How you can boost your money - even if you are retired
However robust your financial planning for retirement, boosting the money at your disposal is always likely to be welcome – if only for those occasional extras and treats you might enjoy.
In fact, once you are retired, you are likely to have more time than ever to engage in a few money-spinning activities. Let's take a quick look at just a few ideas and suggestions for doing just that:
Work for it
- retirement might be just the time to strike the perfect work-life balance – entirely on your own terms;
- you have the freedom to let some of your days pass idly by, yet also have a part-time job – classified ads on the website News Now, for example, mention a number of openings especially designed for retired people in the UK;
- if you have sufficiently marketable talents, and the necessary IT and communications equipment, freelancing also gives you the freedom to choose just when you work, on the subjects in which you have the greatest interest – the website Finances Online suggests a top 20 of the most popular freelance sites;
- it is not all a question of work as you probably know it, however, since some “jobs” are probably more fun than anything like hard work;
- if you are an animal lover, for example, what could be better than looking after someone else’s pet – and getting paid for the fun of it all;
- on the website Hints and Things, you may find several tips and suggestions about the wide range of money-spinning pet sitting activities you might offer;
Buy and save
- retirees are shoppers too – but when time is on your side, you might want to make the most of online shopping websites that also give you cashback on the purchases you make;
- the principle is straightforward – when you make online purchases, a cashback website pays you at least a proportion of the advertising revenue it receives from the retailer;
- one of the most popular of these sites is TopCashback, which is entirely free to join and promises top rate cashback rewards for shopping through them;
- another is Quidco, which specialises in electrical retail goods and even offers cashback deals on your chosen broadband package – which you might find particularly helpful if you have also decided to try your hand at a spot of freelancing;
Rent a Room
- when you’ve started your life in retirement, it might sometimes feel that you’re rattling around in a house that now seems a tad too big for you;
- a way of earning money from that extra space – and potentially gain a friend and companion into the bargain – is to rent out a spare room to a lodger;
- in fact, you’d been doing so with the whole-hearted support of the government, which provides the added incentive of letting you earn up to £7,500 a year tax-free from renting out a room in your home;
- tax is liable on any income you earn over and above the current threshold of £7,500 a year;
- remember that if you are earning an income from a part-time job, freelancing, pet sitting or letting out a spare room in your home, this is treated as part of your total annual income and is taxed accordingly.
Finally, as a reminder, some of these activities – where you are offering a service such as pet sitting or renting out a room in your home for example - will typically need relevant insurance. While this may be an initial outlay, in the long run you should soon make the cost back.