Earn money in retirement with a side hustle
Use the skills you have, learn new ones or invest in an established business opportunity to bring in additional income after you’ve retired
ASK THE MONEY LADY CHRIS IBBOTSON email@example.com @SaltWireNetwork Written by Christine Ibbotson, Canadian finance writer, radio host and YouTuber. For more advice, Google Ask the Money Lady.
Have they said you’re too old to start a business? Here are five business ideas to do over 60. There are many people over 60 wanting to retire from their conventional jobs and finally work for themselves. There are even those that may be older and now retired who want to return to work, but require a flexible schedule. So, why shouldn’t you consider working in retirement? Today, we look at five options that you can do on your own terms, as a self-employed entrepreneur, with your own rules and work arrangements that now fit into your schedule and not that of a demanding employer. A VIRTUAL JOB Working virtually has taken on a new meaning since COVID-19 and more and more people, especially those in the lap-top class are working from home, only having to go in a few days a month. This may be great for some, but for others, the stressful demands are still there when you work for someone else. Contracting could be the solution, so this is our first business suggestion. (1) Being a consultant is a great way for knowledge professionals to share their expertise in a known industry, now for hire, on a schedule of your own making. CRAFTY IDEA Many retirees often take up hobbies when they are retired and find out they are quite good at it. Often the material costs are quite low, which means your only real investment is your time, creativity, and expertise in making something. So, our second option is to be a crafter. (2) Craft business, creating products to sell locally or online. This includes any type of craft: woodwork, metal work, clothing design, baking, jewellery, dolls/toys, quilting/ knitting, etc. GROWING INTO IT Our third option if for the many retired people who love to garden. I once ordered flower and vegetable seeds, but was overwhelmed with how hard it was to get those little critters to grow into plants. If you are good at this, then why not make it into an extra income. There honestly are a lot of people that will pay for already grown plants, ready to plant into their own gardens. (3) Growing plants from seeds. The product offerings are as varied as your imagination: flowers, vines, patio plants, vegetable plants, bushes, trees, shrubs, pond plants, etc. LIFE LESSONS Are you a retired academic? The fourth option is for our retired schoolteachers or academic professionals. You can create a great income offering tutoring to young children and teens and, thanks to the pandemic, online tutoring has become much more popular. (4) Online tutoring students of all ages or even newcomers to Canada. All you need to get started is a good Internet service and an understanding of how to work a conferencing platform like Zoom or Microsoft Teams. BUYING INTO IT Our last option, is to invest in something that you know is already profitable, like a franchise business. Yes, there will be an upfront cost to starting this business venture and probably a profit split (royalties); however, you know you are buying into a well-known, established brand. Try and choose a brand that already has national recognition and will bring in customers from Day 1. (5) Buy into a franchise. No worries about creating a business plan or product logistics — all training, resources and customer support is provided to make the franchise brand prosper. We are all living longer and some of you in retirement may be looking for ways to make additional income. With the current stock market volatility, many retirees are not wanting to make withdrawals from their losing investment portfolios and I agree. It is advisable, if you can, to leave your investments in the market to not realize the losses, since we anticipate a further pullback before we will see a market rebalance. While waiting for the recovery, why not consider a side-hustle income (like the examples above) to maintain or even improve your lifestyle. These are some of my ideas from friends and clients that are now retired or beginning to consider it. Please share with me your ways for making extra income in retirement and I will write another column that we can all benefit from. You can send me your ideas to firstname.lastname@example.org. Good Luck & Best Wishes.