5 ways to maximize your retirement fund

If you’ve recently made the decision to retire, it can often seem scary thinking that your incoming salary has suddenly stopped. But ending your career doesn’t have to mean that the money stops rolling in altogether, there are plenty of easy ways for you to maximise your pension pot.

Get a part-time job

Many people find the transition from full-time employment to retirement difficult to make. For years you have centred your entire life around your job so it can be strange suddenly not having a place to be at a certain time. Now, we aren't suggesting that you jump straight back into full-time work, but instead consider getting a part-time job. Working for a couple of days a week can make a significant difference to your finances and keeping busy can help to improve your well being.

Turn your hobby into a business

Do you have a passion that you could turn into a lucrative business? Your hobby could bring in some extra income. Whether you are a master craftsman, a skilled baker or a dab hand at gardening, consider whether you could sell this as a commodity. If you are brimming with ideas but lacking the funds needed to begin your project, you could always cash in your pension early, freeing up some extra funds to bankroll your business.

Get comping!

Nowadays, companies are constantly vying for our attention. This means that everyday there are thousands of fantastic prizes to be won through entering competitions. Nearly all of them are free to enter, all it takes is time and patience to fill the details in. You never know until you try, you could win a brand new TV, a car or even a holiday!

Sell things on eBay

By the time you reach retirement age you will have gathered a whole mountain of possessions. While some of these hold sentimental value, many of them are probably useless to you and are merely collecting dust in your attic. Turn those dust monsters into dollars by selling your unwanted items on sites such as eBay. One man’s trash is another man’s treasure, after all.

Tutor somebody

They say that knowledge is power, but it could also be the key to increasing your retirement fund. Sell your skills by tutoring local children or young adults. You don’t have to be an expert, simply brush up on your math and English skills, or perhaps you could teach somebody how to play a musical instrument.