5 Ways To Earn Extra Income During Retirement02 Sep 2021
When you retire, you are free to spend your days the way you want to. It’s no wonder why everyone looks forward to this time of freedom.
But while commonly seen as a life of leisure, retirement these days doesn’t always mean “not working”. In fact, retirees are increasingly looking to boost their cash flow and stretch their retirement savings by earning some extra income. Even if they don’t necessarily need the money, these retirees find that working instead of sitting around helps them stay active and mentally alert.
If you are retiring soon and would still like to continue making some cash, here are a few ideas you can explore:
Source: Robert E Blackmon
Generate cash from your hobbies
This is one of the best ways to earn extra cash without feeling like you are working.
If you are into hobbies such as photography, blogging, graphic design, writing, caring for pets, cooking, baking, fitness and more, chances are you will be able to make some money from it.
Check out our article Turn Your Passion Into Your Income Source for more ideas.
Create an online course
If you’ve got useful knowledge to share, why not try to monetise it?
Even if you don’t think you know enough about a topic to teach it, the truth is, you don’t necessarily need to be an expert to create and sell an online course - you simply need to know more than most people.
Sites like Udemy make it easy for you to develop a course or courses that can help someone professionally or even personally. Topics you can cover include art, photography, music, gardening, baking, cooking, marketing, technology, language, writing, personal development and many more.
Sell your stuff online
Got tons of old clothes, CDs, DVDs and other collectable items lying around? See if you can sell them off and make some cash.
Online auction sites such as Carousell let you sell your unwanted goods. Setting up an account is free and easy, and you can list your items in a matter of minutes. Don’t forget to include some good photos too as this will greatly help attract potential buyers.
Provide childcare/babysitting services
If you love kids, this is another great way to spend your retirement days while getting paid.
Check among your neighbours, relatives, friends and local community groups if any busy parents need help with caring for their children. You can also try online platforms such as Kiddocare and Sitly, which connect parents with potential babysitters.
Services you can provide include cooking meals, bathing, sending or picking up the child or children from their school, tuition classes and extracurricular activities, helping them with their homework, and more. You can always discuss and negotiate with potential clients on the responsibilities you are comfortable with.
Become an entrepreneur
Entrepreneurship is becoming a popular choice for some retirees who find that they don’t want to completely abandon work.
If you have a dream business, have the entrepreneurial spirit, are financially stable and have a high tolerance for risk, this could be something worth pursuing - perhaps you’ve always wanted to start your own consulting firm, or open your own restaurant, bakery, yoga centre, or launch your own fashion label or skincare brand.
Whatever your passions are, your retirement is a great opportunity to pursue them and try something new, while also potentially increasing your earnings further.
However, before you jump in, be aware that entrepreneurship requires more commitment and you could suffer financial losses before making any profit. Be sure to do the important homework, which includes knowing your competition and the marketplace.
It certainly wouldn’t hurt to have a few extra hundred or even a few extra thousand ringgit in your account each month, especially since you’ll be living on a fixed income during your retirement.
In addition, be sure you also have adequate insurance coverage to protect your health and income during your golden years. A retirement plan such as Gibraltar BSN’s Go LiveWell helps you take charge and live your retirement dreams by providing guaranteed cash payments for 20 years, along with insurance protection.