Financial tips for coming into old-age
Ideas for your retirement like car insurance for the over 50s here
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If you are beginning to think about your retirement you may be concerned about how you will fare financially without your old salary. Whether you are coming up to retirement in the next few years or simply want to be as prepared as possible for when the time does come, it pays to think carefully about old age and do what you can to make this as easy a time as possible. So here are a few options that become available to you and a few ways to free up some extra cash that will make your twilight years that little bit easier.
Make your pension work for you
Your pension is the means by which you will support yourself in your retirement, so it makes sense to get the most you can from it. If you are still working and are able, increase your contributions now to bolster the size of your pension pot for when the time comes to draw it. Also, it may make sense to consolidate pension pots if you have a number from previous jobs – you may be able to transfer funds from one to another more rewarding pension, which will give you better yields in the long term. Also, if you are planning on buying an annuity then it makes sense to transfer your funds to steadier, less volatile investments as the time to draw grows nearer.
If the kids have moved out and you now feel like you are rattling around in a house that was once full, now may be the time to downsize. The biggest asset most of us possess is our homes – you have spent years paying for it after all – so if you want more money available to enjoy in your old age, to travel the world or simply to enjoy your well-earned rest in greater comfort, then releasing the money that is locked up in your house is an ideal way to do it. Selling your existing house and downsizing will free up a lot of money for you to enjoy later on.
Let's face it – by this time any trace of the boy racer that was once in you has probably long gone. You are a safer and more sensible driver than many people on the road, so why should not you be rewarded? Thankfully most insurance companies recognize this, some even cater specifically for older drivers, offering much lower premiums than standard packages. It makes sense to take advantage of all those years of driving experience, you can look into car insurance for over 50s here.
Take advantage of the things that are on offer to you as a member of the older generation. Bus passes, the winter fuel allowance, free prescriptions are but a few of the goodies you can get for nothing. Find out what is available to silver savers and take advantage wherever possible – it does not make sense to keep spending when you do not need to.
If you take these tips on board you should find yourself with more money to enjoy and what is more you will make it go much further, meaning a happier retirement all round.