One of the biggest worries for people over 50 is whether their money will last through retirement. Even without a huge pension pot, there are practical steps you can take to stretch your income and reduce financial stress.
Step 1: Know Where Your Money Goes
Start by tracking your spending. You may find small leaks (subscriptions, dining out, unused memberships) that add up.
Free tools like Money Dashboard https://www.moneydashboard.com can help.
Step 2: Maximise Your Entitlements
In the UK, many over 50s miss out on benefits:
- Pension Credit (for lower incomes): https://www.gov.uk/pension-credit
- Council Tax Reduction: https://www.gov.uk/apply-council-tax-reduction
- Bus passes / travel discounts depending on your region.
Check benefits at: https://www.entitledto.co.uk.
Step 3: Boost Your Income
Consider small side hustles or part-time work:
- Freelancing online (Upwork, Fiverr).
- Turning a hobby into income (crafts, teaching skills).
- Seasonal or flexible jobs.
This doesn’t just add money — it can also provide social connection and purpose.
Step 4: Plan With Professional Help
Free, impartial guidance:
- MoneyHelper UK: https://www.moneyhelper.org.uk
- Citizens Advice: https://www.citizensadvice.org.uk
If possible, a financial adviser can help with pensions, investments, and tax planning.
Step 5: Review Regularly
Check your finances every 6–12 months. Adjust spending and savings as needed.
FAQ
Q: What if I’ve left it too late?
It’s never too late to take control. Even small changes in spending and income make a difference.
Q: Should I downsize my home?
For some, releasing equity through downsizing helps. For others, staying put is better. Get independent advice before deciding.
Bottom Line
Retirement money worries are common, but you don’t need to face them unprepared. By tracking spending, maximising entitlements, boosting income, and planning ahead, you can make your money last longer and enjoy peace of mind.