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Tuesday, February 14, 2023

How To Boost Your Retirement Income

Retirement is meant to be a time when older people can finally relax and enjoy some free time. They’ve spent their lives working, and once they reach retirement age, the idea is that they can stop working and have some fun or do things they’ve always wanted to do. This can be hard when you’re living on limited means because you no longer have an income, however. That’s why it’s crucial to boost your retirement income as much as possible, either before you retire or during your retirement. Read on to find out how it can be done. 

Use Your Property 

For homeowners, using your property to boost your retirement income makes a lot of sense. This is likely to be your biggest asset, so why not use it to make life more comfortable when you’re no longer working? 

There are actually a few things you can do in this regard. The first is to sell your home and downsize to something smaller. Ideally, you’ll be able to buy the new property outright and then enjoy the money that’s left over. Or you might consider an equity release scheme or remortgaging – both have their pros and cons, which is why it’s crucial to talk to experts like Reed Pirain about the option that will be best for you. The final idea is to rent out a room. If your children have grown and moved out, for example, you could have a lot of space in the house. Not only will this give you some company, but it will bring you more money as well. 

Make And Sell Something 

If you are good at making unique things, you could sell them on Etsy or Amazon. This can give you a stream of passive income as people buy your products. One good thing about selling things on Etsy or Amazon as an older person is that you can do it from home as long as you have an internet connection.

To get started, you'll need to set up your online store and make an account on Etsy or Amazon. You'll also have to figure out what products you want to sell and find suppliers for them. Once your store is set up, and you have products to sell, you'll need to start marketing and promoting it to bring in customers and make sales.

Pay Off Your Debts

One very important thing to do before you retire is to pay off your debts. This might mean having to take on additional hours or even another job, and at the very least, you’ll need to speak to a loan expert in case it’s possible to consolidate your debts into a smaller monthly payment that will be easier to deal with when you don’t have an income anymore. 

The longer you leave this issue, the harder it will be to make any headway with it, and although it can be embarrassing to talk about money issues, especially if you feel you’ve made mistakes in the past, the truth is that retirement will be a lot more enjoyable if you do take control of your debt and reduce it as much as possible before your income stops. 

14 comments:

  1. You can never have enough good financial advice, especially when it comes to retirement! Thanks so much for sharing! This is great stuff!

    -Whitney Stewart

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  2. Maria Niezgoda AzanhaMarch 31, 2023 at 3:25 AM

    These are some really useful tips! I never actually thought about it and these type of issues are very important to take into consideration! Thank you for sharing!

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  3. These are great tips. I haven't given my retirement much thought yet, but I guess it is time to start thinking and taking action on this.

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  4. I'm always worrying about our retirement income so I'm constantly working on ways to make sure we have some coming in. Thank you for these tips!

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  5. Those are all great ideas. I think sometimes a bigger house isn’t exactly better.

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  6. This article on boosting retirement income was incredibly helpful! The tips provided were practical and easy to implement. I especially appreciated the emphasis on diversifying income streams.

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  7. Paying off debt is important towards your retirement. You dont want to retire with piles of debt.

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  8. When planning for retirement, the truth is that the earlier you start saving, the better off you could be, thanks to the power of compound interest. And one of the best ways to boost retirement income.

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  9. Thank you for the money tips! I'm always on the lookout for the best investment instruments to help me further build my retirement plans.

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  10. I’m so super worried about retirement. I thought I would be married but that didn’t work out so now it’s all on me.

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  11. These are excellent suggestions to prepare for retirement. Especially paying off debt and staying out of debt! I will continue to put these into practice

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  12. Great tips to help improve life when retiring. It goods to boost income when don't have a full time job.

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  13. Hhhhmmm....making and selling something sounds good and sustainable. It is exactly what we are doing with Mummy here, in her second year of retirement.

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  14. So many live in the moment, but as you've highlighted, it's essential to think about the future. Thanks for the reminder!!

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