Would a little extra money help your retirement? Here’s 20 simple ideas. Posted on October 3, 2018October 5, 2018 by David Winter For most people, the end of fulltime work means running a tighter ship where the purse strings are concerned. Which means a little extra income would go down well – to get by, spoil yourself or spoil others. That’s why you might want to check out ways to add some income to your pension that don’t take you back to fulltime employment. And it’s worth keeping in mind that keeping active is likely to contribute to your health and wellbeing too. Of course, what you can do depends on your age and state of health. But here are a few ideas to get you going, most of which come from the experience of those known to me. Delivering the local free paper Dog walking for those at work all day Light gardening maintenance Ironing – friends tell me this is in great demand Childminding – which will need complying with regulations so check with your council’s Child Care Officer Shifts at a supermarket or DIY store Catering for parties and events Book-keeping and/or tax returns Home tuition Music lessons Secretary to the parish council or local charity School lunchtime supervisor Take in a lodger Make money on eBay – clear your own ‘junk’ or unwanted items or pick them up at car boot sales Mind pets for those going on holiday Become a mystery shopper – check out the Mystery Shopper Providers Association Be a television or movie extra Teach English as a second language Be a doula – ladies only of course Self-publish a book To explore any of the above just head for Google and search. There’s lots of help out there and also excellent advice from those who are already doing what you are thinking about. If these seem a bit lightweight to you, you might explore something more demanding. Something like becoming a consultant or mentor, sharing your skills and experience with a new generation or to train as a life coach or counsellor. You could even start your own online business. There’s lots of good advice out there and the tools to build your own website with automatic order taking and processing. Remember, if you earn extra income it is likely to have tax implications. So keep not of the money you receive and any expenses involved. Possibly you many need to register as self-employed – to check with HMRC. And the Tax Office can make sure you receive the right tax-free allowance. David Winter – adapted from his book The Highway Code for Retirement (CWR) David Winter David has retired three times from different settings, including as a Parish Priest and as the BBC’s Head of Religious Broadcasting. He was a regular contributor to Radio 4’s ‘Thought for the Day’ for more than 20 years. Do you have your own experience of adding to your income? Then please share it here or our Facebook group. We’d love to hear from you.
Your money – 4 top tips for life after work Posted on April 19, 2018April 23, 2018 by Malcolm Lemon Along with the certainty of ‘death and taxes’ comes the other one – that our lives after full-time work are likely to mean having less to spend than in the past. The best way to allay those fears is to take control of our finances, rather than just hope for the best. More than that, we should also remember the words often used in church when the offering is presented, ‘All things come from you O Lord’. And the Bible’s wisdom that, ‘Whoever trusts in his riches will fall’ (Proverbs 11.28). Whatever financial resources we have, they are not primarily ours. With that in mind, here are my four top tips when it comes to your money and your life after work. 1. Maximise your income: Have you had several employers during your working life. Then be sure to track down all your pension entitlements. Also, use the advice of an Independent Financial Adviser about consolidating your pensions – there’s admin costs and fees to save here – and making the most of them. Recent changes allow the flexible drawdown of pensions. However, this is a complex and specialist area that calls for qualified and independent advice. If you have little private pension income, investigate the benefits and help that may be available to you. Citizens Advice is a useful source of information on things like: Council Tax Reduction, and Housing Benefit. Utility companies that may offer special rates to those on a low income. Disability benefit. 2. Think it through: With the help of your spouse or partner, if that is relevant, work through: Where your income and savings should be kept, how they are accessed (sole joint accounts and passwords) and what the survivor’s financial position will be. How long you may stay in your current home. Will it be easy to run as you get older? Will it always offer easy access shops and services? Will there be a time when you need some of the capital from your property? Do you need the car or cars you have at the moment or are there savings to be made? Splashing out or penny pinching – your early after-work years are when you are likely to be fittest and able to get reasonably priced travel insurance. So is now is the time to take adventurous trips or visit distant relatives. 3. Look for savings: Check out the concessions available to all ‘seniors’. Things like: Free bus pass and reduced travel on Network Rail and via Senior Coach cards Entrance to theatres, cinemas, sporting events and other attractions – it never hurts to ask Retailer’s special discounts such as B&Q Diamond and High Street Opticians 4. Pay off debts: Take all possible steps to pay off any high interest rate credit cards, store cards, overdrafts, and personal loans.If your debts become seriously out of hand, seek the help of specialist Christian charities such as Christians Against Poverty , Community Money Advice or the charity I work with Frontline Debt Advice. All offer wise advice and practical help in circumstances like these. Of course there’s more to money issues in your after-work life than these four key issues. To explore more see the AfterWorkNet web pages on money. And if you’ve found a way to be wise with money please join our Facebook community and share. Malcolm Lemon Malcolm worked for 40 years in local and community banking. He has been Treasurer of a large church and for 6 years was Chairman of Trustees for Frontline Debt Advice, where he continues as a trustee and adviser. He enjoys baking cakes with his granddaughter, and eating them even more.
