How to Make Money in Your Retirement

Image courtesy of eltpics
Image courtesy of eltpics
When we are retired it can feel like we have no opportunities to make extra money and just have to rely on our pensions. However, there are things that you can do that will enable to earn more money, if you wish.

Get a Job
Many people do not like the idea of working in retire and of course, some people are not able to. However, there are many retired people who still have part-time jobs. These could be things like delivering leaflets and papers, part-time shop work or even buying and selling online. If you have a hobby, such as arts or crafts, you may be able to produce things that you can sell and make money from. This could generate a small income for you. There are many possibilities of things to do which can generate some extra income that you can have alongside the pension.

Invest Wisely
If you have savings, then it is worth investing them well so that they can provide you with an income. With interest rates low, it can be hard finding a good place to put them. However, it can be worth paying for a financial advisor to help you. They will be able to let you know what would be best for your needs and what is likely to pay you back a decent income each month in interest payments. You may have to take more risk in order to get a bigger chance of a better return so make sure that you tell your financial advisor how much you are prepared to take.

Sell Things
It could be worth selling a few of the things that you have to get some extra money. This will not provide a regular income of course, but it could help to generate cash which could be used to pay for extras, perhaps days out, holidays, new clothes or that sort of thing. It is possible to sell anything these days too, from clothing and kitchen equipment to furniture and white goods.

Downsize
If you sell your home and buy a smaller one then you are likely to have a chunk of money left over. This could help to provide you a good retirement income if you invested it wisely. Alternatively you could spend lump sums of money on holidays and treats like that. It could also give you an opportunity to pass on some money to your children or grandchildren and watch them enjoying it.

Equity Release
It is possible to ask a financial institution if they will release some equity form your home so that you can have money from it. When you no longer need your home they will sell it and get back the money they gave you plus any fees and interest and the rest may be available to be inherited. These deals can vary a lot and it is worth seeking financial advice before doing anything like this. It will mean that there will be less to inherit when you die, but you may feel you need the money for yourself rather than passing it on.

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Rachel Henderson is a professional freelance writer from the UK. She writes on many subjects but specialises in personal finance. As well as contributing to various blogs and websites she has her own website tracking her own money making process http://www.turnonepoundintoonemillion.com and sells her books through http://www.bowbridgepublishing.com.

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