As recently as 20 years ago, retirement actually meant settling down and relaxing for the remaining years of your life. Today, however, people often look at retirement as an opportunity to embark on a new journey that frequently involves a second career or business venture. In addition, although a small percentage of individuals have enough financial security to not worry about retirement income, the majority of retirees are looking for ways to invest better and spend smarter to increase their income during their golden years. If you are one of those people, consider the following ideas that offer high income potential as well as chance to challenge yourself on a personal level during your retirement.
- Real Estate – Financial experts typically agree that real estate is one of the best long-term investments an individual can make. Whether you choose to invest in rental properties or rehabilitate properties, real estate offers flexibility and high income potential for a retiree. Becoming a real estate agent helping investors find good investments is also one of the more lucrative ways a retiree can earn excellent income.
- Consulting – Turn your years of experience into income during your golden years. Your accumulated knowledge is likely worth more than you realize. Consulting is also an attractive option because it is flexible in terms of your commitment level and can often be accomplished from wherever you happen to be at the time. You could be sitting along the Mediterranean soaking up the sun while working on a consulting contract. Start by checking with your previous employer. They know your worth and you know their company. You may also find that you are invaluable to young companies trying to break into a competitive industry.
- Digital Technology – In today’s digital age, income potential is only limited by your own creativity and dedication. A single website, blog, or e-book is unlikely to provide sufficient income; however, you might be surprised at how much you can make by using electronic media and digital technology wisely. Moreover, they offer one significant advantage over other ideas on the list – passive residual income. That one e-book, website, or blog can generate income for years to come if you monetize it well. While focusing on something related to your previous career certainly makes financial sense, you may decide to turn your favorite hobby or lifetime passion into a money maker for your golden years instead. If you love gardening, for instance, create a website with an accompanying blog on the subject. Add a series of e-books and you could have a significant income stream before you know it. Finally, you can repeat the process several times, ultimately creating a substantial boost to your retirement nest egg.
- Senior Services – Look around your own community for start-up ideas that would benefit your peers. Ask yourself what services for seniors are lacking. Do they need transportation alternatives? Are social activities lacking? Financial and investment advice? Is there a shortage of home healthcare services in your area? Depending on your own background, and the areas where needs exist, you may be able to create a profitable niche for yourself, as well as give back to other retirees, by starting a small business.
- Franchise – If you have the capital and some business skills, but do not want to put in the time and effort needed to start a business from scratch, consider investing in a franchise. A franchise offers an investor the opportunity to run a business without the headache, or risk, of a start-up. Forbes magazine published a list in 2012 of the “Top 20 Franchises for the Buck” – that may be a good place to start for ideas. Other sources have franchising opportunities that require an initial investment of as little as about $10,000. One potential drawback to a franchise is that it will typically require a much greater investment of your time in the beginning than some other income options; however, it also offers one of the higher long-term income potentials as well.
With a little creativity and ingenuity you should be able to turn your retirement years into some of the most profitable and personally satisfying years of your life.
The IBSS Team