How to make more money in later life

Looking to make some extra cash during your retirement? There are a whole host of opportunities out there if you know where to look.

Just because you’re getting older doesn’t mean it’s time to slow down. In fact, with more free time to fill, possibly grandchildren to support and maybe even adult children hoping for some financial help – it’s easy to understand why more pensioners are feeling financially pinched.

You may even be finding you’re falling into debt; the Pensioner Debt Index released by the Equity Release Council shows that the average amount owed by the UK’s 8.7 million 65-plus homeowners has jumped 16% in 12 months and is now standing at £1,546.

But the good news is that there are plenty of ways to find some extra money in later life. Here are a few ideas – feel free to share your tips using the comments below.

Check you’re getting what you’re owed

Each year, around £5.5 billion in pension credit, housing benefit and council tax benefit goes unclaimed by older people in this country, according to Age UK. That’s despite 1.6 million people living in poverty during their later life.

The average amount of unclaimed pension credit amounts to £1,092 a year PER PERSON. And pensioners who could claim housing benefit and don’t are missing out on an average of £47 a week – think how much easier life could be with that much extra cash in your pocket.

You’ve paid taxes for a lifetime, now it’s time to start claiming what you’re due. If you’re not sure what extra help you might be entitled to, check out Age UK’s benefits calculator for some help.

source by:http://home.bt.com/lifestyle/money/money-tips/how-to-make-more-money-in-later-life-11364009112629