Last Updated on Mar 13, 2020 by James W
In a perfect world, when we reach retirement age we will be able to leave the stress behind us and look forward with relish to relaxation and reduced financial burden. However, this is not a perfect world and for many, the need to generate income continues into retirement. You could be pushed towards cashing your pension in if you have a decent fund. Maybe you don’t have the option to release equity? The long term self-employed, people who haven’t been able to build up a significant nest egg and those on state pensions, might find themselves in the category of needing to source income at 60 and beyond. This can be achieved in a variety of ways and is not all doom and gloom. There are measures you can take to ensure a happy, prosperous life beyond retirement age even if you don’t have the buffer of a large pension pot.
Make money from in your home.
There are several things we can do to ensure we aren’t leaking money in our homes in the form or excess energy and wasteful consumption. For starters, there is the ‘Green Deal’, a government-backed scheme which encourages responsible energy usage. The scheme provides loans for energy-efficient home improvements which are repaid in the form of energy bills. Energy bills decrease as a result of the newly-installed efficient systems and seemingly everyone is a winner. Also, by simply making sure you switch appliances off at the socket after use, not wasting hot water, and taking showers over baths, you can rack up some healthy savings.
Cashing in your pension.
This is not the route all will take as it does degrade what you have worked for over the years. However, if your cash flow takes a hit your pension fund could be the answer. Know the facts about what you can withdraw and when, and don’t sell your future short by taking too much. There are plentiful pension experts out there just waiting for you to get in touch.
Use your old skills.
Maybe you can refer to the job you have retired from in order to generate some extra pounds. Some type of consultancy may be the answer for you if you have the necessary skill set. You can set your own working hours and be available as and when. Tap into your knowledge reserves and see if you can make some extra cash on your own terms. It’s widely accepted that businesses will pay a lot for high quality consultancy so bear it in mind and research the industry to find out if you can apply your experience beyond retirement age.
