A diversified and well constructed portfolio is critical to income flow at retirement. In this part of the blog series we look at ways to boost your retirement income by conversely reducing your existing costs and outgoings.
Increasing your income in retirement isn’t just about generating more money. The same impact can be achieved by finding ways to reduce your monthly expenses.
For example, if you have a mortgage on a high-value property, one big question is, can you downsize and repay the mortgage?
Not only will you save the monthly mortgage cost, but water, gas, electricity, maintenance and insurance will all fall. This, by itself, may be enough to give you the extra income you want.
Separately, and less radical, is a complete review of every element of expenditure to find a better deal. This can include:
If you are looking for more discretionary income in retirement, a review of your current expenditure may throw up some surprising ways you can reduce your outgoings, often with little or no impact on what you do now.
How to build income and wealth for retirement: Part 1. Identify the obstacles
How to build income and wealth for retirement: 2. How to create more retirement income
In this part of the series we examine if property could work to help build a pensionable income
In this part of the series we examine the main obstacles people face in building a desired 'nest egg'
In this part of the series we examine if starting a business could work to help build a pensionable income
