Although retirement should be all about spending your days relaxing on the couch or working on your hobbies, some retirees just can’t stay put. And that’s a good thing!
According to the National Institute on Aging, engaging in intellectually stimulating activities may improve your brain’s health. Apart from craving for the feeling of a job well done, an overwhelming number of retired senior citizens don’t have enough money to sustain themselves despite their pensions.
Financial experts from Fidelity say that you should at least get eight times your yearly salary once you reach the age of 60. This means that the average household, which makes about $61,372 yearly (based on 2017 data) need at least $490,976 to live comfortably after retirement. According to a recent survey by Bankrate, Americans aged 55 to 64 only have a median of $120,000 worth of savings. That’s less than a quarter of what you need.
Plus, if you’re still catching up on your funeral plan and insurance bills, you’ll need an extra stream of income. Here are side hustles you can work on at your own pace.
Get Passive Income from Your Property
Apart from selling the extra properties you and your staff may have, it may be worth renting them out as well. Not only will you get a steady stream of income by collecting rent, but you’ll also engage in landlord and property management duties. If you’re interested in interior design, remodel the rental property according to your vision. If you have a knack for fixing things, be the resident repair guy.
Have experience working in a professional kitchen? Turn your property in Taylorsville into a bed and breakfast (B&B) and give your guests the best french toast they’ve ever tasted. A B&B is also great for couples because it has activities that can keep both of you active. One can cook and manage the books, while the other can handle the cleaning and advertising efforts.
Start Selling Your Hobby
Into arts and crafts like woodworking or knitting? Or maybe you have some antiques you plan on restoring? It’s way easier to make a buck or two from your creations now because you can sell them online.
Platforms like Etsy and BigCartel make it a breeze to get your stuff online and track orders and payments. The Facebook Marketplace also lets you create listings for your products and connect with buyers easily through Messenger. What’s great is that all these platforms allow you to share your products on social media and your blogs, so you can easily let your friends and family know about your business.
Become a Consultant
If you’re not ready to let go of the career you’ve built yet, you can always return to your old company or join a similar one as a consultant. Your years of experience and training make you a valuable asset to any business.
What’s great is that you can provide your valuable insight and knowledge from the comfort of your own home through video calling platforms like Skype or Google Hangouts. If you have to go to the office, make sure to negotiate reduced or flexible hours, so you don’t wear yourself out.
Your retirement doesn’t have to be dull and repetitive. You can easily get your gears turning and the cash flowing again with these side hustles. Remember that you are your own boss for these pursuits, so you have complete control over the amount of work you’ll do. Once you find the right balance of activity and relaxation, you can live the rest of your life happy, healthy, and comfortable.