Equity Release

If you want to release the value of your property but do not want to move out of it then you could consider equity release. This lets you release some of the equity in your home that is recouped from your equity release provider when you pass away and the property is sold.

Simon is a freelancer writer from Annuity City. They offer pensions as well as enhanced annuities.