As you move into retirement, you might be feeling somewhat off-kilter without the regular income you're used to. Even with pensions and other discounts for older people, it can be stressful to know that you are no longer earning at the same level as before. However, it’s possible to keep increasing your income as you get older. Even in retirement, there are a number of different ways to tackle life and keep growing your finances. Here are six ways you can build your wealth after retiring.
Learning how to invest in bonds, stocks, or shares can be a great way to improve your income and build wealth even after you’ve retired. There are many different types of investments to explore.
Of course, there’s a bit of a learning curve to all of this. Ideally, it's best to learn about investing before you reach retirement, but it’s never too late. If you want to find new ways to build your wealth and haven’t yet started investing, now is the time to do it.
Naturally, there is risk involved in investing, but you can manage those risks by choosing the right bond, stock, and share types. Working with a financial advisor with your best interests in mind is a sure way to improve your chances of building rather than losing wealth.
However, investing won’t be the right choice for everyone. There are other options to consider, too. If you aren’t ready to get into investing, don’t fret. Here are five more ideas for you to consider.
#2: Sell Your Creativity
Do you enjoy writing, painting, content creation, or another type of creative endeavour? Have you always wondered what it would be like to share that creativity with others around you?
Many people spend their entire lives working a regular job and not getting the chance to explore what they can do with their creative side. Exploring your creativity later in life can be very fulfilling, but it can also be used to build your wealth in retirement.
Whether you start doing portraits, sell your paintings, or begin some work as a copywriter, you might be surprised at how much you enjoy making money through these freelancing opportunities.
#3: Renting Out Property
Have you ever considered purchasing an investment property?
If getting into investment properties was always something on your mind but not something you accomplished, now is a great time to get involved. Whether you have a property that is ready to let immediately or you want to shop around for the right investment, this is a fine way to make money in retirement and build your wealth.
Letting a property can be done with ease with help from the right team, so don't feel like this isn’t something that you can handle in your time of retirement. Speak to a local letting agent or read up online on what you’d need to know and do to let out a property, then use an online rent calculator to find out how much you’d stand to make and whether it would be worth it. Renting out a property doesn’t have to take away from your time for enjoyment. After all, by the time you retire, you've definitely earned some relaxation.
#4: Sharing Your Space
This might sound a little unconventional, but it's an increasingly popular way to boost your wealth after retiring. Why not start sharing your space through services like Airbnb?
By letting just a spare room in your home or the apartment on the side, you can earn some extra money in retirement. These rentals are usually done on a short-term basis as well, and that is appealing to many people.
Plus, bringing travellers into your life during retirement is a fantastic way to add a new spark to day-to-day life and keep loneliness at bay.
#5: Start Selling (Or Reselling) Items
Do you have a lot of belongings just sitting around the house? Or perhaps you have an eye for something valuable that seems to be going overlooked?
One great way to give yourself a financial boost and build your wealth in retirement is to begin selling valuables. Whether these valuables come from your personal collection or you begin hunting them out to resell, there is considerable profit to be made in this market.
Most people don’t have the time to invest in this type of project while they're still in full-time work. In retirement, however, you can hone your love of shopping into a profitable endeavour.
#6: Sell Your Skills
Similar to the idea of selling the fruits of your artistic side, you can also grow your wealth by marketing the skills you’ve honed for your entire life.
Whether you worked in manual labour, marketing, or another field, the skills that you have trained are valuable and can be passed on. Consider setting up workshops, tutoring, or another type of paid class where you can share those skills.
Using your knowledge to boost your income can be an enjoyable way to keep working in a limited capacity after retirement. Many people find that they need this type of stimulation after leaving their full-time jobs behind.
Regardless, remember that even though you are retired, you have something valuable to offer to the world. How you will turn that value into profits is up to you!
More Finance Tips
For more money advice, check out our in-depth article: Top 10 Finance Tips for Older People
While you're thinking about saving and earning money in retirement, it's important to consider the cost of care. Many people end up needing some level of support to stay safe and independent at home, but very few people have set any money aside to cover these costs. One of the most affordable ways to maintain your independence is with a personal alarm system. These life-saving alarms give you 24/7 access to instant support. If you were to have a fall or require urgent assistance, you would simply need to press the button on your personal alarm pendant, which can be worn on the wrist or on a cord around the neck.
A Lifeline alarm can give the user and their family peace of mind. Our alarms can even help the NHS too!