Looking at how much money you need, and keeping a close eye on how much money you are going to have in your retirement years is an important journey, and the sooner you start, outlining even a rough timeline, the better. It identifies if you need to increase your retirement savings.
It’s a common problem, or more a concern for many people, that the money from their pensions, other investments or financial products is not enough to see them through, until they pass away or go into long-term care.
And the subject of long-term care, if private, is another expensive factor, that people won’t likely plan or save for as it might never happen.
To try and make your retirement as financially stress-free as possible there are passive incomes and ‘side hustles’ that you could consider to bolster your weekly state pension, your pension drawdowns or annuity income.
It’s challenging saving enough money to be financially independent and debt free for retirement, so here are a handful of income generating ideas.
Some of these ideas might be better as inspiration for the future as may not be feasible due to the coronavirus pandemic or suitable until you’ve undertaken advice from an independent personal finance expert.
Property Investment: Investing in bricks and mortar is probably the most reliable asset classes. Buy to let property is easy to understand, it’s tangible asset ownership, and some property investments can be counter cyclical – so even in economic downturn they can be robust enough to provide the same annual returns.
There is of course an initial capital outlay, but some products, like student property that costs £65,000 – £70,000 can provide annual net returns of up to 9%.
Also connected to property investment is: Property Loan Notes and Bonds.
Renting out a room of your property: if downsizing is not an option there is a way to make money from your house by finding a lodger and renting a room.
Use your expertise or a passion: ideal side hustles for extra retirement income include:
Author: retirement is such a great time to put a literary talent to good use. It’s so easy to get published these days with self-publish e-books and paperback in your area of expertise.
Tutor: ideal for retired teachers and professors, tutoring students a few hours a week on your subject or in your field is a great way of earning a bit of extra cash.
Blogger: there are various options with blogging, you could copy write for a blog and receive money for articles or set up your own blog about something you are passionate about.
Dog walking and pet sitting: a pleasant way to earn extra income that is regular exercise at the same time.
Also Read : Clearing your debt before retirement