Securing a Bit More Money as You Age

Things aren’t getting cheaper as you are getting older. So perhaps you could do with more money as you age. This isn’t as easy as some people expect. But there are some methods you can apply to ensure you have a little more in your back pocket to enjoy the golden years.

See What Your Home Can Do For You

Your home is probably the biggest asset you have and worth a lot of money. Believe it or not, your home can work for you and provide you with some extra funds. If you are over 55, you can release equity (money from the value of your home) to gain a financial leg-up. This can be a highly beneficial service, and it’s a more straightforward process than most people think. Services such as Just Mortgage Brokers and other similar companies can help you out.

Keep on Top of Your Pensions

The pension game is a rocky road, and given the government’s handling of the situation these days, it seems likely we will be gone before we can use it! Jokes aside, a pension is a valuable tool in your retirement funding kit. You are eligible for the highest state pension after paying a certain amount for 35 years in the UK. However, the age at which you can access it keeps changing! A private pension and a workplace pension will help top up the funds you get.

Money as You Age by Cutting Back

“Cutbacks” is like a four-letter word to some people. Mostly because we don’t like change. But there are probably a few things you pay for each month that you don’t or hardly use! In the UK alone, over £25 billion is wasted on unused subscriptions! And that’s just one service. If you don’t use something, then why pay for it? The main culprits are the gym, streaming services and magazines. You can potentially save yourself hundreds of pounds per year by stopping these.

Apply for Any Available Benefits

This all depends on where you live, but there might be benefits you are entitled to in the UK or some other countries. There are allowances for winter fuel, disability benefits and even bereavement funds. Check your local council and national government websites to see if you can claim the funds you are entitled to as a citizen. There is no shame in applying for these, and they are set aside for people just like you in specific situations. Every little helps, as they say.

Clear Debts as Soon as You Can

You really don’t want to be nearing or entering retirement with debts. Any debts you have when you retire could potentially put a massive dent in your income and deprive you of the quality of life you deserve. There are many debt relief charities and organisations that can help and advise you if you are struggling. Work on getting rid of debts, especially secured debts, as soon as possible. Then, you can look forward to entering your retirement years with a fresh start.

Summary

Releasing equity from your home can secure more money as you age. Cutting back on unused expenses such as streaming services will free up some cash. You will have an easier and more fulfilling retirement if you work to clear your secured and unsecured debts as soon as you can.