Retirement income has a great impact on how you spend your time and, even what you do with that time. Let’s be honest here, your income is a function of what you did leading up to retirement. This site is not about financial planning be we can discuss ways to supplement your retirement income through a variety of activities. Making money in retirement can take any number of forms, from a traditional job to a business or even making money by selling what you have around the house.
We spend a great deal of time here explaining how to enjoy retired life to the fullest but, if finances are a problem, let’s deal with that in this section. Getting a job in retirement is a path that many people take. Hopefully, after looking at the ideas contained in this website, it isn’t because they can’t find any other activity to enjoy. Some people take a job for the socialization factor and to fill up their time but, as you can see throughout this space, we think there are better ways to achieve those objectives. And, before you decide that you actually do need a job, check the way you are currently spending money. Sometimes, cutting costs here and there can be just enough to make a difference. Also, with the changes to the economy because of the pandemic, the opportunities to work from home have increased.
For those who insist on pursuing a job, we invite you to look at the section on Retirement Jobs before venturing out into the marketplace. Consider your talents and the kind of work that you want to do. Consider the fact that starting a business may be a better choice for some people and we have a section devoted to that as well. Again, it’s important to consider a few things before proceeding in that direction. As with any business, there will be expenses to consider and the time you have to invest in that endeavor. A business at any age can be very demanding on your time and that is always your most important commodity. Don't eliminate a business as a possibility until you fully explore what I think is the perfect retirement business.
Another possibility many people overlook is to sell some of the things you’ve collected over the years. Take a look on a website such as E-Bay and you’ll find that there’s a market for just about anything. I think about a friend of mine who had collected baseball cards over the years and, after seeing the prices he could get for some of the cards he owns is actually looking into starting a business now. He may still sell his cards, but, in the process of taking inventory of what he had, and looking at what was taking place in that market, he realized he may actually have a business in the making. Many collectors of old pictures and autographs are surprised at the size of the market and the prices people are willing to pay. Specializing in one field can help when you're first starting out. Pictures and autographs of sports, entertainment and literary figures never lose their popularity.
One other thing you may consider is leveraging any hidden talent that you have. Do you have any idea how many music groups have been formed by retired people? They enjoy getting together and many have ended up getting paid to perform at parties, nightclubs or restaurants. They have found a wonderful way to supplement their retirement income and make a few dollars in the process. No, they won’t get rich but they are doing something they love to do, challenging themselves in the process and are building a social network through entertaining people.
Your talent doesn’t have to be music, of course. It can be writing, photography or coaching sports. In another section, we’ll cover retirement hobbies and discuss some of these activities further. But, as you think about supplementing your retirement income, think about ways you can leverage your interests and talents. Making money in retirement might be easier than you think. It will be one more step you’ll be taking to Enjoy Retired Life.