Retirement is all about enjoying life, doing things you’ve always wanted to do, and finally getting round to things no you no longer need to work. However, some people who rely on government payments and retirement income find it’s very tight and they may even struggle to do the normal bills and food shop. There are other ways you can increase your income when you are retired to give you that boost and extra money so you can live life and get round to those things you have always wanted to do. Things like going traveling, buying your house so you have no mortgage left, and even simple things like spoiling your children and grandchildren. Here are a few ideas below ok how you can increase your retirement income.
Make Use Of Extra Rooms In Your Home With A Lodger
If you live in a house with extra rooms which never get used and even perhaps find yourself feeling a bit lonely which is completely normal as we get older then a great idea on getting a regular monthly income boost would be to look at getting a lodger. They would have their bedroom but share your kitchen, bathroom, and living space as communal areas so make sure you are happy to do that. You also do want to be a bit picky on who you let live in your home as you need to make sure you get on and won’t have any unnecessary drama and upset. You want to find someone you can cohabit with happily and peacefully. This will give you a regular monthly income from the board/rent that they pay.
Sell Things You No Longer Want
There are lots of sites like eBay and Etsy where you can sell things online as well as things like jumble and boot sales where you can physically go to sell things in person. Over the years we collect so much stuff and can end up with quite a cluttered house with more than we really need or even want. Having such a cluttered house means more work, more cleaning, and can even have it looking quite messy. So if you take some time to sort through everything you have, even look in your lift for anything you have forgotten about and look to go and sell it either at a jumble sale or online. You will then end up with a more minimal and nicer-looking home and some extra money in your pocket.
Make Things To Sell
Another way to make some extra money is to use your hobbies and passions and monetize them. There are lots of endless possibilities on what you can do here depending on what you love to do. If you love seeing you can make pretty designs or even custom make things for people like names, important dates, or special occasions. If you love painting again you can create amazing pieces to then sell online, if you’re more crafty you could make things like candles or personalized items and you could also even look at writing a book. Writing a book would take a lot more time but you can self-publish online and look to sell on Amazon. It could be something you’ve always wanted to do and now you are retired you can do it with no stress, rushing, and can simply savor and enjoy it.
Build A Property Portfolio
A great way people make money leading up to and when they retire is by having a property portfolio. This is simply where they buy a property and then rent it out and have the rental income. Sometimes owning property can be an added stress as you are responsible for anything that breaks and meeting set minimal requirements so that the tenants are living in good conditions. So for example, if the heating broke you would be responsible for getting it fixed. However, estate agents that normally help you find tenants also offer a management service where for a small fee they will manage it all for you and all you then need to do is just get the rent every month.
Another way to earn money and one which doesn’t require a lot of work is putting your money into investments. There are lots of different ways you can do this but there are even apps that allow you to trade stocks and shares now. These tend to be more of a long-term investment and there is a risk but the more you put in the more you can get back from it.