Tuesday, July 31, 2012, AM | 3 Comments
If you are living in retirement but are not as comfortably financially as you would like to be then you should think about how you could boost your income. The majority of retired people live on fixed incomes from their pension, either a private pension and/or their state pension.
Unlike those in work who can go for a promotion or work longer hours, those already retired need to look for other ways to either save money or increase their income.
The most obvious way to improve your financial standing in retirement is of course by cutting the cost of living. However this means cutting back on spending, either non-essential or in some circumstances essential spending such as food/energy.
This will reduce your living standards of course and whilst you maybe financially more comfortable, it will paradoxically, make your life less enjoyable.
So instead of thinking about how you might have to cut back, think of ways you can increase your income. Below we have listed three practical measures you can take to boost your retirement finances.
Are you friendly with your neighbours or people in your local area? If so offer those that have young children if they would like to use you as a babysitter. Often couples that both work crave a night out without the kids so this could come as welcome respite for them. You could even advertise in the local paper or in a local store if you do not know anyone in the immediate area.
Those families with both parents working full time may require the services of a dog walker. The best bet to drum up interest is either to drop some leaflets through the letterboxes in your local area or again put an ad in the local paper. You may have to register yourself as self-employed however in order to comply with HMRC. Not only could this earn you such much needed extra money it will also help to keep you fit and healthy.
Would you believe how many people pay £20 or more to get their car cleaned in the workplace? People who are hard pressed for time or simply do not have the inclination to clean their own vehicle would no doubt happily pay someone local to come to their house and clean their car.
These are just three examples of how you can earn extra money in retirement, there are no doubt countless other ways you can generate a bit of extra money. Think about the needs of the people in your local area, how can you assist them and make some extra cash for yourself?
This article was written by Simon who works at Annuity City. They help over 50’s find the best rate annuities on the market.