Friday, January 17, 2014

Routes to Making Money Post-Retirement

There are a number of reasons why you might want to continue making money after retirement. Perhaps you need to top up your income in order to continue living the lifestyle you enjoy, want to keep adding to your savings account, or want to be able to fund trips away. Whatever your reason, this article looks at ways to make money post-retirement, from the practical to the innovative.

Invest Money

Sensible investments can be a great way to grow your savings after retirement. As you grow older you might want to move away from volatile investments and stick to those that yield a potentially lower but steadier return. Maintaining a diverse investment portfolio is also a good idea for long term safety. This should ideally include a number of asset classes across various industries and on all levels of equities. You might like to invest some money in countries with emerging markets, such as Egypt for example, to protect against potential economic downturns back home. Whether it’s loading up your savings account or buying a share in a foreign business, investing for the long term is also a good idea to allow funds to grow. Speak to your accountant or banking professional for sound advice on the best way to proceed.

Work Part Time

Just because you’ve retired it doesn’t mean that you want to stop working, or that you have enough money to cease work altogether. Many retirees in the US are employed in part time work and find it fits in well with their lifestyle. Work could be related to skills you have acquired over your working life, or you could branch out into something completely different. There is always the option of temp work related to your previous employment. Private tutoring for high school and college students is a great way to earn good money for retirees with knowledge of a particular subject area. For those who want to stay active gardening and handyman work can be good options, or working as a local tour guide. 

Start Your own Business

If you’ve always had ideas about a business you'd like to set up then retirement presents the perfect opportunity to do it. At this stage it is best to avoid business plans that have a potentially high risk, and you certainly shouldn’t invest a high proportion of your savings. Think busineeses that require minimal investment and can make use of other assets and skills that you already have. This could be dog walking, consulting, catering, pet sitting, or turning your property into a bed and breakfast. 

Make Money from Your Space

For those with large or multiple properties there are plenty of opportunities for making a bit of extra money post-retirement. The most lucrative option is to take on a lodger in one of your rooms or let an entire property to ensure a regular monthly income. If you are considering travelling during your retirement then renting out your property while you are away presents another money making opportunity. If you have an empty garage or outhouse there is also the possibility of converting this into office or storage space and renting it out.

Whatever you choose to do, there is plenty of opportunity to continue making money after retirement by making use of the skills and assets you have built up over your working life. Have you already retired and have money-making tips for others? Share your experiences in the comments below.

Frederick Hale writes on personal finance and investment for the web. Since retiring last year, he has been in the process of developing his own website on post-retirement advice.

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