Options for supplementing your income

You might be on a fixed income, but there are other ways that you can look to supplement your finances in retirement. This could affect any means tested benefits you claim.

Missing income and discounts

Check for a lost pension, a missed benefit or any other potential sources of income which you may be entitled to.

Bringing in more money

More than a million of us now work past the state retirement age.

 

 

There are a number of reasons people continue to work, either full or part time, both for the income and for the satisfaction of contributing or simply to remain active. Working can help provide extra income whilst you get used to being on a reduced or fixed income and can make your move into retirement easier.

Downsizing

If you own your home, you could consider selling it and downsizing to release some additional funds.

Downsizing is where you buy a less expensive home, where after paying moving costs and stamp duty, there could be money left over. But there will be some costs involved.

Equity release

Equity release products allow you to either borrow against or sell part of your home. The most popular type of equity release is a Lifetime Mortgage.

What does equity release mean?  


In simple terms, it allows you to release money (equity) tied up in your home, as a loan secured against your home. And the good news is it’s tax-free and you won’t have to move.

To find out how to release equity from your home:

Request a guide

Renting your property

For many people their home is their biggest asset and there are ways in which it could work harder for you.

From renting out a room, a car parking space or the whole property, using your home to help supplement your finances in retirement has a number of attractions.

It's possible to earn up to £7,500 per year in rental income without paying tax on that income.

Next steps

It’s worth thinking about your plans for the future, and taking time to look at your options in detail. We don’t help customers downsize, or take out buy to let, but we may be able to help in other areas:

627470885

Need some help?

Making decisions about how to finance your retirement is important so it’s worth making use of the guidance and advice services available:

Retirement guidance

Equity Release Council

Legal & General Home Finance Ltd is a member of the Equity Release Council, a trade body setting standards for providers. Take a look at their consumer brochure for more details.

Contact us about equity release

To discuss our Lifetime Mortgages, a loan secured against your home, and if they're right for you. 

Call us on:

0808 115 8129

Monday to Friday 9.00am to 5.30pm
We may record and monitor calls

Get independent advice

You can't take out an equity release product unless you have taken financial advice. Find out how to access independent legal and financial advice.