How To Boost Your Income In Retirement?

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Life after retirement is the best time to enjoy life. You will get more time to do everything you want. We have to set ourselves up to receive sufficient income when we're no longer working. You're likely to need plenty of income in retirement. If you are struggling with income, you have plenty of options to boost your bank balance also.

Know how to boost your income in retirement:

1. Get what you’re owed

There is a range of credits and benefits available to senior citizens and pensioners. In several investment schemes, the government offers special interest rates for pensioners, make sure of this benefits.

2. Get a part-time job

Retirement doesn't mean you are old. You don't need to stop working completely. Income from your part-time jobs will help you to form a fund for traveling abroad. You can turn your hobbies such as gardening, handicrafts, farming, cooking etc into a money-earning part time job. The boredom with retirement can be avoided by this.

3. Borrow against life insurance policy

If you have a life insurance policy you can borrow against your life insurance policy. This will work only if the policy is a permanent insurance, such as whole life or universal life. In term insurance, we can't avail this option. If you don't have any dependents or your kids are grown up this is the best option. Best Family Health Insurance Plans In India



4. Boost your pension

Those claiming the basic State Pension may be able to boost their weekly payments through a Government initiative. The only problem is you need to have a lump sum in order to purchase the boost to your income. The amount you pay depends on how much extra income you want and how old you are when you make the contribution.

5. Downsize your home

If you own your home another option to consider is downsizing. You can buy a cheaper smaller property to live in. It will be cheaper to maintain. The extra cash you can use for other needs. If you're continuing with the family home even after retirement, you will have more spaces and empty bedrooms. You can rent out a furnished room in your home, this provides a regular source of income.

6. Rent out parking

Rent out your home's parking space can be also considered. Now the scarcity for parking space is more. Depending on where you are staying, near an office area, gym, beauty parlor, coffee shop etc, you could make money by renting out your driveway. 11 Reasons Why You Should Have A PF Account? 

Read more about: retirement, savings
Story first published: Saturday, February 11, 2017, 11:39 [IST]
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