Increase your retirement income | Fusion - WeRIndia

Increase your retirement income

Increase your income in retirement

Once you retire, it is good to have a peaceful life with security. The free time you get in retirement gives you options to do various activities of your interest. However, you can only be stable and peaceful if you have enough income in your nest.

Here is how you can boost your retirement income.

Get right investments

There are many credits and benefits that senior citizens can get. Senior citizens can often get several benefits from investment schemes. There are also special interest rates for pensioners by government. Make use of this.

A part-time job

Just because you have retired doesn’t always mean you are not in working condition. If you can, try to get a part time job. Depending on your experience and qualifications you can get a good paying job for extra income easily. You can also turn your hobbies like cooking to a money earning gig.

Borrowing against life insurance

Do you know that you can use your life insurance to draw money against it? That’s right, if you have a permanent insurance like whole life or universal life, this can be used.

Boosting pension

Using a government initiative, one can boost their basic state pension weekly payments. However, do remember you need a lump sum to purchase the boost to your income.

Depending on your age and how much extra income you want, the amount you pay changes.

Downsizing your home

Downsizing your home can help you get extra income. You can opt for a cheaper and smaller home which also reduces the cost of maintaining. This way you get a lot of extra income. If you have extra rooms in your home, you can even rent them out to get extra money.

Renting parking

In a lot of areas, there is a scarcity for parking. You can take advantage of this by renting out your parking space to others.

Image by Tumisu from Pixabay (Free for commercial use)

Image Reference:

Leave a Reply

Your email address will not be published. Required fields are marked *