It may be a few years yet before retirement comes knocking on your door, but that doesn’t mean that you have to put off thinking about it for too long. You might have the entirely understandable concern that your existing savings might not be enough to carry you entirely through your retirement years, but how do you go about boosting your cash? Here are a few options worth considering.
Make it a semi-retirement
You might have dreams of spending all day indulging in your hobbies but, if your savings are on the low end, then you might want to consider making your retirement more of a partial thing. There are some kinds of work you might be perfectly happy to do, such as offering childcare to your loved ones for a little additional money. You may even able to apply for a benefit if you do.
Make use of your home
If you’re getting a little older an all of the chicks had flown the nest already, then you might have more space in your home than you need. You could downsize in order to boost your savings considerably, but you could also consider turning the home into a bed and breakfast. If you don’t mind welcoming a guest now and then and providing some services, then you could make a reliable income from an otherwise unused bed.
Make use of your equity
You don’t necessarily have to make use of the property itself to make some money from it, either. A reverse mortgage for seniors is a loan that makes use of the equity in your home, unlocking an income or a lump sum. It can be a great option for those who may not necessarily intend to pass the property onto loved ones because they have their own property already.
Moving your investments
You may have built an investment portfolio that is designed to safeguard and grow your wealth so that you have more to rely on in your retirement. However, investments aren’t liquid, all of your money is tied up until you cash out. However, by moving to stocks with dividends, you can get some money back from your investment portfolio without having to liquidate your assets, allowing you to stay a little flexible while gaining some extra cash.
Set up a lifetime annuity
As well as your pension savings, you might want to consider formalising a lifetime annuity that will be able to pay an income over time as you get older. As such, you can make sure that you’re not relying on a dwindling pile of cash, but there is always a regular income that is guaranteed for the rest of your life. The sooner you start to set this up, the better you can benefit from it.
The above options are not the only ones available to you, but they are examples of ways you can get a little more cash while going through your retirement. If you want to benefit from them, it’s best to start sizing up your options now.