Increasing your income in retirement isn’t just about generating more money

How to build income and wealth for retirement 4c: Ways to boost your retirement income by reducing your costs and outgoings


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.

Reduce 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:

  • Car insurance
  • Household insurance
  • Food
  • Entertainment
  • Internet
  • Phone
  • Utilities
  • Holidays

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.

Other articles in this series


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

How to build income and wealth for retirement 3a: Getting the best from different investment classes -Through Shares

How to build income and wealth for retirement 3b: Getting the best from different investment classes -Through quoted Bonds and Gilts

How to build income and wealth for retirement 3c: Getting the best from different investment classes - Through day trading

How to build income and wealth for retirement 3d: Getting the best from different investment classes - Through unquoted bonds and loan notes

How to build income and wealth for retirement 3e: Getting the best from different investment classes - Through savings and cash

How to build income and wealth for retirement 4a: Ways to boost your retirement income - By investing in property

How to build income and wealth for retirement 4b: Ways to boost your retirement income - By starting a business

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