How to Make Money When You Retire
Retirement doesn’t mean you shouldn’t be able to boost your finances.
However, the question is, how can you make money in retirement whilst trying to enjoy an easy life? Whether you want to supplement your retirement income or create a monetary gift your children, there are some savvy ways to generate income with very little input from yourself. It’s a simple case of making your money work harder for you.
Utilise your ISA allowance
Every year each individual in the UK aged 18 or over can invest in ISAs and receive interest tax free. For the 2018-19 period the limit is £20,000 and your investments can be split across one or a mix of the following:
- Cash ISA
- Stocks and shares ISA
- Innovative Finance ISA
There are countless ISA products available and you should explore the various ISA deals to ensure you are enabling your money to generate the highest level of income for you.
Cashback credit cards
For completely mindless money-boosting in retirement get your hands on a cashback credit card. These cards reward customers every time they make a purchase; you receive a percentage of your spend back on your card as credit. Some individuals have topped up their retirement income this way by hundreds of pounds a year. It is just worth remembering to avoid spending more than you can afford to pay back or this will outweigh the cash rewards.
Find a better savings rate
Whilst interest rates on savings accounts can be notoriously low, there are huge differences between the top-paying accounts and the lowest. Whilst returns would not be as large as other options available you will not need to put in any effort to maintain the account, simply sit back and let the interest accumulate on your savings over time.
Alternative finance options
For retirees with an investment background, an alternative finance opportunity could be an avenue to tread. From wine and antiques, to shares and bonds, there are a variety of options to suit the goals of those in retirement.
One company offering an accessible opportunity is Wellesley. Their property backed Bond can be accessed online and gives investors the opportunity to invest your money into property backed loans acquired by Wellesley and in return receive a fixed rate of up to 6.00% per annum gross.
It is important to note, that as with most investments investor’s capital is at risk and interest payments are not guaranteed. Property investments may not always go to plan and may suffer from delays or reduction in the value of the assets. Investment through Wellesley is not covered by the Financial Services Compensation Scheme (FSCS).
Make your money work harder for you
Earning extra money whilst you are retired doesn’t have to involve hard work. Whether you want to make a few extra pounds by switching up your savings accounts or want to invest some of your money there is an option for all retirees.
+ Find out more about Wellesley
The Wellesley Property Mini-Bonds are issued by Wellesley Finance Plc. Your capital is at risk and interest payments are not guaranteed. Investment is not covered by the Financial Service Compensation Scheme (FSCS). The Property Mini-Bond is non-transferable and cannot be held within an ISA account. To view the full risk statement click here.
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