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Ten ways to… Boost your retirement finances

Ten ways to… Boost your retirement finances

Would you benefit from a cash injection in retirement? There are so many ways we can boost our finances, from saving on monthly bills to generating a cash lump sum or regular income.

Perhaps the extra money could assist with day-to-day living costs, help to clear a loan or credit card, or simply top up the ‘rainy day’ fund for life’s little surprises.

Whatever the extra money would enable you to do, why not work your way through this list? You might be amazed at how much you could save, earn or generate to boost your retirement finances!

  1. Switch on comparison sites
    You could save hundreds every year by searching for a better deal each time your car insurance, home insurance and energy deals come to an end. Visit comparison sites such as Compare The Market, Go Compare and uSwitch to find a better deal ahead of your renewal date.
  2. Make the most of your pension po
    If you haven’t started receiving an income yet from your pension pot, or accessed your tax-free cash from your fund, then speaking to a retirement income specialist about your options is an ideal starting point. A specialist like Retirement Line can help you achieve the highest income for your fund value, and take you through all your options.
  3. Install solar panels
    Once you have paid for the installation of solar panels then you can get paid for the electricity you generate. The UK government’s Feed-in Tariff scheme pays you for the electricity that your panels produce, even if you use it. Plus, if your system is producing more electricity than you need, you can sell the surplus back to the grid through the Feed-in Tariff scheme.
  4. Sell unwanted items
    If your garage, loft – or both – are bursting at the seams with items you no longer need or use, then have a good old clear out and pop them on a selling site such as eBay or Gumtree. Or to get rid in one day then take your old clothes and unwanted items to a local car boot sale – perfect for making some quick cash, and you might even pick up some bargains yourself!
  5. Let out a room or holiday home
    If you have a spare room, then it might be an ideal opportunity to take in a lodger to boost your income. For a short-term option you could consider renting a room out to a foreign exchange student over the summer. Have a holiday home? They’re great for letting out for some extra cash – even if it’s just to people you know or friends of friends.
  6. Have a benefits check
    There's a host of state benefits available – you just need to work out which ones, if any, you might be entitled to. Use one of these handy government calculators to find out if you are entitled to any additional help.
  7. Downsize
    If you have lived in your home for a number of years, then it is likely to be worth more now than when you bought it. By moving to a smaller home or a less expensive area you could generate a cash lump sum from the sale. It is worth considering the costs of moving of course, including estate agent fees, solicitor’s fees, removals and stamp duty, and the cost of making any necessary repairs to your new property.
  8. Equity release
    If the thought of selling the family home fills you with dread, then why not consider unlocking a tax-free cash lump sum with an equity release plan? You do not need to make any monthly repayments, and some flexible new plans enable you to make regular or one-off payments towards the interest if you wish to. Equity release by its very nature will reduce the value of your estate and the amount of inheritance you leave.
    This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
  9. Look into cashback offers
    If you regularly shop online, then click to the company via a cashback site (rather than going direct) and you can get paid for your purchase! You will need to sign up to the cashback site first, which should be free. Another useful cashback tool is a cashback credit card. The top card pays 5% cashback for the first three months, others give up to 1% on fuel and supermarket spending.
  10. Offer a pet sitting service
    Many people worry about leaving their beloved pets in kennels or catteries when they go away and often use the services of a pet/house sitter instead. If you love animals, you could make some extra money by taking care of the holidaymaker’s animals while they are away. You will need to have no other commitments of course, and it may be worth joining an agency such as Animals Angels for insurance reasons.

Could a retirement income product improve your financial position?

If you are over 55 and looking to boost your finances using your pension fund, either in the build-up to your retirement or as part of your longer-term retirement plan, then speak to one of our retirement income specialists today and discover what we could do for you.

Call our retirement income experts today and find out if we could get you a bigger income from your pension fund. Call 0800 652 1316.

Retirement Line work on a non-advised basis.  Ifyou are at all unsure of which options suit you, you should seekregulated advice.

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