Daily Express - ways to increase retirement income

"The two best asset classes to invest in are shares and property. Shares being the great businesses of this world. Companies that will provide you with an increase in your capital value over time as well as making steady profits that you receive as dividends. Property should be similar providing you with an increase in the value over time as well as increasing rental income too."

"Unfortunately, there is no magic solution and it's normally a trade-off between risk and reward. We find too many people are still relying on the supposed safety of savings but in a world of low-interest rates and rising inflation, this may be a dangerous approach. Savers need to consider whether or not investment may be a more appropriate option for meeting their retirement needs. "That said, people should also consider using their housing wealth better. For example, you could take in a lodger as the Rent-a-Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home."

There is no one size fits all answer to increasing retirement income. Income is ultimately derived from capital, so savers should concentrate on accumulating and protecting capital they have built up. When it comes to retirement planning the most sensible strategies are often the most effective. People should start saving for retirement as early as possible, pensions are the most tax effective conventional retirement savings plans. Taking advantage of what is available through an employer is a good starting point. History shows that the way to obtain capital growth over and above inflation is to take investment risk, this should be adapted depending on the timescale money is invested for and based on what stage of life a client is at. Getting financial advice will help with developing the most appropriate strategy based on a clients individual circumstances.

If you're not receiving the full State Pension, it's worth checking your eligibility. Calculation errors are not uncommon, particularly for divorcees and widows where payment amounts can depend on an ex-partner's NI contribution record.

The easiest method is to get advice from a qualified professional as they are worth their weight in gold literally and it could potentially change your retirement years as stats show those who seek advice are generally better off in retirement and with interest rates being so low simply sticking it in the bank unfortuetley for most of us means we are losing money.