Your golden years await, and there’s no better feeling than hanging up the work uniform for good! Your working days are behind you, and it’s time to enjoy life again. You can put your feet up, start a new hobby or just get closer to the family. Spoil the grandkids or reconnect with your children. There are so many possibilities that await you after you step over the retirement line.
Retirement is wonderful, but only if you’ve scraped together a big enough retirement pot. If you’re struggling for money, it only adds to the stress and worry of old age. You’ve spent your entire life worrying about bills, tuition fees, and finances. Retirement is a period for forgetting all that. Luckily, there are plenty of ways to unlock money for your retirement fund, even if you’re starting late. Let’s dive into a few of the most popular ideas.
Withdraw from your investment fund
Hopefully, you’ve scraped enough money together over the years to start an investment fund. It’s still the very best way to retire rich! Your salary and pension plan alone is unlikely to provide a durable cushion; especially if you’re planning on living life to the fullest! Instead, you need to make your savings work harder for you. If you haven’t started investing, do it now. Speak to a financial advisor, and set up a low-risk, high-dividends mutual bond. When it comes to mature, you’ll have plenty of extra cash.
Sell your assets
We all go through life collecting junk, and a wide variety of assets. You might have expensive jewellery hiding in the attic or another heirloom that is worth some money. One of the most common things to do is sell the car. It can unlock thousands for your pension pot very quickly. You can sell the car at your local dealer, at an auction or on the private market.
Downsize your home
When you’re bringing the family up, you often find yourself buying a large five bedroom house. When you’ve got kids running around, you need the space! But, as you enter your golden years, decide whether that space is really necessary. It might be easier (and cheaper) to downsize to a smaller bungalow. With your essential comforts, of course! You’ll pocket the difference by opting for a smaller property, and that can form your pension pot.
Get a reverse mortgage
A lot of people are starting to take this route, as it’s an easy way to unlock money from your property. If you’ve never heard of it before, here’s how a reverse mortgage works. The lender will grant you a loan based on the equity remaining in your property. Essentially, you’re borrowing money from your house! It’s very handy, as many retirees don’t intend to sell later in life.
These are just a few simple ideas to unlock that extra lump sum as your retirement approaches. At the same time, we heavily advise saving (from as early as possible). You may also want to consider adapting to a more frugal budget to prepare for the lower income. However you fund your retirement, make sure it’s the best years of your life!