Retirement can be a bitter sweet reward, can’t it? You work hard for decades, wishing you could have time to do other things, and looking forward to a long and relaxing retirement. Once that arrives, you have a limited amount of funds, and no idea how long the money needs to last! A critical game of balancing time and money, while wanting both to last as long as possible.
Whether you’re living on the aged pension or your own super and assets, there will be times when you wish there was a little more cash to splurge on travel, eating out, orspoiling the grandkids.
There are two ways to make your budget stretch a bit further, either by economising in some areas or supplementing your income with some extra cash.
Spending less doesn’t have to mean missing out on a social life – in fact a budget challenge outing can add to the fun, for example finding free entertainment, using coupons and vouchers, exploring on public transport and taking your own packed lunch and flask.
But while saving on some weekly expenses can help stem the flow of cash going out, having more cash coming in will help to reach savings goals faster, and allow you to splurge on whatever treat you have your mind set on.
Part-time work can generate a steady income without the stress you may have endured in a past career. You may be able to take on particular components on work you enjoyed in the past, or try something completely new and enjoyable.
If you don’t want to get locked into fixed hours or traveling to work, there are a number of money-spinning ideas you can try for home – perhaps selling items you no longer need online (think ebay, gumtree, etsy and Facebook Marketplace) or setting up a market stall. Or if you’re creative, how about making items to sell? As we become more conscious of the environment and sustainable living, handmade natural items are becoming more popular – from reusable packaging to garments made from natural fibres. If you have a flourishing garden, you may be able to sell plants or vegetables, or make plant-based gifts.
If you’d like to get out of the house and meet people, draw on your many skills and talents to offer help to time-poor local people. Whether it’s gardening, making healthy meals, sewing, cleaning, walking dogs, feeding cats or babysitting, chances are there are people in your community who are willing to pay for someone trustworthy to take on tasks that they don’t have time for. If it’s skills rather than time that’s lacking in your potential customers, try offering some one-on-one tutoring, or even set up some small classes. Your local community centre, library or college may be able to help set you up with a venue as well as market your services through their database.
If you have space in your home, AirBnB can be a great way to earn some extra cash. It’s free and easy to set up and you can choose to open up as many or few days as you like. For a few hours cleaning and preparing a room, hosting guests can be quite lucrative if you live in a popular tourist location, and can lead to you meeting some interesting people.
If you’re not keen on working for extra income, take a look at whether you can squeeze more out of your existing assets. Look at the performance of any investment or share portfolios, try your hand at share trading, or consider a reverse mortgage to release some equity.
Of course any additional income may have tax consequences and you should seek advice before embarking on any venture that may generate significant cash. If you are receiving the full aged pension you can earn up to $474 per fortnight (as of 1 July 2019) without affecting your pension benefits, but be sure to check your particular circumstances.