Retirement can bring the time and opportunity to indulge your passions, discover new interests and apply your skills to activities outside of work.
What’s more, there could be ways for you to capitalise on these hobbies and skills and make some extra cash. You could even turn your unwanted belongings into a bit of pocket money. Here are some ideas to get you inspired.
1. Turn your skills into cash
You could consider having a go at making money from your art and craft skills or the things you like to cook or bake.
Do some research on the internet and at your local markets to see whether what you love to create might find a buyer.
Then think about the best ways to find customers and make sales. You could look at selling your handicrafts at a market stall or go virtual using an online market place.
If you’ve got a green thumb, you could make some money at farmers’ markets by selling your own fruits, vegetables or even simple potted herbs. Start by finding out how much a stand at your local market would set you back and take it from there.
Keep in mind that there may be tax implications if you’re turning a hobby into a business, so you should seek tax advice.
2. Share your knowledge
You could put your specialised knowledge to good use and teach – for example, in a community hall or your own home. Not only could teaching earn you some extra cash, it could be a way for you to stay connected and involved with the community, which can sometimes be lost when you finish working.
There are plenty of skills that people want to learn, from music to art. If you speak a foreign language, conversation classes can be a great way for you to help those learning English as a second language. You could even brush up on the current English or maths curriculum and offer tutoring services.
There can be costs and expenses involved and if you are working with children you will need to apply for a registration number in the state where you live.
3. Offer your services
From the busy to the elderly, there are plenty of people in need of a helping hand. You could provide it by offering shopping, dog walking or around-the-home services. Be sure to get tax advice if you’re turning your services into a business.
Your passions or interests could also be turned into a service. Have you thought about working as a guide? It’s not just museums that might be on the lookout for guides. Art galleries, wineries, historical sites and popular landmarks may also offer tour guide positions.
4. Sell your unwanted things
There are many ways to sell your used and unwanted things – from a market stall or a garage sale to advertising online and using virtual market places.
Something to consider
While a little extra cash is useful during retirement, too much may reduce the government benefits you can receive. It’s important to keep this in mind when you’re looking at innovative ways to maximise your retirement income.