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A number of people are opting to find creative means, or a side job, to earn an income during retirement, which Othneil Blagrove, senior manager for sales, JN Life Insurance Company, says is commendable because the extra income can supplement the pension from their retirement plan or from the National Insurance Scheme (NIS).
“The pension each month is fixed, therefore, when living expenses continue to rise, then this can pose a financial challenge for retirees to get by,” he explained.
Mr Blagrove further pointed out that an additional source of income can help retirees to take care of sudden unexpected expenses, such as a medical emergency; and undertake retirement plans such as a vacation abroad. The funds can also be used to start a small business.
“In addition to earning an income, retirees who continue to work will benefit from the social connection with colleagues, a need which tends to be more meaningful during retirement years,” he said.
Here are three ways retirees can supplement their income.
1) Consultancy or freelance services
Retirees who were experts in their career and are quite knowledgeable about a subject area, may consider extending their service. A good place to begin is your former place of employment, where superiors would be familiar with your skills. Alternatively, you may:
• approach competitors in your former industry for employment,
• conduct workshops,
• be a presenter at workshops and seminars, as well as
• become a life coach to help someone to achieve success in their career.
If you were a specialist teacher or lecturer you may seek to provide private tutoring. If you were a retired nurse you may consider working in a nursing home or providing private care to an elderly person or someone who is incapacitated.
Furthermore, online talent marketplaces, such as Fiverr and Upwork, are excellent opportunities for freelancers worldwide. One can search for work on these sites and bid for jobs.
2) Caregiving services
Looking after a child can be rewarding. The novel coronavirus pandemic has resulted in children remaining at home and having classes online. This is an excellent opportunity to provide caregiving services on behalf of parents who go to work and need someone to supervise their children in their absence.
And where face-to-face classes are taking place, you can provide pickup services, as some parents may be reluctant to have their children taking public transportation for safety reasons.
Alternatively, you may consider providing caregiving services to a sick or an aged person.
3) Consider your home
Perhaps your children have all grown and left home, which means that you have a room or two which you could possibly rent. Not only will you be earning an income, but you could also benefit from the companionship of the person sharing your home.
Operating an Airbnb is a lucrative alternative, as more income can easily be earned from renting extra rooms in your home for a few days, rather than renting for the month.
Moreover, you may rent a room as a temporary storage space for families with furniture and equipment who are in transition, relocating, or need these items to be stored in a safe space as a result of moving into a smaller home. An unoccupied garage also can be used to park a vehicle for someone who will be away for an extended period.
Furthermore, you can earn from fruit trees in your yard.
Retirement can be a rewarding phase in a person’s life. Those who are able to earn an extra income during retirement often find it to be fulfilling not only because of the financial security that it provides, but also the sense of purpose which is achieved.
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