Mortgage loans, job schemes, holiday plans, money-saving practices, etc. It seems that all the information that we generate and consume it is only related to the youngest segment of the population: there are tons of editorials such as ‘start saving money for your retirement’, or ‘how to spot the perfect house before your 30’s’. Nonetheless, it is not easy to spot useful advice for seniors. Following a recent report, 13,5% of pensioners are living on a poorer income just across OECD countries, so imagine how the data would look on a global scale. Nowadays, it is more important than ever to offer some guidance to the elderly.
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When you go on retirement, saving some extra money may sometimes seem like a hard task. You will have to revise your financial situation, such as preparing a new budget looking at all your sources of income and expenses. It can be very hard to see how people on the same age go on amazing trips while you have to count every penny, but the reality is different than the image that is often projected. A state pension would not give you a huge amount of money; this is why you will need to be careful with all your financial movements.
There are plenty of reasons for what the over 65s may be looking for borrowing opportunities. While some pensioners are looking for good loan opportunities to travel around the world and make the most of their spare time, or maybe even looking to invest in the stock market. In contrast, other people in their late years may need some extra cash to cope with their monthly expenses, where affordable loans for pensioners may appear as an attractive option for them (especially if they have a poor credit score).
A wide range of online lenders offer senior-friendly loans, such as guarantor loans, shorter-term personal loans, and loans secured on property or assets. Most of banks have special programs for the elderly to borrow up money with special conditions. Checking on your options could help you simplify your overall saving strategy.
Here I share some extra tips on how to boost your pension budget and get some extra cash regularly.
Selling your house and moving to a smaller property might be a convenient choice for many pensioners. Apart from the extra money that they will get, moving into a smaller home will reduce their overall expenses.
In the meantime, getting a reverse mortgage could also be a source of income for retired people (these kinds of loans are secured by the residential property, as the borrower will receive home equity).
Lastly, if you do not mind to share your personal space, you could also rent a room in your property. This option will provide you with some extra funds to pay for your everyday expenses, while you enjoy the company of someone else.
If you are not happy at all with your credit score, there are some steps to follow up to build on some good credit, such as setting up automated payments or keeping active your bank account. Using a specific credit card to pay a bill will help you to keep the balance up. On the other hand, having an active bank account will make your credit history look better in front of credit bureaus.
To sum up, we all know that the recent changes in the global economy are harming all segments across the globe. Therefore, there is a necessity to protect vulnerable groups, such as the elderly. We must carefully regard how society as a whole can offer valuable guidance to this group. Institutions such as banks, best practices to follow and so on will contribute to their welfare state, establishing the pillars for the societies of the future. Looking for ways to improve the life of our old ones is not just a matter of common sense, but also a matter of social justice.
Julia Brookes
Finance Consultant at Now Loans
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