If you are already retired or are approaching retirement, then it’s likely that your purse has started feeling the effects of a reduced source of income. But look at it this way: you’re not in it alone. As a matter of fact, a third of people over the age of 65 years are getting by living on less than the minimum wage, with one in twenty of them unable to buy birthday or Christmas present for beloved ones. In such cases, there are bad credit payday loans.

As if saying goodbye to a solid supply of monthly wages is not enough, thanks to pension reforms, low-interest rates on savings and mortgage plans that are interest-only are coming to an end. It has become clear that it will be difficult for the majority of us to maintain a standard of living we expected to be enjoying in our twilight years.

However, the upside is that there are various ways of boosting retirement incomes. Here are some tips for generating large disposable income during retirement:

Downsizing

If you have been living in your house for several years, then chances are that it is worth so much more than what you had initially invested. By moving to a different location or smaller abode, you can generate a cash lump sum that boosts your retirement finances. At the same time, you should consider the costs that come with moving, which may include solicitors fees, estate agent fees, stamp duty, removals, redecorating and the cost of making repairs to your new home.

Equity Release

If your beloved family home is stressful or upsetting to sell, you can opt to unlock a tax-free cash lump sum from your housing wealth with an equity release plan. With this, you may not need to make monthly pay outs, with flexible new plans enabling you to make a one-off or regular interest payments if you wish. By its very essence, your estate’s value will get reduced with equity release and, in total, reduce the inheritance amount you leave behind. This instant-result calculator can help you discover how much you can unlock.

Switching mortgages

Several flexible new mortgage products are on offer for those persons in retirement and older homeowners. If you have a few years left in your current mortgage, or are stuck paying your mortgage lender’s unpredictable Standard Variable Rate, this option may be of interest. By switching mortgages, you can get a much better deal that potentially saves you thousands. Go to Bower Mortgage Company now to get an independent expert service that searches the whole market to locate the best mortgage product on your stead. If you re-mortgage, bear in mind that you’ll have to pay a charge to your existing lender.

Savings / Investments

The majority of persons in or nearing retirement has some form of investments or savings tucked away somewhere for a rainy day, which can potentially boost your financials. Unfortunately, you won’t have the advantage of the said safety net in case of future emergencies like buying a new boiler or new car.

Taking on a part-time job 

Getting a part-time job during the course of your retirement is good for your liquidity and can help you maintain an active and more structured schedule that you may have already grown accustomed to over your career years. Plus, there’s the advantage of social interaction.

Take in tenants

If you have an extra room in your house that’s unoccupied, then it may prove to be the ideal situation to take in a tenant to boost your income. You can opt to rent out the room to international students over the short summer period. Do you already have a holiday house? They are excellent for letting out to get some extra money, even if it’s just your family or friends.