After working for decades, retirement can come as a well-earned relief. However, the sudden drop in income can be a problem, which is why many people defer their retirement for as long as possible. If you want to make the most of your retirement years and also want to maintain (or even increase) your income, these ideas might be of interest.
Run A Bed And Breakfast
If your home is big enough and you have room to spare, starting and running a bed and breakfast is something that many retired people like to do. The benefits are that there are modest start-up costs involved (you will need to decorate your home to a high standard and ensure that all the safety requirements are met), and it should bring in an income straight away. If you’re close to some interesting landmarks all the better, but even places that are out in the country can be great. What’s also good is that, unlike many small businesses, there is a low debtor rate; it might even be zero percent. You do need not mind having strangers in your home, though, and you’ll have to be up early each day to provide them with their breakfast.
Rental Properties
If you think that you might want to invest in rental properties to supplement your retirement income, then it is something that is worth doing before you actually retire. Once you have retired, getting a mortgage for a property will be difficult, and you might not be able to purchase a house unless you can pay for the whole thing in full at once. One way to do this is to downsize from your current home and move into somewhere that is smaller and easier to maintain. You can then rent out your previous home and make an income that will not only pay for your new home, but that will give you money on top to enjoy your retirement with as well. If you’re worried about the tax implications of selling a home, you might be able to reduce the liability significantly. Take a look at this 1031 exchange timeline to see how you can pay less and gain more.
Tuition Services
Becoming a tutor in your retirement is a fantastic way to earn a healthy income. It’s ideal if you were a teacher in your career, but anyone who is knowledgeable about a subject can become a tutor. You can tutor in school subjects such as math and English or science, or you can tutor in something different such as creative writing, knitting, or oil painting. You can tutor children or adults. As long as you have a deep knowledge of the subject and you are happy to help people who may not initially understand, tutoring can be both a way to make money and a way to feel fulfilled. Choose whether you would prefer students to come to you, or you go to them, and whether you want to teach one on one, or in a group setting. There will be security checks to go through, so have them in place before you start advertising.
Handyman Services
If you’ve always enjoyed some DIY and you’re good at fixing things, then becoming a handyman or woman can work well for you. You get to go out and see people on a regular basis, and you can easily become a vital part of the community. You’ll have repeat business, and you’ll also gain business through word of mouth, so advertising costs will be a minimum. The downside is that you may need to work irregular hours, particularly if you run an emergency repair business. If you’re happy to have a fluid schedule, then being a handyman is a fun and physical job to have.
Advisor
You will have enough experience after learning the things life-long. Now you can’t do work for a long time but you can provide expert opinions, recommendations, and analysis to organizations or individuals, based on their own experiences such as health advice, career consultant, finance or wealth management, legal assistance, HR & IT consultant. and more.
