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Finding ways to make your money go further as you get older

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When you have worked hard your entire life you want to make sure that later on when you are ready to retire that you will be able to live comfortably without financial worries. So finding ways to make your money go a little further is always helpful.

Plan Ahead

First of all it is good to have an idea in mind of what you would like to do when you reach retirement age. Will you want to travel or perhaps buy a second home abroad? This will help determine your goals and how much money you are likely to need further down the line.

Check Your Pensions

Keep up to date with your pension savings to ensure you make the most of the contributions you have made over your working years. You could even opt to delay the start date of your State Pension if this is suitable for you. You could receive a 1% increase for every 9 weeks you defer the start date which amounts to just under 5.8% for the entire year.[1]If you are in no rush to dip into your State Pension savings then this could be worthwhile.

Look For Better Deals

You might have been with the same gas and electricity provider for some time now, but have you checked online to see whether any competing companies are offering a better deal? It is worth the time it takes to do a little research to see if you can save some money each month on things like household bills or your internet and tv provider by switching to a different company.

Market Investment

If you have some finances set aside that are not doing much you could try investing some funds into the CFD Trading market. It is a method of investing on the financial market without having the physical goods. Instead you get to speculate whether the price of the goods will go up or down. So in essence you can still generate a return if you predict that the value will decrease.

Set Aside Money for Care Bills

It may not be a topic you want to think about but you never know what could happen later on in life. Having money set aside in case you require care will certainly save you money in the long term, as it can be quite costly, particularly at the last minute. The average monthly cost of residential care is around £2816 whilst a home visit from a nurse can be £3552.[2] This will also help relieve any extra costs that your family members will need to pay towards a care home or having a nurse visit you at home if you have money set aside for this specifically. Being a little organised can certainly help you save some money.

[1] Ways to boost your pension in the run-up to retirement – Money Advice Service

[2] Care Home Fees And Costs: How Much Do You Pay In 2021/22?Care Home

Photo by Andrew Neel from Pexels

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