Going into retirement is generally looked upon as turning over a new leaf in life, where your work is done and you can finally relax and enjoy the fruits of your labour. For some people, however, the cliff-edge of going from regular income to living off a retirement fund can mean going through the stark realisation that retirement may not necessarily mean an end to all money issues. That’s why we’re going to consider some ways to improve your finances during retirement.
First things first, if you haven’t thought about your entitlements, you could be missing out on a range of different payments. For example, check out this info on VA Disability for hypertension for details on the kinds of benefits that people in your situation, or one similar, may already be claiming. It’s always in your interest to check your eligibility.
Use your skills (part time)
Just because you’re retired doesn’t mean you’re not allowed to earn money any more. For many people, the fastest way to continue receiving an income is to keep working in their current day job. But wait, doesn’t that mean you won’t have retired at all? Well, there are two ways to go about this.
You could speak to your employer about reducing your hours to a part-time schedule that suits both you and the company. Secondly, you could continue to offer your skills on a self-employed part time basis. Skill sets such as financial services, electrical, plumbing, engineering, landscaping and creative crafts are always in demand.
Find a new part time role
Retired people from all walks of life can not only find themselves in need of a little extra cash, but can also start to feel listless where they begin to realise that their previously busy work week is now wide open with few plans or ideas on how to fill the time. Taking on a part time job can not only mean a return to feeling needed and feeling like there is more structure from week to week, but can also increase income.
Roles such as customer service support, coaching, tutoring, tour guide work, pet sitting and pet walking, and gardening are all types of part time work that could see you increase your income without having to go back to the nine to five grind that you were so happy to leave behind.
Save money on bills (audit yourself)
Having more money left in your bank account at the end of the month is not just about increasing your income – it’s also about taking the time to audit your outgoings to spot any available opportunities to cut back on your expenditure. For example, if you have not switched your energy supplier in the last few years, you could be missing out on monthly savings. When you go over your incomings and outgoings, you may also discover that you are paying for things that you can do without. This could include rarely used streaming services or memberships to infrequently attended clubs. Cancel all of these outgoings for easy savings.