You probably read plenty of articles that tell you how to make money when you’re retired, or getting close to it. However, many of these options and routes mean having to work. Sometimes having a part-time job or consultancy role can be incredibly fun and rewarding. You get to keep on working with interesting people, and use your skills and experience to help them out. Yet this isn’t always as satisfying as it once was. You probably have grand plans for your retirement, and spending the entire time working was unlikely to be on the agenda. So, if you still need to supplement your retirement funds, but you don’t want to work – then what? Well, you should start by looking at your assets, and seeing how they can help you out.
Once you’re retired, you won’t be held down by the constraints of full time employment and a commute. This is your chance to live the life you’ve always wanted. Pick that dream location, and see if it can save you money. If you live in a desirable area, you could sell your home and move somewhere else. It’s worth speaking to a real estate agent to find out how much your home is worth. However, if you want to stay in the area, why not downsize? Then you have the luxury of buying somewhere cheaper and having the proceeds left over, as well as the lower costs of running a smaller house.
If you own multiple properties, be ruthless about whether you need them. You might be able to rent one out as a vacation rental, in which case, you’ll be able to retire comfortably on the money you earn from it. However, if you don’t visit or use them regularly, it might be worth exploring putting one up for sale. If you don’t want to formally cut the ties with any property, then asking within your family would be a good place to start: if you’ve got family with young children, they might be grateful to take on a property that could be used for easy family holidays.
Now, we’re not going to suggest that you head off to the nearest garage sale and sell everything you own. However, you can use what you own to make yourself money. Innovative start-ups have taken the country by storm by using these everyday things. If you’ve got a large collection of smart clothes, you could hire them out. People don’t want to spend thousands of dollars on a dress or tuxedo that they’ll wear just once – so if you hire yours out, you’ll probably get a lot of interest. Likewise, look at your bigger investments. If your car is expensive to run, why not trade it in for a cheaper version? Be honest about your big buys. If you invested in a boat or a campervan, and you’re not using them, think about either renting them out, or selling,