Stop working, keep earning
Once you finish full time employment, you don’t have to spend your days doing crossword puzzles and watching daytime television.
Research from Aviva found almost 70 per cent of UK adults plan to work beyond their retirement date. This could allow you to supplement your pension, get out of the house and widen your social circle.
So what are some of your options?
1. Harness hidden talents
If you have a flair for arts and crafts, you could sell home-made greetings cards in a local shop. Likewise, people might be willing to pay for your paintings and photography. At the very least you get to indulge your creative side.
Those without marketable skills could capitalise on their free time. Busy professionals might hire you to weed the garden or iron laundry.
2. Run your own B&B
Retirees with a shrewd business sense could consider a career in the hospitality industry. For many working couples, this is the retirement dream.
You could rent out space in your current home or set up a bed and breakfast in a popular tourist spot.
However, you will need a certain type of personality to survive in this industry. You’ll need to face long working hours and be patient in the face of complaints about burnt toast.
Of course, there are risks to starting up a new venture in the current climate but a successful bed and breakfast could prove hugely profitable.
3. Get selling
Are you a hoarder? If you’ve built up an attic full of clutter over the years, you could benefit in retirement.
Taking up a pitch at your local car boot sale could help get rid of unwanted possessions.
If the sale goes well, this could become a regular occurrence. With more time on your hands, you’ll probably develop a keener sense of what makes a profit than those who work full time.
4 Become a consultant
Former workaholics might find it especially difficult to embrace retirement.
If you have had a successful career, you could work as a consultant for other companies. Perhaps you could share your expertise by teaching an evening class.
5. Play the markets
It is possible for people of any age to increase their income by investing in the stock market.
Beware, this could be a risky move if you are inexperienced. A couple of bad investments could jeopardise your entire life savings. Before you do anything drastic, it makes sense to speak to an independent financial adviser.
For those with a healthy pension pot, volunteering could be an option in retirement. Most charity shops are desperate for volunteers or you could offer your services as a governor at a local school.
**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**
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