Don't make this mistake when you retire

by , 29 October 2015

One mistake you should avoid making when you retire is to give up your active income. Active income is money you earn through working or from a business you own.

You shouldn't confuse it with passive income. This is money you receive from an annuity or pension.

So why should you not give up your active income?

Read on to find out more…

The pitfalls of giving up your active income when you reach retirement

By giving up your active income at retirement, there are two negative outcomes, Mark Ford in Daily Wealth explains…

  1. You no longer have that source of income or spend time with the people you worked alongside.
  2. You remove the choice to make other investment decisions in the future as you only have your passive income to rely on.

If your idea of retiring is filling your days with hobbies, grandchildren and holidays whilst supporting yourself on your passive income, it’s time to think about it again.

Things have changed a lot over the past few decades. People are living far longer and this means a far longer retirement to fund.

To have enough money to live off on through your retirement from your investments and savings probably means scrimping and saving a lot so that you can stretch your money out.

The benefits of an active income when you retire

You should be able to enjoy your retirement and chances are by ensuring you have an active income, this will be more achievable. You won’t have to worry about just having enough to pay your bills, you’ll have enough money to enjoy yourself too.

It’s about finding a happy balance. You can cut down your hours when you ‘retire’ or work part time. Or you could consider consulting or starting a small business.

There are many ways you can still earn an active income. Find a way that you enjoy and stick with it when you retire. It will give you financial freedom in retirement.

So there you have it. Why you shouldn’t make this mistake when you retire.

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Don't make this mistake when you retire
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