Options for older people keen to boost their income

Last Modified 16th of February 2021

If you’re looking to retire in the next few years, you could be easily forgiven for dreaming about how you will use all that free time you’ll have at your disposal upon giving up work. However, it’s important you don’t lose sight of ensuring that you retain a tight grip over your finances.

In fact, many people who are in their late 50s and early 60s tend to face higher than average inflation costs and spend a greater proportion of their money on essentials such as utilities and food compared to younger people. As such, it’s vital for these Brits to make their money stretch as far as possible.

Fortunately, there are many ways those of an advanced age can obtain financial assistance. Read on to find out more about a few of these:

Get a good deal on energy

As mentioned before, older Britons tend to spend a greater amount of money on gas and electricity, so it is especially important for these people to make sure they are on the most competitive deal possible.

While it is all too easy to stick with the same utility provider for many years, doing so means you could be missing out on significantly cheaper deals offered by other suppliers.

Consequently, you should always be looking out to see what deals other companies have and, if necessary, be ready to switch. To be certain that the amount of money you’re shelling out to power your home is reasonable, it’s worth using a price comparison site. That way, you can quickly compare your tariff with those offered by other suppliers. You might even find it’s a good idea to tell your current provider about your intentions to switch. It may be they are keen to offer you a better tariff than you are presently receiving in an effort to hold on to your business!

Release cash from a pension before retiring

If you’re looking to get your hands on a significant sum of money while you’re still working, it’s a good idea to look at releasing cash from your pension savings before retiring.

Those aged 55 and above with a certain amount of money (usually upwards of £15,000, though this may vary depending on the pension release company you use) stored in a retirement fund may be able to unlock a sizeable proportion of their savings as either a lump sum or a regular source of income.

Of course, once you’ve received this money you’ll be able to use it as you like, but many people who take this financial route do so to pay for large expenses like home improvements, holidays or care costs. However, unlocking cash in this manner may also be a good way to supplement your income if you’re looking to work on a part-time basis before choosing to retire fully in a couple of years’ time.

If this is an option that you are considering, however, it’s worth obtaining expert advice before committing to anything. Taking out money from a pension pot before retiring may mean you have less cash when the time does come for you to give up work, so you might have to reassess your long-term aspirations. Getting in touch with an expert broker can not only put you in touch with a reputable pension release provider, but also ensure that any decisions are made with your best interests in mind.

If you’re an older person, please let us know what action you’re taking to boost your income by leaving a comment below.