Retirement doesn’t have to mean a complete end to working life. Some people may need to create an alternative income stream during retirement for financial reasons, whereas others may continue to work due to passion or interest in their chosen field. It’s not uncommon for people accustomed to a regular working schedule to feel at a loose end in their retirement and that’s why some retirees choose to work in some capacity during their retirement.
Retirement can be an opportunity for you to try out new skills, or put long overdue business ideas into action, which can also help to generate some cash to subsidise your retirement savings. If you’re not ready to slow down, no one expects you to sit around knitting jumpers. The working world is expanding beyond the office and is creating new and exciting opportunities for retirees to work alongside taking a step back from a full time working life. In this article, we will discuss six ways you can earn extra money in your retirement.
1. Create A Passive Income
A passive income is a type of income that requires little or no effort to maintain. Usually, a passive income will come from monetising something you created in the past, such as books or online courses. But there are other, easier ways to do this, too. You can do things like sell ad space on your vehicle or on your website if you have one.
This can help to keep a bit of money consistently rolling in. This is also something that you can consider if you are attempting to boost your income to contribute to your retirement savings, too.
Read More: 3 Ways To Give Your Retirement Plan A Boost In Your 50’s
2. Part-Time Work
This is an option suited to those who just don’t feel ready to leave a consistent workplace. Having too much time on your hands can be a difficult problem to deal with in retirement but, sometimes, working part-time can help to keep you motivated and enjoying the extra free time you have.
There are lots of ways to reduce your workload from a full-time job. Depending on your career, you can pursue options such as reducing your contract or working remotely for a few hours a week. Part-time work can also be an exciting way to gain new experiences whilst still adding to your retirement fund. In Australia alone, there are a number of seasonal jobs available that can offer exciting new working environments to choose from.
3. Monetise Your Skills
Retirement offers most people an abundance of spare time to pursue new hobbies or ones they have neglected during their working life. If you have a particular skill that you’ll be working on in your retirement, you can always consider monetising your skills. If you’re particularly crafty, you can use websites like Etsy to sell your handmade creations, and you can usually make a tidy profit from doing so. Selling your products is a great way to keep you motivated towards your goals, whilst contributing to your retirement fund.
4. Rent Out Your Extra Space
With the popularity of sites like Airbnb, you no longer have to own a second property in order to gain some rental income. If you have a spare room or two in your home, why not list them for rent to holidaymakers or visitors to your city? Australia is an extremely popular travel destination and, unfortunately for tourists, hotels are not the cheapest here. More people are looking for privately rented accommodation to help them to make some savings on their travel expenses. Not only is this a great way to boost your retirement budget – you can also have a lot of fun hosting your guests and make new friends in the process.
5. Share Your Skills
Not so good at creating products for sale? Try selling your expertise instead. Maybe you can create courses for people to learn whatever skills you have. You can host these in your local area or online and create a nice side income to fund your retirement. And don’t worry if you feel you have nothing to offer; when it comes to sharing knowledge, English speakers are like gold dust and there are hundreds of companies online that will pay you to speak English to foreigners. This also allows you to decide on a schedule that fits in with your other retirement plans
6. Creating Websites and Dropshipping
Having a website can gain you some extra revenue in a number of different ways. A popular trade that is booming at the moment is ‘Dropshipping’. With dropshipping, you create your own E-commerce website and list products from a certain manufacturer. Once everything is set up, people will purchase the products from you and an automated system will send the order to the manufacturer, who will then complete the delivery.
There are many different types of dropshipping and the route you choose to follow will determine how much money it can bring you. It may take some research and time to set up but once you’re up and running, it can be a relatively easy way to earn extra cash in your retirement.
So Do You Think Any Of These Extra Income Streams Are Right For You?
Working during retirement is a great option, both for gaining new skills and experiences and for adding to your bank balance. These are just a few of the options available, and there are many more great options for creating a good work-life balance during retirement.
The amount you earn can also have an effect on the way you receive your age pension too, which is something worth considering when undertaking work during retirement.
If you feel that you may need to save more to prepare for your retirement so you can spend less time working once you’ve retired, why not contact the team at Ethica Private Wealth Specialists for a 2 Hour Free Consultation to find out how they can help and advise you on your retirement savings strategy.