Keep busy and make money during retirement

Whether you want to make some spare cash or just keep occupied during retirement, there are now various ways you can do this and have fun, too.

Even if you’re living the life of luxury after full-time employment, it’s easy to get bored. Why not view retirement as your chance to live another kind of life? This is a new, exciting phase and you could dive into fresh experiences that make this the best time of your life.

Here is a selection of ideas to mull over as you consider what to do now:

  • Property improvement. If you’ve been thinking about expansion or restoration, why not do it? Such projects are ideal for exercising your organizational and creative talents. You’ll also add value to your property. However, if you don’t want to touch your capital, perhaps look into releasing equity to cover the cost.
  • Part-time work. Most of us are bearing in mind a second career. In fact, a Merrill Lynch retirement study in 2013 found that 71% of pre-retirees were expecting to find other employment post-retirement. So, what are the options:
    • Consulting: your contacts, skills and experience still have value, but now you get to choose how and when to leverage them. You could become a paid consultant, mentor or coach.
    • Freelancing: you can parlay many skill sets into freelancing jobs: programming, graphic design and jobs associated with writing. If you have a gift with words, consider editing, proofreading or writing blogs, articles, white papers, etc. Sites like Upwork and Freelancer are always looking for talent.
    • Virtual Assistant: You’d be amazed what you can get done from a distance these days and many busy people are hiring virtual assistants who can work from home. These individuals maintain calendars, book meetings, travel and hotels whilst sunning themselves on their deck.
    • Career counsellor: with your experience in the corporate world, you’re brimming with tips and advice for those still climbing the ladder. And, you don’t have to start your own business to do this. Sites like The Muse put counsellors together with clients for you.
    • Look local: If you want to get more involved in the community, check out the part-time jobs available or look into volunteering or joining a charity’s board.
  • Generate income from your property. If you have a rural property, there are a number of ways you can keep busy and make money. From turning it into a venue (for instance, for weddings) or renting out spare rooms with Airbnb or HomeAway. You could also combine international travel with getting paid by offering to housesit at a chateau or villa.

We’re staying alive a lot longer these days and we’re also keeping younger than our predecessors. There’s no reason why retirement should be the end of your usefulness, nor should it all be boring leisure activities. Get involved in a project, job or even start a small business to keep yourself occupied and flush with spending money.

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