For many, reaching retirement signifies well deserved rest, relaxation, and enjoyment. And why not? You’ve worked hard to get to this point. 

Pensioners do not always just want to sit on the porch and read a book. Some want to generate income to supplement their retirement funds. This could be out of necessity because of a shortfall, or to allow for financial security and create a better lifestyle, or just to keep busy.

Whatever the reasons for this income generation, there are many ideas from full time working to a part time job that allows freedom.

• Long or short-term rentals.
• Consulting business – use your professional experience at your discretion.
• Making your hobbies a business e.g. selling crafts and art or woodwork etc.
• Tour guides – if you live near a tourist destination or area, then you can register as a tour guide and take groups on tours of local sites or areas.
• Tutoring – if you live in a foreign country, you could help teach conversational English.
• Get creative and think out of the box.

Things to consider

There are various things to consider with regards to your business.

Do you want to work full time, part time, or only when you feel like it? The business you start will determine these goals.

Example:
Having a B&B could keep you busy all year and with cleaning and servicing guests. If you enjoy the interaction then great, but you could decide only to rent out in peak-season, so you have free time the rest of the year.

• Keep your eye on your profits – if you are spending more than you are earning, then it might be time to give up the business. It will only cause stress in your retirement.
• If you can’t cope with the time the business demands of you, is it worth it? Afterall, you are retired and should be relaxing.
• Do not dig into your retirement savings to fund your business. You could end up with a shortfall or outlive your money. Your pension is definite. Your profit is not.

Remember when planning a new venture to KISS – Keep it straight and simple. Don’t go too fancy or too big, unless it is an established business from before retirement.

You are retired and should be enjoying it. Envision a business that will allow you free time to do the things you want including going on vacation.

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.