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Posted: Sat,09 Mar 2019 06:14:34 GMT
For many people, retirement is seen as a time of relaxation with the freedom to pursue hobbies, travel or other life-long passions. Some will ambitiously turn their free time into a new career. And other retirees will need additional income to supplement their pensions, annuities and savings for the long-term. If you are retired and looking for a chance to start a new business, you’re not alone. There are number of ways to turn your skills, experience and hobbies into a successful second career or start-up. So, here are some ideas for building an income stream after retirement. Small Business Income Streams After Retirement Independent Consultant You’ve spent years dedicating your efforts to performing a certain skill or filling a specific role. Capitalize on that experience and offer your services on your own terms – work from home, make your own hours and be your own boss. These projects can be as demanding or flexible as you wish. Even if the pay is not regular, you will have supplemental income. Contract Project Management Human Resource Consultant Tax Preparer or Financial Adviser Write for Industry Blogs or Educational Resources Web Designer Loving What You Do – The Artistic Hobby Start Up Why not turn a hobby or pastime that you love into a successful start-up business! If you spend your spare time making arts and crafts, baking, planning parties or assisting in yoga class, there are many avenues available for capitalizing on something you love to do anyways. Popular Hobby Start Ups: Knitted Products Sewing and Alterations Jewelry Making Baking Personal Chef / Caterer Event Planner Yoga / Dance Instructor Keep it simple and periodically sell your products or services at local fairs and businesses or through online market to bring in some extra cash. Or you can make a business plan and kickstart a whole new career if you think your hobby has real earning potential! Independent Home Improvement, Repair, Decor, Lawn Care For those knowledgeable about decorating, landscaping, home improvement and repairs, you may find many opportunities for independent work. Many people can’t afford to hire a professional landscaper, interior decorator or full time handyman. Offer anything from leaky faucets to designing and planning services at prices that will make both you and your customer happy. Once you get positive referrals from a few clients your business is likely to grow; and again, you can choose to work as much or as little as you decide. Tutoring Assistant teaching and private tutoring are a great way for retired teachers or those with specific skills – i.e. bilingual, mathematics, art. Work for yourself – at your pace, rate, and time – or join a private tutoring business and let the students come to you. It is extremely enriching for students to connect one on one with a knowledgeable teacher. And retirees have the freedom to earn a little extra as they pass on their knowledge on their own terms. For those looking for a second career, you can always turn private tutoring into a start-up business with a small brigade of tutors. Care Services You’re aging. You’ve raised kids and seen your parents age as well. You may be more skilled than most at providing care for others and these jobs are in high demand. Spend some time caring for an aging friend or look after the grandchildren and the neighbors kids after school. Check with your local government before going into business on your own since some states may require caregivers and child care providers to pass certifications. And if you love animals, pet care services are another way to make some extra money. Walk dogs, check in a neighbors cat while they’re away. Freedom of Choice After Retirement Whether you need the extra income to supplement your pension for the long term or you’re an active retiree looking to turn a daily activity into a lucrative business, you have a freedom of choice in generating income after retirement. Speak to a trusted financial adviser and explore your options- don’t be afraid to take a leap!
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