How to raise money for a travelling adventure in your retirement

Friday, 30 November 2012 04:29

How to raise money for a travelling adventure in your retirement

How to raise money for a travelling adventure in your retirement

Many people dream of different things they can do during their retirement; some hope to take up a new hobby and enjoy finishing work while others have always wanted to go travelling and explore the world. If the latter sounds familiar, you might be worried about how to raise money for your adventure.

Here are some tips on how you can generate enough cash to travel around the world in your twilight years.

1. Sell possessions

It's easy to accrue a lot of belongings over a long time, and you might find that you have a lot of things you can get rid of if you look thoroughly through your house. If this is the case, selling some of your possessions could seriously help you raise some cash.

Car boot sales are a good way to get rid of small belongings, while you can consider having auctions for your antique items and selling pieces of furniture to second-hand shops. You might not get a lot for each possession, but it all adds up and you'll soon realise you can generate a significant sum, particularly if you've held on to a lot over the years.

2. Social events

If your village or town has a community atmosphere, neighbours are likely to rally round and assist you with your mission. Therefore, you could organise a number of events that will help you save some money. These include setting up bake sales, local dances or shows, quiz nights and fetes. You will need others to assist with this task, including musicians and dancers if you arrange performances, but you will give a boost to the social ambience of your local area as well as raise some money.

3. Downsize

When most people reach retirement, they still live in the house where they brought up their family. While you did once need multiple bedrooms, more than one living room and a large kitchen, this space may suddenly seem superfluous when there's just one or two of you.

Therefore, you might decide that retiring is the perfect opportunity for you to downsize. By buying a smaller property, the chances are you'll generate a significant sum of money from the difference between the sale price of your home and the cost of your new abode. This will help you pay for your travelling adventure, as well as put some money aside for the rest of your retirement years.

4. Equity release

Another option if you don't fancy downsizing – particularly if your family seems to be growing all the time and you feel like you need the space – is to release equity on your property.

This involves taking a loan against your house or flat so you receive a lump sum of money on a proportion – or the whole – of your home. You can then stay in the house rent-free until you and your partner die, after which this share of the asset will belong to the equity release provider. Many retirees find this an ideal solution to help them boost their pension, as they can continue to live in their property while being able to receive a substantial amount of money for their retirement – ideal if you have big plans like going travelling!



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