1 8 Tips For Boosting Your Retirement Income - FiftyLife

8 Tips For Boosting Your Retirement Income

Research from FiftyLife shows that the figure the over 50s want for the perfect retirement is £1,167,300. Take a look at these 8 simple ways you could boost your retirement income and help get you closer to that number.

8 Tips For Boosting Your Retirement Income

From research conducted by FiftyLife, you told us the amount you would need in the bank to enjoy the perfect retirement sits pretty at £1,167,300. This could net you an annual income of £46,692 before you add your state pension.

Now, it goes without saying that we don’t live in a perfect world, and your pension pot might fall a little short of that lofty sum.

Never fear! We’ve put our heads together and come up with some ways to get ahead of the game and start growing your retirement income while you’re still a spring chicken.

Couple with piggy bank planning for retirement FiftyLife

Rethink your budget

According to Confucius, the man who moves a mountain begins by carrying away small stones. It’s surprising what long-term goals you can reach by making small adjustments to your lifestyle. Reducing your outgoings to put more into your pension or savings could quickly add up.

If you smoke, quitting could add a hefty sum to your savings pot to accompany the long-term health boost. Or is yours a two-takeaways-per-week household? If so, cutting down to just one Saturday night treat might save you about £20 per week, which adds up to over £1,000 per year.

Sort out your mortgage

Are you coasting along when it comes to your mortgage? Paying it off early by overpaying now could save you a big monthly expense in your later years.

According to the The Telegraph, roughly one in five people retiring in 2018 will be doing so while still in debt. Of these, 38% still had mortgages or other property debts to clear. You might not be able to entirely escape debt by the time you retire, but knuckling down now could cut out a big chunk.

However, be warned: some lenders charge for making overpayments. If this applies to you, consider remortgaging, which could even save you a little bit extra on your interest rate.

Sorting mortgage on UK home before retirement

Get expert help

It’s a very British trait to be tight-lipped on the topic of money, but don’t let that cheat you. It’s possible that your current savings could be working harder, and an Independent Financial Advisor can help you work out how.

Asking an expert for help could let you maximise your investments and pension in advance of retirement. For example, recent changes in Government policy mean you can now save up to £20,000 in a tax-free ISA, which could be a clever means of putting away money.

Claim what you’re owed

Are you receiving all the benefits you’re entitled to? It’s possible that you might not have even heard of some of the perks available.

If you’re over the age of 65, the Winter Fuel Allowance, for example, could boost your income by up to £300. Then there’s Pension Credit and the Marriage Allowance to name but a few.

Age UK has a benefits calculator on its site which you can use to check what you could be entitled to.

Cash in on unwanted items

Have a clear out of the loft and see what things you’ve collected over the course of your adventures. Or maybe your kids have flown the nest and left some items behind which, by now, it’s safe to say they aren’t coming back for.

Car boots, garden sales, or even getting handy with eBay can be a profitable means of topping up your savings.

Car boot sale items FiftyLife

Diversify your income

Websites like Etsy have opened up a whole new economy of people turning hobbies into money-spinners.

If you’re a crafty type and enjoy your woodwork, knitting, photography, or anything else which produces beautiful knick-knacks, you can make a little extra on the side.

These sites often carry minimal initial costs, letting you dive right into reaching your potential customers and padding out your retirement pot.

Sharing is caring

The sharing economy is very much here to stay. Sites like AirBnB allow you to make the most of your spare room, while JustPark could net you some extra cash from letting out car parking spaces.

The beauty of these sites is in their flexibility. You don’t have to tie yourself into huge, long-term commitments which could come back to bite you later. Opt in when it’s convenient, and you can take your spots off the market when you want some peace and quiet.

Enjoy a low cost lifestyle overseas

Ok, this one might be a bit extreme, but the fact is that the cost of living in the UK is relatively high. Have you considered taking your savings and jetting off to somewhere more reasonably priced?

You hear a lot about Brits retiring to Spain, but what about its oft-overlooked neighbour, Portugal, which has some of the lowest living costs in Western Europe? Or if you’re an outdoorsy type, consider the mountains, lakes, and delicious wines of Slovenia – only a two hour flight from London.

This way, your savings will go much further, and you can always nip back to visit the kids at Christmas!

Retired couple on Portgual beach FiftyLife

Protect your family with over 50s Life Insurance

Of course, you don’t just have yourself to think about. You want to make sure the people you value most are provided for, both now and when you’re no longer around.

Life Insurance with FiftyLife provides a cash lump sum of up to £10,000 when you die. It means you could pass on a small inheritance to your loved ones or it could help them to celebrate your memory without worrying about the cost.

Want to see how Life Insurance could work for you? It only takes a moment, get a quote today!