- Property can generate income in a number of ways
- Changing your asset allocation can increase your income
The rise in the cost of living means that many are likely to need more income to maintain a comfortable standard of living in retirement. You could try to stretch your existing resources to provide more income (see Key ways to stretch your retirement income, IC 19 August 2022). However, if doing this still doesn’t provide enough retirement income and you don’t want to make cutbacks, you need to find new sources.
You could go back to work – at least part-time. As well as more income, you might get employer contributions to a pension, boosting your retirement pot for when you fully retire. If you are “an employee over state pension age you will generally not pay National Insurance, [keeping] more of your hard-earned income”, adds Bruce Davison, senior wealth planner at Atomos. “You might also be entitled to further employer-paid-for benefits.”