Full-time retirement is not for everyone; the need for the best income opportunities cannot be overlooked or put aside by retirees. A lot of individuals after retirement feel they have the strength to remain in the labor force and others feel otherwise. Either way, there is a need for a steady source of income for retirees.
Retired government workers are little secured by the pension they receive on a monthly basis. However, a pension is not a reliable source of income as some countries find it less difficult to owe pensioners. With this, a retiree cannot depend on pension after retirement; sometimes it is not enough to see off monthly expenses.
Retirees from private firms have no pension to look up to every month. Due to this, it is of utmost importance to get a source of income for survival after retirement or face the hardships attached with retirement for someone financially incapable.
No doubt, life in retirement can be so frustrating and boring with the absence of money for individuals that are not rich or wealthy. Similarly, individuals that are wealthy tend to look for another source of income after retirement to make sure they have enough savings for future projects
From the points above, it is clear that most retirees need another source of income after retirement so they can meet the necessities of life and not turn dependents to people who hitherto looked up to them for survival. It is very difficult for a retiree to settle for a dependent role, most retirees choose to continue working after retirement.
The aim of this short write up is to educate and enlighten people especially retirees and workers that are nearing retirement on the best income opportunities available for them to prevent frustration due to lack of things they could easily afford while active in the workforce. Some of the best income opportunities for retirees are outlined and explained below.
- Part-time job for former employers
- Tour guide
- Training and skill acquisition
- Childcare and babysitting
- Language teacher and interpreter
- Translator services
- Travel writers
- Pet services
- Becoming a publisher
- Money Lending
Part-Time Job for Former Employers
After retirement, one can discuss or liaise with his or her former employer to work on a part-time basis and get paid just to stay busy and earn money. This is great income opportunity for most retirees because nothing really changes for them except the fact that part-time jobs are less laborious compared to full-time jobs which are, equally, to the advantage of the retiree.
It is necessary to note that retirees that are afforded the opportunity to work part-time in the same establishment after retirement must have shown exceptional qualities during their active years. A retiree’s connection could also play a major role in securing a part-time job for him or her.
Working on a part-time basis after retirement is a great experience for the retiree due to the limited time of operation and still pay is good in most cases due to the already established ties between the worker and the employer.
For retired government workers, it could be little difficult to secure a part-time job due to the involvement of the government. It is easier for private enterprise retirees to get a part-time job in the same organization. In exceptional cases like that of a retired University lecturer very exceptional, work could be given by the government under contract basis for a specified period of time which is renewable.
A retiree can decide to run private consultant services in retirement from home or set up an office. Retired medical practitioners are peculiar to such a job. For instance, a retired surgeon can decide to run consultant services free of interference from the government or his or her previous employers due to the expertise possessed. With this, money is made.
A great advantage of running consultant services is that a retiree makes the schedule, permitting himself rest in retirement and equally making money from it. Some consultant agencies are owned by retirees who run the business at their own comfort, thus, making easy money as some people call it.
Been a tour guide is a wonderful income opportunity for a retiree, it could be a little stressful but it comes with well to do pay that can go a long way for retirees. It could equally be fulfilling for a retiree because guiding people on city tours cannot be boring, it is a kind of work that is fun to do, the happiness is immeasurable.
Needless to note, retirees are best suited for the job of a tour guide due to their superior knowledge of areas for city tours. Another major advantage of becoming a tour guide is that it exposes one to different individuals from various works of life and for an international tour guide, global exposure is certain.
Further, the love for traveling is an important criterion for becoming a tour guide. A retiree’s love for traveling is converted into cash by him or her becoming a tour guide. No doubt, a great means for financial balance in retirement.
Training and Skill Acquisition
It is never too late to acquire skills. A worker nearing retirement should register for pieces of training that will equip them with skills to work after retirement. A retiree can also train and acquire skills for life in retirement, as the popular clique goes “no knowledge is a waste.’’
Some of the skills that can be acquired include fashion designing or tailoring in some cases, film and photography skills, event management skills, catering skills, and a host of others. With this, a retiree can set up a shop or store in retirement and make huge cash especially when he or she is good at practice.
Skilled workers hardly go hungry as they are always in demand. A retiree can seize the opportunity of free and unlimited time to acquire skills that when practiced will pay the retiree. There is no shame in enrolling into such training after retirement because life in retirement is a new phase, someone willing to earn money should look aside the years spent hitherto in the labor force and focus on making something out of the skill acquired.
A retiree with the passion for driving and love to be on the wheel but while active in the labor force could not do that, stands the chance to do that in retirement and get income from it by becoming professional drivers. Having a passion for driving is not a compulsory requirement for becoming a driver especially for retirees.
Becoming a driver in some cases does not require much aside from driver’s license and a practical driving test. A lot of retirees take this option as a source of income in retirement because it affords them the opportunity to do little more traveling and know the world more, with their pockets equally fattened.
Child Care and Baby Sitting
Babysitting is easily identified with women, zero wonder why a large number of retirees that do child care and babysitting are mostly women. In a bid to stay busy and get money, some women venture into babysitting. They look after kids from parents that have tight or busy schedules at work daily which makes it hard to look after their kids. Hence, the need for child care and babysitting.
A lot of people are in search of good babysitters that they can entrust their kids’ welfare in their hands with fewer worries. Retirees, without doubt, are most times the best option due to their unlimited time, unlike youths that have a lot of things to do with time.
Many countries of the world take childcare quite seriously, thereby increasing the need for a kid’s proper upbringing. A good baby sitter cannot go hungry, it is indeed a great income opportunity for retirees.
Language Teacher and Interpreter
Retirees that can effectively understand and speak numerous languages especially foreign languages have a great shot at having another source of income after retirement. This is owing to the fact that there are lots of international businessmen looking for people in their country with an understanding of foreign languages to teach them so their transactions are easier. This is a great source of income for a retiree.
Also, people with an understanding of foreign languages can serve as interpreters for businessmen and women or even politicians in international dealings. A retiree can make a lot of money with the understanding of foreign languages as interpreters are paid huge sums for events they function.
A retiree that was opportune to travel the world while active is advised to explore every chance to learn foreign languages. Workers in this category are mostly military men that embarked on lots of peacekeeping missions while still active, footballers, journalists, and host of others that move around the spherical world while still active. Their understanding of foreign languages could fetch them a lot of money after retirement.
An individual that is retired but can understand foreign languages could equally be employed to teach those languages at school and is given special preference due to how scarce his or her likes are. The individual could equally start a language training center with students registering at expensive cost due to how important the language can be.
Understanding foreign languages could help a retiree secure employment at foreign organizations in his or her country. Embassies employ locals with an effective understanding of their language. Similarly, foreign companies are constantly open to employing nationals with an understanding of their language. This is no doubt a great means of income for a retiree.
After retirement, the opportunity of earning income is visible in the world of translator services. Translating documents to foreign languages is another great platform to generate income in retirement. Understanding a foreign language is equally essential for this type of venture.
A retiree can establish a translator agency after retirement in his or her bid to get another source of income. People especially travelers are required to translate traveling documents so that the receiving country will easily understand their purpose of entry and equally promote their country’s language. Translating documents is only feasible with the services of a translator agency.
Further, it is necessary to note that establishing a translator agency can generate great income for a retiree because charges vary. For instance, in a country where finding an agency that can translate into the Ukrainian language is rare but easy to find agencies that can translate into French is easy, the charge for translations into Ukrainian will be higher than French. This way, a retiree whose agency is well to do will earn a lot because people travel on a regular.
Another major way to convert traveling as a hobby into a money-making avenue for retirees that can write is becoming a travel writer. Retirees that can write and love to travel the world can decide to do researches on places visited and put findings into writing which pays greatly.
People that embark on special missions in foreign lands like diplomats and the military tend to search for books on countries they are traveling to, so they can understand and have good knowledge of the country and know what to expect. A retiree’s book on traveling could be the lifesaver, the traveler buys and money is made on the part of the retiree.
With great knowledge of animal rearing, a retiree can decide to venture into pet services. Retired Veterinary doctors are without doubt notable for this. Animal upkeep is essential to people that love their pets greatly, pet services are paid for to ensure the animal in question is in good shape.
It is no hidden fact that pets are very important to their owners, some people view their pets as family and treat them the way humans are treated. With this, a retiree that is an expert in pet services with making a lot of money especially when the pet is always in good shape due to prescribed feeds and drugs.
Becoming a Publisher
In retirement, one can decide to become a publisher and start up a book publishing firm. Retired Academicians can decide to do this to keep them closer to books and equally fatten their pockets through payments made by authors for publishing their works.
With the financial wherewithal, a retiree can decide to start money lending services to people with collateral and interest rate. For instance, a retiree can give out loans to people that can only pay with 25% interest and provision of collateral.
The retiree makes a profit whether the loan is repaid or not. However, this venture is only advisable to retirees that are wealthy and capable to withstand the loss that comes with it.