Once you retire, you don’t ever want to have to think about money again. You’ve spent your entire life working. Now you want to enjoy yourself as much as you can. You’ve earned it.
Unfortunately, you can sometimes feel like you have serious resource limitations. You’d love to travel the world, go on cruises, and invest in your hobbies, but a lack of pension income is holding you back.
You don’t want to go back to the workhouse, so what are your options?
It turns out that there are multiple ways you can increase your quality of life, without having to go back to the 9 to 5.
Here are some ideas.
Sell Your Experience
Imagine being able to work whenever you want, without having to sign a contract with an employer or show up to an office every day.
Well, thanks to the modern economy, you can. Companies are desperate for senior consultants with massive experience to guide their decision-making. They need people who’ve been there and can show them the next stage in the process. And you could be that very person.
And because you’re working on a contractual basis, you can often charge much higher fees. That’s a lot of money for only a little work.
Release Equity From Your Property
Another idea is to release equity from your property in the form of a reverse mortgage. The way these products work is ingenious. Instead of selling your home, downsizing, and moving somewhere else, you continue to live in your present accommodation. You then release the equity you’ve built up to a bank in exchange for cash right now. So instead of paying down your mortgage, you’re building it up.
Think about what you could do with that extra cash and how it could improve your lifestyle. You could use it to do all the things you wanted to do while you were working.
Sell Possessions You Don’t Need
Think about the things that you really need to keep you happy and content during retirement. Your material needs are often considerably less than they were while you were working.
Be honest with yourself: do you really need a car? Or can you share with somebody else?
Likewise, can you downsize? Do you need to continue living in such a large property? Probably not if your family no longer lives with you.
It’s simple changes like this that can have the most profound effects on your quality of life. You’re often able to save thousands in expenses every year, allowing you to put money towards the things that really matter to you.
Focus On Your Well-being
They say that health is wealth – and there’s real truth to that statement. The more you work on your health, the longer you’ll live, and the more time your wealth will have to accumulate in your bank account.
Focusing on your well-being could take the form of taking regular walks, going to the sauna, or sticking with the medication plan. Small changes in lifestyle can have significant effects.