After a lifetime of working, retirement feels like a blessing.
It is a time to get rid of irrational fears and expectations, relax, and mainly enjoy the best things in life. From engaging in new hobbies to connecting with old friends, retirement is a phase that allows for rediscovering and reinventing oneself, without the pressures of the working life.
But there is another side to it that it is worth taking into account: how to get financially prepared for retiring.
While most people envision a steady source of income without the need to go to work each day, others worry that they won’t be able to meet all their needs. Further than that, many people need a sense of purpose and stimulation to keep mentally active, which leads them to search for part-time or freelance jobs.
If you fit into one of these last categories, you are surely wondering: How can I generate income after retirement?
Luckily for you, it has never been easier than now to generate income after retirement. Thanks to the new technologies, apps, and growth of remote working, it is now possible to find all sorts of side gigs on the internet - or even create a small, autonomous business.
If your goal for 2021 is to find a way to generate income after retirement, take a look at these nine ideas we have gathered for you:
1. Sell old items you no longer want
Look around your house. You have been accumulating all sorts of things for a long, long time. Jackets you haven’t worn for ages, furniture that has no real use, collections of old books, electronics that you don't even know how to turn on, and endless gadgets and tools just sitting around in boxes… Don’t you think it is time to let these things go?
In a Mary Kondo style, look at all your possessions and sincerely ask: do I need all this?
If the answer is no (it will be no, we can assure you), consider selling the objects that no longer serve a purpose. You can join second-hand markets, use platforms like Facebook marketplace, or even handy Apps like Letgo, where you can list and sell your products as effortlessly as possible. Not only will you make some extra cash with these sellings, but also organize your belongings and uncover extra space in your house that wasn't there before.
Remember the proverb: one man’s trash is another man’s treasure!
2. Look into freelancing
The freelance world (also known as the gig economy) is booming, especially now that remote work became a widespread reality across the globe. This ‘new normal’ brings many job opportunities for those looking to make some extra cash and monetize their free time. For people with satisfactory computer skills, this is a great option to generate income after retirement.
But how can you take advantage of it? It is quite simple: just think about your talents and areas of expertise and put them to use! If you have a knack for spelling and grammar, you could make a great freelance proofreader. If, on the other hand, you have got experience improving businesses’ operations, profitability, and management, you can consider becoming a freelance consultant. The options are endless!
3. Participate in focus groups and surveys
These days, many companies conduct legitimate online paid surveys, virtual focus groups, and various other forms of online marketing research. For people in retirement, these are great tools to make extra money effortlessly.
Focus groups can pay up to a few hundred dollars for a few hours of your time, while surveys tend to take up less time and pay less. Platforms such as Survey Junkie, Google User Research, and User Interviews can pay you up to $100 per survey or $75 per hour.
4. Rent your space or car
The extra space you have lying around in your home could become a very convenient way for you to make extra income with little effort. Nowadays, it is easy to rent a place (or even just a bedroom) online. You can either use social media to promote your space or rely on a popular tool such as Airbnb, HomeToGo, or Cottages in Canada.
The same goes for your car or other vehicles. Similar to Airbnb, there are many apps that can help you rent your vehicles periodically. Right now, Turo is the most popular platform for this end, allowing you to earn an average of $620 per month.
Finally, if you have an empty garage, parking spot, or warehouse, you could also consider renting these spaces. If you are not using your extra storage space, make it available for people in need and earn some extra monthly income! According to Neighbor’s site, you can make around $800/year for renting out your garage, for instance.
5. Become a local guide
You don’t need experience as a tour guide to find yourself a little gig in this area. In fact, you just need to have the right type of personality (outgoing, communicative, and so on) and passion for your region’s architecture, history, or nature. Gathering these little ingredients, there is no question that you can land on a part-time tour guide position - both independently or within a private tour company.
If there is an area in which you consider yourself an expert, that is a good place to start. Gather all the knowledge, work on a nice and interesting script, and make yourself a website with information on routes and prices. Then, you just need to promote your services (social media, for instance, a great way to do so) and find curious tourists!
6. Sell handmade products online
After decades of trying to climb the corporate ladder, most people regard retirement as an opportunity to do something relaxing and that brings them joy. That is why arts and crafts are very popular amongst retirees. But what about taking it to the next level and trying to sell these handmade products online?
Perhaps you love to make luxurious handmade creams and soaps. Or maybe you have a special talent for ceramics, sewing, or painting. No matter your hobby, you can easily turn it into a source of income after retirement. Sites like Etsy or Shopify are an excellent option for small creators, as they allow you to set up an online store and sell your products in a hassle-free way. These platforms also offer great tutorials, marketing support and access to a community of like-minded sellers that can help you grow your business and even make friends.
If you feel like you still have to sharpen your skills before starting a business, you can use sites like Craftsy to access an endless array of projects and tips. From embroidery to knitting, on this website, you will find a great source of inspiration!
For those that want to feel useful and make a difference, tutoring can be a great option. Depending on your circumstances, you can do it both in person or online.
The online world has the advantage of enabling you to connect with clients from all around the globe, and educate people of all ages on many different subjects, including languages, writing, accounting, maths, and more. Besides, online tutoring allows you to work from the comfort of your home, which is ideal if you want to avoid a stressful commute.
You can either use websites like FlexJobs to find companies and people requesting online tutors, or simply use social media platforms to advertise your tutoring services. From elementary school students to adults, the online world allows you to find and share your knowledge and make some extra income in the process!
8. Babysit or petsit
Taking care of kids requires many valuable skills, time, and patience. But if this is something you feel prepared to handle, babysitting can be an excellent part-time job for you!
Many parents question whether younger nannies are responsible enough to look after their children - and that is why many prefer to have an older person doing it. If you think you are up for the challenge, you just need to promote your services and (ideally) get some people to recommend them. In today’s world, having good feedback on your skills and reliability is a must for this sort of job.
Similarly, if you have a great love for animals and pet care, whether it’s dog walking, or pet sitting for friends, this could be a great idea to generate income after retirement.
9. How about a life insurance policy with a cash value component?
After a certain age, most people start thinking about getting a life insurance policy, especially if they worry about final expenses and outstanding debts. If this is your case and you are interested in applying for a life insurance policy, there is a little component you should take into account if you want to make some extra money: cash value.
Whole life insurance, also known as permanent life insurance, offers a death benefit and also accumulates cash value you can borrow against or use for other purposes.
Cash value grows at different rates for different insurers and with different types of life insurance policies. So before choosing a policy, ask about this component and clear all your doubts. Depending on your goals, you may find that it is more appropriate for you to choose a universal life insurance policy or a whole life insurance plan, for instance.
Since personal situations are unique, and the details of accessing cash value funds are intricate, we strongly recommend you to talk with an advisor to understand how you can make the most of this component.
How Insurance Supermarket International can help you
Besides worrying about generating income after retirement, most people also try to find an insurance plan to keep their families financially safe in the face of adversity.
At Insurance Supermarket International, we know how hard it is for most people to find the perfect insurance policy without struggling with endless requirements and paperwork. From face-to-face meetings to medical exams, many factors can make getting insured long and stressful, especially for older people. That is why we decided to make things differently and simply the process as much as possible.
For that purpose, we offer simplified plans that don’t require medical exams, in-person meetings with advisors, or complicated paperwork to fill out. You can go through the whole application from the comfort of your home and get your plan in as little as 24 hours.
If you wonder how our life insurance plans could benefit you and your family, don’t hesitate to get in touch with us! We will be happy to show you what our products can do for you and the people you care about the most.
On the other hand, if you want to apply for our plans, complete this quick form to get a free quote. Our friendly advisors will be delighted to walk you through your options and find the perfect solution.
Written by Diane Taes