11 Ways to Make Money after Retirement
Workers, employees, businessmen- all dread the day which they will have to encounter in their lives- it’s the retirement day. It could be your ill-health, company policy or inability to keep pace with the stress or competition posed by younger generation that compels you to retire from the job or business.
Apart from the inability to structure time, loss of status and position, drop in income is cited as a major problem that haunts retirees. You can have a happy retired life if you engage yourself in productive activity.
Here are 11 useful tips to make money after retirement.
1. Do a Part-Time Job
If you just look out in the neighborhood or in the newspapers, there will be a lot of part-time job opportunities such as teaching, office administration, honorary positions in associations involving finance or administration or marketing. It will not be very stressful and you can earn additional income.
2. Learn a New Skill
If you are already talented in drawing, painting, music, sketching, or good at writing, astrology, finance, taxation and other topics, you could upgrade your skills by getting certified by enrolling in a course. It will help you hone your skills and make money at your pace.
3. Start a New Business
You can utilize your earnings and with a little help from family members or friends, you can start a small business. It could be retail trading, a franchisee business, a pet shop, financial services advisory, or a technical services outlet depending on your skills and taste.
4. Join Volunteer Groups
A lot of charity organizations require volunteers to work part time or full time with an honorarium. They may be involved in providing free food, medicines, health care, shelter for stray dogs, care for the elderly and so on. It will give the satisfaction of doing a noble thing and also an additional income.
5. Gain More Rental Income
You can utilize your retirement proceeds to invest in properties that can be rented out. It is a passive income that will last a life time. If you are living in a big house in a posh area, you can think of renting it out and living in a house with lower rentals.
6. Get More Interest Income
Your existing savings can earn more interest income when you split them across different risk-return options and different durations ranging from one to five years. Mutual funds, investment funds, bonds are different options to try out.
7. Sell Old Articles/Goods
You may have accumulated lot of possessions including cars, electronic goods, jewellery, laptop, books, clothes which can be sold. It will also unclog the clutter and bring more positive energy to home.
8. Invest in Health Insurance Packages
If you have taken a health insurance, ensure that you pay premiums regularly and that it is adequately covered for all existing and likely illnesses. Hospital expenses come unexpected and can eat away your savings.
9. Invest in Real Estate
Real estate investments in upcoming localities with high growth potential can enable you to achieve better returns on your investment. However, liquidity is an issue and hence keep some funds in bank or liquid assets.
10. Freelancing Jobs
If you are good at writing, editing, teaching or consulting, you can be a freelancer working for multiple companies or projects to earn income at your pace and not tied to any organization.
11. Use Your Expertise for Industry
You can be an independent director in several companies advising them in your core competence areas and earn money for appearing in board meetings. The industry will value your expertise and you will be in great demand.
Retirement is a time when most people decide to remain at home or go for evening walks. Most people remain glued to television or end up looking after grand children without any benefits. However, there is no need to despair. With your skills, knowledge and expertise, you can still be engaged in a variety of activities that can help you earn more income and enjoy a happy life of contentment and richness. It involves judiciously using your existing savings and investments to gain more income as well as working at your pace to earn income.
