My uncle retired recently… and he’s been struggling ever since.
And it’s not his new financial situation that’s bothering him. He earned good money throughout his career and has a comfortable retirement nest egg.
His problem is boredom.
He lacks purpose and goals to pursue. He wasn’t prepared for the transition from hectic working life to days without structure.
Through his illustrious career as a traveling salesman, he visited many parts of the world, where he would negotiate and coordinate deals. Now he’s stuck at home, gardening and spending time with his dog.
While this might sound appealing if you’re still working full-time, it can become a trap.
Peter Drucker, the father of modern management, suggested a strategy for avoiding this risk. He advocated developing a second career in your 50s or 60s. This allows you to continue to make an impact on the world, leveraging the wealth of knowledge you’ve acquired throughout your lifetime.
Moreover, a second career can add extra cash flow to your budget, making it possible for you to enjoy a higher standard of living in your retirement years. Pension, savings, and investment accounts alone often don’t provide sufficient income to cover travel and leisure expenses, not to mention unexpected medical bills.
The good news is that, in today’s world, you can start a part-time business to generate side cash flow in a matter of weeks.
Retirement Business #1: Tutoring
No matter what you’ve done in your professional life to this point, chances are good others would be willing to pay you to show them how to do it, too.
If you were a teacher, of course, this is a no brainer option for generating additional income in retirement. You could tutor kids in whatever subject you taught.
This is a great option, though, as well, if you made your living during your working life as an architect, a financial planner, a woodworker, and so on. And now, you can offer your tutoring online. You could even create a course and sell it on platforms like Udemy.
Or you could teach English. If you’re reading this article, you’ve likely got the requisite skills. Several online platforms allow native speakers to educate people around the world in how to communicate in English. VIP Kid and DaDaABC are two popular options.
Retirement Business #2: Travel Guide
Do you like to travel? Why not get paid for it?
If you’re a people person and well-organized, this could be a perfect retirement business for you. One month you’re hiking the Rockies, the next you’re traveling through Europe… all expenses paid.
All you need is a travel training course, which you can acquire online through the International Tour Management Institute (ITMI).
Retirement Business #3: Babysitting
I don’t have any kids, much to my parents’ disappointment. They are eager to have a couple of lively grandchildren running around the house.
If you, too, yearn for the sound of little ones in your home, consider babysitting.
Childcare won’t make you wealthy, but babysitting could provide you with a nice additional income in retirement. Plus… what fun.
Start by offering your help to relatives or close friends.
Retirement Business #4: Senior Chauffeur
Many seniors can’t drive themselves around. Not even to pick up groceries or go to medical appointments.
If you are an outgoing person and enjoy helping people in need, this could be an ideal business for you.
It also helps if you have a lift-equipped vehicle, in case the person you’re helping to sport around town is in a wheelchair.
Retirement Business #5: Arts And Crafts
Arts and crafts is probably one of the most popular second career paths… and for good reason. You can do it from home, work on your schedule, and you get to express your creativity.
Painting, woodworking, sewing, or any other craft can be turned into a business. Today, it’s easier than ever. Online platforms like Etsy allow small-time artists to sell their items worldwide.