Sometimes it feels as if we have to start planning for retirement as soon as we start our working lives. But not everyone can afford to put money into a pension, and not everyone wants to. Even those people who do start preparing for retirement early aren’t always prepared. They can still find that they need to do something extra to keep them afloat when they leave the world of work. If you are reaching the grand old age of retirement and finding yourself faced with a future without savings or income, what can you do? Luckily, there are still plenty of ways to fund your retirement when you’re already retired or preparing to be. And they don’t all involve going back to work.
Start a New Business
Now that you have retired, it could be time to do what you always wanted to do. Have you had a brilliant idea for years but never had the time to put your mind to developing it? Now you have plenty of time to dedicate yourself to a new business idea. Depending on the idea, you might need some capital to start you off. But many work-at-home businesses could generate a nice extra income without too much work or money going into it. Starting a business is particularly good if you only want a bit of extra pocket money. It means you don’t have to go full-time to survive.
Generate Cash From Your House
If you own your house, you could be making money from it. Have a look at a reverse mortgage guide to see how retirees can get some of the equity in their house converted into cash, for example. Other ways to make money from your house include renting out a room, or rooms. If you have a lot of extra space, you could even convert part of the house into a self-contained apartment. Of course, there’s always selling or renting out the whole house. Moving into a smaller property and renting out the house you own could benefit you. Just make sure you earn more from letting the house than you spend on renting and maintaining your property.
Pass on Your Knowledge
You’ve been working for thirty or forty years – maybe even more. Even if you’ve gone through a few careers, you’re sure to have become an expert in something. There are always students looking for tutors, and you don’t have to have a teaching qualification to tutor. Maybe you were a carpenter for 20 years and can pass on your knowledge to the next generation. Of course, if you were a teacher that’s even better! Teachers of English as a foreign language are always in demand. And if you have a teaching qualification in the subject it can take you all over the world too.
So don’t worry if you forgot to plan ahead for retirement, if you couldn’t be bothered or if you just didn’t think you would need to. It’s never too late to come up with ideas to generate income.