The thought of retirement – the outset of our golden years – excites many of us. We simply cannot wait to stop the daily grinding and spend some quality years with our friends and family in our homes. But retirement does not mean that you should stop working. If you’re someone who gets a rush from accomplishments and wants to stay busy every day, you might want to work even after retiring. Similarly, if you want to keep the money rolling in to supplement your retirement income, you could choose to continue to work. There are plenty of options available for retired folks, and here are a few effective ones.
Start a Business
If you have always dreamed about starting something of your own, this might be the right time for you to get started. At this stage of life, you probably have the required expertise and minimum capital to start a small business, and all you need is the willpower to serve the target market and make a name for your product or services.
Choose a business that excites you. Build products or services that you are passionate about to make the process easier for yourself. Find what you are good at and how you can provide value to your customers through it. It could be cooking, baking, gardening, cleaning, doing their taxes, babysitting, or just about anything you excel at. Check local small business guidelines, prepare a business plan and vision for the next five years, register your small business – and you’re good to go!
Teach Online
You will retire with years of experience. Turn that into an asset and teach others who require the knowledge. Various online teaching platforms sign up teachers for video lessons on thousands of topics. You have to prepare drafts of the lessons and record the videos accordingly.
Not comfortable with recording videos? Don’t worry. You can write ebooks on the chosen topics and publish them online (Amazon Kindle or other online publishing platforms). You can also get a website and upload the courses for people to purchase.
Additionally, you can tutor people one-to-one over Zoom calls. Check your friend circles and family to find if anyone needs lessons in the fields you teach. Decide on a rate and time, and start teaching.
Rent Your Property
If you own a piece of property, renting it out might fetch a solid rental income for you. You can rent your house in two ways: the entire house, or just a floor with its separate entry and exit. Also, you can choose to rent your house for the whole year or rent it seasonally. Apps like Airbnb make it easier for property owners to rent their houses to travelers for short periods.
Renting your house for less than 14 days per year is eligible for tax exemption. To qualify, check the IRS website to confirm that you fulfill all the requirements.
Open a Consultancy
A great way to repurpose your experience is to open a consulting firm. If you have expertise in project management, marketing strategies, finance, and human resource management, consider providing consultancy services to new businesses to earn some money. New businesses are popping up every day, and the owners are more than happy to spend money on consultancy that promises results.
If you do not want to open a firm, you can work as a freelance consultant on various online marketplaces such as Upwork, Fiverr, and Freelancer. Look around in your friend circle and peers to land your first few clients. Build a portfolio and go all out.
Get Reverse Mortgage
Some retirees opt for reverse mortgages if they own a house and want to supplement their income but are incapable of doing a job or starting something. If you’re above the age of 62, depending on your health, the condition of your house, and your life expectancy, you might be eligible for a reverse mortgage.
Some people think that a reverse mortgage is a great way to earn tax-free income while retaining the ownership of the house, but there are different reverse mortgage pros and cons that you should consider before choosing it. You can talk to a mortgage expert, get help from someone with experience, or research about it online.
After working all our life, we wish for a retirement that comes with happy and peaceful years. But our limited finances can make retirement difficult. However, with the right research and initiatives, you can earn solid money through various side hustles that do not require much on your part. You only need to have faith in your experience and skills and keep the passion alive.