If you're reading this blog, chances are you're recently retired. Are you struggling to fill each day and miss work? Is your pension not providing enough income for you? Whatever your reasons, you're not alone.
In fact, the Office of National Statistics reports that the amount of employees between the age of 50 to 64 has increased by 60% over the last 15 years! They estimate that nearly 8 million people within this age bracket remain employed. Within the last 10 years, employees between the age of 70 to 74 have nearly doubled. It is speculated that this trend will only continue as people increasingly fail to put enough funds aside for retirement and state pensions diminish while prices increase.
Older workers face a number of problems and some are even forced out of employment due to age discrimination, carer responsibilities, or health issues. If you find yourself prematurely retired or are considering returning to work part-time, we'd like to offer some ideas of alternative forms of income.
By thinking outside the box, you could easily afford a comfortable retirement AND take care of your loved ones.
Become An AirB&B Host
AirB&B is a fantastic way for anyone with extra space to make some extra income. All you have to do is create a free profile featuring yourself, location, and space and then welcome your doors to travellers.
AirB&B is becoming more and more mainstream. At last count, they list 168,000 active listings and AirB&B reports that hosts (on average) earn £3,000 per year. This figure may be slightly low as most hosts only host 36 nights per year (roughly 3 nights per month). Hosting more frequently would obviously increase this amount, but it's important to balance personal space with hosting.
Based on a demographic report from AirB&B, most hosts are, on average, 43 years old, which suggests that a large percentage of people may also be using AirB&B to earn extra money for or during retirement.
Become An Independent Consultant or Freelancer
It's likely that after decades in your career and industry, you've become a bit of an expert and made some excellent connections. These two factors are essential for successfully establishing yourself as a freelancer. Freelancing allows you the flexibility to balance care responsibilities while also earning some income. You can work when it suits you and take longer breaks without issue when it doesn't.
Therefore, it's not surprising that many people in retirement are choosing this route. In fact, the National Office of Statistics reports that nearly half of people over 70 in employment are employed on a self-employment (i.e. freelance or independent consultant) basis.
If you decide to pursue this route, Opus Matrix is a great platform for finding freelance opportunities and building your professional network.
Become A Child Minder or Nanny
Childminding is another common option for retirees as chances are you have tons of experience looking after children. Most people have raised children and may even have grandchildren of their own. Childminding harnesses these skills and provides a flexible work environment.
In fact, a US start-up has created a platform called Hire A Grandma. While there isn't a UK platform targetted exclusively at the older generation, there are tons of websites like childcare.co.uk or care.com that help connect childminders with families.
These are just some of the ideas for alternative income to make retirement possible. Feel free to add your ideas in the comment section.