Tuesday, April 4, 2017

Life’s for Living: Having the Cash to Enjoy Your Retirement

plan before retirement
You’ve spent your whole life working hard. You’ve bought your home, been putting enough away during your working years to have a sizeable savings pot, and your pension is coming in too. Yet, still...you’re beginning to think that maybe this actually won’t be enough for you to do all the things you want to do in your golden years. This is your time to enjoy yourself and you don’t want to go back to full time work, so how do you find the extra cash you need to tick off those bucket list items? Below, we explore a few of the options that’ll give you the money to travel the world or whatever it is you want to do.

Downsize Your Home

If you raised a family, then there’s every chance they’ve flown the nest and you currently have more space than you need in your family home. So instead of trying to fill those empty rooms with more material items, why don’t you consider selling your large home and trading it for a smaller one? You can free up a large amount of money by trading your four bed house for a 2 bed house, for instance, and you’ll probably feel more comfortable in a smaller home anyway. Leaving the family home is not always the easiest thing to do, but it is sensible and will reward you with even more memories when you’re spending the cash.

Use Your Home’s Equity

If you don’t want to move home, then you can look into getting a reverse mortgage. This enables you to take equity out of your home in the form of a loan, but without having to ever make a repayment unless you sell your home. It was designed to help older people get a lump sum of cash against the value of their home. If this sounds like something that might be beneficial to you, contact a company like Omnifund and explore the option. It might be your ticket to getting the best of both worlds: staying in your own home and having extra cash.

Rent Out A Room

If you’ve always had people around your house then this might not sound so appealing, but if you miss having extra people around then why not look into renting a room in your home out to a lodger? You can carefully vet your lodger so you know exactly who will be living in your home, and they’ll bring in a useful lump sum each month which can go towards the cost of running the house.

Get a Part Time Job

We know you want to take it easy in your retirement, but we’re not suggesting going back to full time work. If you live in a town, take a look at part time jobs and bring in a little extra income. It’ll offset how often you need to dip into your savings for the day to day expenses and you might even enjoy getting out of the house for a couple of easy shifts each week!

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