If you’re one of the many people who have decided to delay your retirement for a few years, here are some suggestions that may help to safeguard your funds, keep you employed and assist you to achieve a happy and secure retirement, when you decide that the time is right.
While economists are forecasting a wide variety of outcomes, it is safe to assume that things will get tougher before they get better.
The first priority, which you have some control over, is to maintain your income, while your investments recover. If you want to stay employed in your current organisation, or get another job, you need to be a valued employee – someone that management will retain, even if staff are being cut.
Consider utilising some of these strategies –
- Remind your employer that you know what it’s like to go through hard times. You have the experience and you can pass it onto others.
- Be flexible, there are benefits in working part time.
- Can you downgrade to a less responsible, lower paid position?
- Can you help your employer by introducing some new business or suggesting where costs can be cut?
- Would upgrading your skills, or doing some more general training, make you more employable?
- Is becoming a consultant or coach in your industry an option worth considering?
- Have you considered working from home with a reputable direct marketing organisation? They sell a wide range of products like – video emails, vitamin supplements, beauty products, cleaning products etc
If you have recently retired and think you may have to generate some extra income, the last 2 above strategies could be worth considering.
Secondly, you could consider tightening your belt now and hopefully start reducing your living costs. Some suggestions –
- Repay any current debts faster, while you have the income to do so.
- Cut down on non essentials. Now is the time to save for a rainy day – it could be here soon.
- Unless your loans are all at good rates, look at a refinancing package now while you are employed and up to date with your repayments.
- Talk to a financial advisor about your particular situation. If you don’t already have a financial plan, you should consider the advantages of getting one. If you have a plan, it may need updating to handle this very different financial environment.
This information is not offered as financial advice, purely some suggestions to consider. You should talk to your accountant or financial advisor before making any investment decisions