Money Management
November 11, 2024
%20(1).jpg)
Might you be thinking about what you will do to get some income after you retire? Even if you had planned and saved throughout your career and are eligible to get a significant package, you might find yourself needing additional income to keep up with the recurring expenses or to continue with the kind of retirement lifestyle you would like to have.
While getting a job with your previous employer is one option, it is definitely not the only one. Let’s take a look at the different ways you can get some income during your time in retirement.
They say that the best time to plant a tree was 20 years ago. This statement goes for investments as well. However, if you have retired already and did not start investing early on, the second-best time to start investing is now. It is such a great way to make the money you have grow. It acts as a good source of passive income.
Many retirees are afraid that the savings they’ve got will not last for the remaining time they have, but one good way around this is by considering investing the money in stocks. This means getting returns in the form of dividends on a regular basis. This will help you build up savings some more.
Another exciting way to grow your money is by actively learning how to trade in the stock market. It could be Forex or even in cryptocurrency. Many people are reluctant to engage in this because they feel like it’s a risky venture, but it could make you some significant sums of money on the side.
You have to go through a learning process or getting the help of a licensed investment advisor before putting your money on the line.
Additionally, you can try out these low-risk investment opportunities in government securities.
Starting a blog is another good way to make some money in the comfort of your home. It’s very low-stress and the costs involved are little. Moreover, it doesn’t take too much time either. There are so many platforms you could choose from such as Wix, WordPress, or Blogger. Once you attain a good reader base, you can start earning from your blog by selling ads, or publishing sponsored content.
While many might think that blogging is for younger folk (millennials and younger), as a retiree you have truly become a master of the profession or craft that you have been practising for decades. With the right planning and targeting, you could attract an audience that can earn you money.
The blog may even act as a launching pad to partnerships with established commercial brands or publishers where you can earn from being an opinion leader, expert in your field.
Sometimes it can be difficult to find a low-stress job that pays well and allows you to work from home. Fortunately, for you, there are so many options! One of them is by doing proofreading, which you can do from anywhere. It isn’t so demanding physically or mentally because all you will be doing is checking other people’s work for any mistakes and typos.
It might not be believable at first but you might get some good rewards once you get into it. You’ll feel like a pro who other people will rely on. In addition, the money is not bad at all.
Even though this kind of job seems like a thing only for those with a keen eye while reading, you’ll be glad to know that anyone can develop proofreading skills and become good at it. It just requires a bit of practice. You can find some online courses teaching about proofreading just to sharpen your skill.
Many people, while on active duty, buy a lot of tools for their jobs. But after attaining a certain age and with time, they use them less and less. If you are retired and desire to make some money, you could rent out your tools to people who need them.
By charging them for using tools like power machinery, tractors, cameras etc. you could make some profit. Moreover, you would be helping other people and effortlessly make money from the investment you made in those tools.
If you’ve got a good background in editing or writing, freelancing could be a great way to earn extra income while in retirement.
As a freelance editor or writer, you can work at a time and location of your choosing. One great thing about it is with the presence of digital platforms, you'll always find work. This means that all you have to do to find clients and get started is to make a great profile and upload it to platforms such as LinkedIn ProFinder or Fiverr.
Perhaps you have some rooms left unoccupied since your kids left. Maybe you have a house you are not staying in. With the increasing rate of tourism both local and international, you could capitalise on these assets by turning them into income-generating assets. One of the ways to do this is by renting it out on Airbnb. It is also a way to fill your time.
It only takes a few minutes to create an account and rent your property with Airbnb. You are able to choose who visits your property and get some income in exchange. You could also choose to go on holiday if you do not want to stick around to watch guests come and go.
If you think YouTube is for the newer generations, you might want to revisit that thought. All kinds of people use the platform for almost everything from entertainment, education, the news, or learning some new skills. Creating a channel on this platform and monetizing it is an easy and fun way to utilize your time while making some income on the side while retired.
Make informative or educational videos teaching others the skills you have learned all through your life. Alternatively, educate people on complex matters, which you comprehend fully. You could also talk about the things you are passionate about. Some topics you could talk about include travel, hobbies, cooking recipes, and more.
The more popular your channel is, the greater your probability is to cash in.
What no one tells you when you start your own business is that having someone to discuss your ideas with and to learn from is quite invaluable. Not all of us have a parent who has vast experience in business, so getting someone who does could make such a significant difference.
That is where you now come in. With the decades of experience you have in your field of specialization, you can offer great help.
Offer consultancy services to other companies in the same domain and get paid for what you already know.
You probably do not realize this but you are a wealth of information from which others can benefit.
You can write a story about yourself. Make it into a memoir or an autobiography. If you feel like that is invading too much into your privacy then you can turn it into a fictional story.
You could choose to write about your professional experience or a piece of history that you know about.
We all have a story we can tell, so why not tell yours and have the other people benefit from it while you make a fortune?
Many retirees prefer to move out of cities to settle in rural areas where life is more relaxed on big pieces of land. Many decide to go into farming, to make food for themselves. But if your piece of land can give more produce than you require, you could sell some of it to other people in nearby markets.
People yearn for fresh produce. You would be surprised by how much you make.
Retirement affords you time to make your favorite food and drinks, but the only problem is you might have nobody to share them with.
So instead of eating the same meal, you made in excess, over and over for a week, why not sell it to other people?
Do you know how to make things? Another person is willing to buy your creation. Perhaps you know how to knit, crochet, sew, know your way with leather or woodwork.
Whatever you create. People like to spend money on handcrafted items. You can sell them online, in local markets, or even on the streets.
While in your productive phase working full-time, on how many occasions have you promised that when you retire, you would read as many books as you can read?
Did you know that you can make money by reading books? You can earn by reading and writing reviews and writing summaries.
These are some of the very many options that you may want to consider when searching for means to supplement your income. Consider the skills you have and your needs, also the kind of hours that you’d want to work before choosing the type of job would be best for you.
.png){kind=small}
Join 1.5M Kenyans using Money254 to find better loans, savings accounts, and money tips today.
Money 254 is a new platform focused on helping you make more out of the money you have. We've created a simple, fast and secure way to find and compare financial products that best match your needs. All of the information shown is from products available at established financial institutions that our team of experts has tirelessly collected.
