Retirement is often seen as a gradual descent into fiscal turmoil in which assets are stretched and prospects diminished. But the truth is that your golden years don’t have to be financially static. When it comes to early retirement a lot of UK pension holders are now cashing in your pension.
The retirement age seems to get higher and higher, and as such newer generations of retirees need to be prepared to provide for their future selves for a little longer as life expectancy continues to increase.
Many will need to make a little extra money to support themselves in retirement. Here are a few of the best ideas to get you started.
Let’s face it: when the holidays come around, there’s no one that puts on a better roast than you. Why not make some money doing it?
You don’t have to feed the five thousand; specify to potential clients that you cater for parties up to forty, fifty, or however many you’d feel comfortable with. It’s also a great way to big up recipes and get braver with your menu.
The main downside of this strategy is that rising food costs can often push up your budget, and you may have to charge a little more to make a decent profit. Cater for clients rather than friends for a more professional relationship.
Passing on knowledge is a pastime that’s beneficial to you in more ways than one. Tutors often say that the time they spend teaching is time that they also spend learning, and that’s true. Tuition forces you to truly hone your craft; to be a good tutor, you’ll have to improve yourself every day, which is a really great way to spend your time.
You’ll be able to make more money if you’re properly qualified of course, so if you’re not, spend some time garnering those accreditations, whether that’s musical grades or NVQs.
Open a B&B
Bed and Breakfasts are becoming increasingly popular with travelers looking to see the world in a less commercial way. The “home-made” vibe is not only cost-effective, but it’s actually more attractive for some tourists than the most corporate aura of the Hilton’s illustrious high-rises.
Start-up is cheap and easy if you own your home. The only downside really is that running a B&B is sometimes labour intensive. Great if you like meeting new people.
Cashing in your pension
Cashing in your pension is another popular choice to top up your earnings with many people now cashing in £1000’s from UK pensions early. Cash from your pension is a real possibility for most people, and if you have been saving for many years then it tends to be a ‘no brainier’ especially if it frozen
If you’re good at making investment decisions, earning an extra income is a relatively passive endeavour. Study the market online and make a number of diversified investments, so your return on interest is consistent regardless of market fluctuations. Be sure to look into promising start-ups, too; online companies can see rapid growth with good investors, which could potentially benefit you hugely in the years to come.
eBay is one of the great modern innovations, especially for retirees. Over your lifetime, you’ll have acquired a number of items that, by the time you reach your seventies, may have significantly appreciated in value.
Of course, you don’t need to sell your beloved antiques. Why not buy used items online and refurbish them to sell them on for more money? The monetary benefits are accompanied by the merits of keeping your mind and craft active.