Many people find themselves in something of a quandary when they retire. On the one hand, this is the time of life when there are far fewer restrictions, providing the ability to do the things you always wanted to do. On the other hand, it is also the time when you stop earning an income and have to be far more careful with money. Financial stability can plummet for many people who retire, particularly those who have not made adequate financial arrangements for their ‘golden years’.

retirement planning
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There are, however, ways in which you can boost your financial stability once you retire. This includes methods such as:

Move to a smaller property

With the ties of employment now well and truly dissolved and the kids having flown the nest, you may find yourself rattling around in a far larger property than you need by the time you retire. While the location may have been convenient for work in the past, you no longer have this worry. You can therefore consider moving to a smaller property and tapping into the equity you may have in your current one by way of boosting your retirement fund.

Downgrade your vehicle

You may have a pretty high end vehicle, which you might have used for work or simply for pleasure in the past. However, you have to prioritize and this means considering downgrading to a more basic car now that you are no longer earning an income. This could save you money on insurance and other motoring costs as well as potentially enabling you to make money from selling your higher value vehicle.

Try and clear your debts

If you have debts when you retire, they can be a huge burden in terms of your financial situation. You should therefore look at ways to try and clear this debt, preferably before retirement rather than when you retire. If you are struggling to manage your debts, be proactive and contact experts such as those at Consolidated Credit. It is advisable to keep a list of all of your debts along with details of how much you owe and how long you have left to pay. This will make it easier to manage and ultimately pay off the various debts you have.

Make use of your skills

You may have certain skills that you can really make use of when you are retired. This could enable you to earn a little extra income at a time when you could probably do with a financial boost. For instance, you may be a great gardener, you might be good at baking, or you may find that needlework and crafts are your forte. These are all skills that could earn you some valuable income to supplement your pension, so make use of them.

With this range of ways to increase your financial stability during retirement, you can start looking forward to your golden years rather than wondering how you will manage.

About the Author: This advice is courtesy of Consolidated Credit writer Elaine McPartland. Elaine has been helping individuals and families resolve their toughest debt issues while regaining control of their money. Connect with her today on Google+