Whether you have visions of grazing the fairways in the summer, DIY woodwork in the garage, or plotting pants and reading books, everyone deserves a comfortable retirement.
Most of us plan for retirement by working hard, saving well and enrolling into a profitable pension scheme. But working your regular job and choosing the best pension provider isn’t the only way to plan for this period in your life.
There are other ways of generating an income to retire early, which can be done according to your typical retirement strategy. This could be even more important to you after research found that retirees are helping loved ones out with around £300+ per month. Here are some alternative methods to plan your retirement.
1. Rental Income
As we get older, we may plough our savings into the best savings accounts or company shares, but the age-old bricks and mortar remain an excellent investment. Consider buying a rental property to top up your income now and over the long-term into retirement.
You might do this by purchasing land and property outright, or you might renovate your existing dwelling to create an annexed area as a summer rental.
2. Stocks, Shares and Trading
Even the best bank accounts do not have appealing interest rates anymore. The days of 3%,4% or even 5% seem to be over as we quickly snap up any bond with over 1% interest before it gets taken away due to popularity.
But you can make your money go further through investment opportunities. Start researching today how powerful CFD trading can be if done the right way, or how online copy trading is a way for you to hand over your capital to a proven successful investor and make a passive income.
3. Making Your Hobbies Pay
We all have those creative hobbies, but few of us get to make these passions our full-time income, even if we are talented. We tend to gravitate towards jobs we are good at and pay well, but don’t get to fully explore the potential of a candle making side gig or woodwork business.
If you have a hobby which people would pay you for, such as making clothes or ornaments and furniture, retirement is the ideal time to give it a proper shot. Make preparations today that will enable you to do this in retirement.
Do you collect anything? Maybe you grew up owning rare Pokémon cards or love vinyl records. Some collections that are gathered over time become extremely valuable when we reach retirement age.
Instead of selling off your collection early, it might be best to hang onto it for another decade or two. By that time, the value could skyrocket and provide you with a retirement you never dreamed about.
There might be a standard way of preparing for your retirement with hard work and the best pension providers, but it doesn’t have to be the only way. Explore your investment and personal interest opportunities soon!