The most important things at a glance
The pension is the most important source of income for many retirees. If it is not enough to cover living expenses, there are a few ways to get more money. In this article, we give you 6 tips on how you can get more money as a retiree.
Check your entitlement to state benefits
There are ways for pensioners to improve their financial situation. Follow our 6 tips for more money in retirement.
There are a number of benefits that pensioners can apply for. These include:
Basic security in old age and in the event of incapacity for work (basic security)
Basic security in old age is intended to help top up a small pension so that a person’s livelihood is secured. The application for this must be submitted to the local social welfare office.
Housing benefit
Housing benefit is an aid for the cost of housing. Pensioners are entitled to it if their pension does not exceed a certain amount, but is so high that the sum of the housing benefit is above the basic social security in old age.
Social assistance
Social assistance is granted to pensioners who receive a pension other than an old-age pension or who, for other reasons, are not entitled to basic old-age security.
Instructor fee
Adult education centers, sports clubs, and social institutions rely on instructors, trainers, educators, and carers. The state therefore supports this social commitment with the instructor allowance. This amounts to 3,000 euros per year. This income can be kept tax- and social security-free if you are involved in non-profit organizations.
Care allowance
You receive care allowance if you have been awarded a care level by the nursing care insurance and are cared for by relatives or friends.
Coverage of costs for care services
If you are dependent on a nursing service or live in a care facility, you can apply to the nursing care insurance fund and the social welfare agency for reimbursement of costs.
To find out whether you are entitled to benefits, you should contact the relevant office.
Work!
If you are still fit, you can take up a mini-job or marginal employment. This way you can supplement your income.
Invest!
With a good investment strategy, you can increase your assets and prepare for retirement.
Take advantage of funding programs
There are a number of support programs that help retirees improve their quality of life. These include:
- Promotion of barrier-free conversions
- Promotion of nursing aids
- Promotion of further training
Save!
Even if you are already retired, you should continue to save so that you can prepare for unforeseen expenses or for old age.
Live frugally!
There are a few things you can do to lower your standard of living and save money. These include:
Further tips:
- Divide your income and expenses
- Set a budget
- Compare prices
- Cancel unnecessary insurance
- Avoid debt
If you are unsure how to get more money, you should contact an independent advice agency.
Summary of: How pensioners can get more money
There are several ways to get more money as a retiree. With careful planning and implementation, you can improve your standard of living and enjoy a financially worry-free retirement.
