How to Continue Making Money During Your Retirement
There’s undoubtedly a private pension shortfall in the UK, with a recent report revealing that more than £1 billion worth of this may be the result of repeated human errors and overly complex withdrawal rules.
With this and the rapidly dwindling state pension directly impacting retirees throughout the UK, it’s becoming apparent that this demographic should consider taking a more proactive approach to generating income once they’ve left the workplace.
So, here’s a breakdown of how you can make money during your retirement and boost your sense of financial security as you grow older.
Downsize and Leverage the Value in Your Home
For those of you fortunate enough to own your own home and have a mortgage that has been fully paid off, there’s a tremendous amount of money that will reside in the value of your home.
This can be leveraged in a number of ways, particularly if you look to downsize by selling a former family home for a considerable profit and subsequently invest in a smaller, cheaper property.
Alternatively, you could retain your house as a viable asset and look to access a monthly rental yield, while moving into a cheaper rental property and banking the subsequent profit.
This way, you can generate income from the margin, while retaining ownership of your home and enjoying some flexibility in terms of how you leverage this asset going forward.
Investing Your Capital
Your fiscal outlook may change as you grow older, as you become more focused on consolidating your capital rather than growing this aggressively.
Much will depend on the value of your capital and risk profile, of course, but there’s no doubt that the investment markets offer an excellent way of boosting your pension in the current economic climate.
Indexes such as the S&P 500 offer value as a steadfast and viable asset, for example, with this capable of delivering reliable, double-digit returns over time.
We’d argue that futures trading is also a viable option in the UK market, with this enabling you to enter into agreements with businesses that can yield sizable returns within a relatively short period of time.
Sell Your Material Possessions
If you do decide to generate income by selling your home and downsizing, this may also create a scenario where you want to declutter and offload some of your material possessions.
Of course, not all of these items will be of value in the open market, but possessions that do boast resale value and be sold through sites such as Amazon and eBay to create a potentially lucrative source of income.
If you want to gauge the size of this potential market, you should note that corporeal second-hand goods stores in the UK generated a total of $1.9 billion through 2020.
This is a relatively easy way of making money in your retirement, especially with online marketplaces such as Shpock offering a quick and easy-to-use service for vendors nationwide.
Photo by Suzy Hazelwood from Pexels
When They Get Older reccommends that you take advice when making investment decisions.