For those looking to retire or who have already retired, there are a few options available to help them increase their retirement income.
One of the most common ways for retirees to increase their retirement income is to use the money they have built up in their homes by downsizing and moving to a smaller, cheaper home. Often times, this not only allows retirees to receive a lump sum, but the running costs of the new home are likely to be lower than those of their previous home.
Alternatively, for those who don’t want to move home, releasing shares might be an option. Equity equity allows homeowners to release money that they have built up in their homes through a loan. The loan usually only needs to be repaid if the borrower dies or moves into a permanent nursing home. Over the past few years, the choice of products in the stock market has grown significantly, which has resulted in borrowers being able to choose from more deals that offer greater flexibility, such as: B. the ability to make interest or partial repayments on the loan. At the same time, share release rates have fallen. With that in mind, the release of stocks still has long-term financial implications. Therefore, anyone considering this option should speak to an independent financial advisor first.
Another common option for retirees to increase their income is to continue working part-time after they retire. Continuing to work will provide additional, regular income and can be a good choice for retirees who are unwilling to make the step from full-time work to full retirement.
