The Covid-19 Pandemic has thrown the World as we know it into a Spin. From any crisis there are always Good and bad things that result. Innovation and the ability to adapt to as changing environment are key to survival in times like these and many have been thrown into unchartered waters by their employers.
Some employers have had to offer employees voluntary retrenchment packages as a way of reducing their overheads. Some employees, particularly older employees who may or may not have underlying medical conditions which put them at risk, have opted for early retirement and some have found that working from home or working at their side hustle has become a far more enjoyabale and fulfilling experience.
Forced or early retirement
Accepting a retrenchment package when faced with the reality that the company you have worked for, for many years may not survive the pandemic, is a very scary thing for many. Consider carefully what your options are. Will you easily be able to find employment again? Will your retirement savings be enough for you to retire early, remembering that early retirement means a longer retirement and the amount of money you will need may be significantly higher than you planned for. Do you have other income options? This may be the perfect time to follow your dreams of your own byusiness or to develop those ideas you have always had.
During lockdown there was a huge amount of interest in the “side hustle” or some business/activity on the side or in the evenings that brings in some extra cash. Many turned to selling and making masks or started baking and doing food delivery. Some started growing their own vegetables and selling them and there are so many more examples. Whatever it is that got you out of bed during lockdown may be the answer to your future after a forced or early retirement.
Early Retirement investment considerations
When faced with the reality of retiring, you need to take your current investments and put them into something less risky to be sure that they will provide more income consistancy for you and your family without the volatility of riskier investments.
The reality is that only very few of us will be in a position to retire comfortably and not have to worry. Continued employment or at least a modest income from a side hustle may be necessary for most, so start to consider what it is that really excites you.
Post retirement activities that may help you earn an income
Over the years your friends or family may have had some amazing things to say about things that you did. Think back…. Perhaps you have an untapped talent as a painter, a baker or are able to counsel people in distress.
- Produce something you have a talent for or are exceptional and a little different to all of the other offerings.
This could be in the food sector like cupcakes, birthday cakes or crunchies. It could be painting or decorating or sewing special cushions. It could be fixing/servicing cars. It could be anything that you are good at and are able to charge for the time/product. Sell them to your friends and family, on Facebook marketplace or even try Takealot.com
- Gardening or growing
If you have a talent for gardening or bgenerally have green fingers there are a number of options for you. You could offer your services as a landscaper or a problem gardenin consultant where you go in and help people choose what to plant for their garden type. You could grow plants from your own cuttings and sell them on facebook. You may have a way of composting or storage idea for small apartments… You get the idea… Consider all of the things you havedone and find your talent, then sell it.
- Cars and motor cycles
Are you good with cars or motor cycles? Serving and maintaining cars is an extremely expensive these days. Perhaps consider helping people service or repair their cars. You have probably helped many people, including family members save thousands over the years with your talent, start charging a little for it.
- Furniture care and repair
Have you repaired or re-upholstered furniture or reconditioned an antique table by French polishing it? Many of the old methods of caring for antiques have been lost or are very expensive. Offer your services and it will not only bring in some cash, it will give you a sense of achievement and something to do every day.
- Fitness and exercise
Are you fit and toned for your age, do you exercise often and have an outstanding physique “for your age”? This could lead to an incredible business. Become a life coach for the retired, or run a fitness workshop. Inspire people over age 65 to become fit, help with their meal plans and inspire them. The coaching, health and healthy eating industries offer many opportunities.
- Using your worldly knowledge and experience
This is possibly the most rewarding of all endeavours while retired. You can use the vast knowledge yopu gained over the many years of working has taught you. There are a number of options available to you. For example you could write technical documents, do translations if you know another language or help mentor people starting out in your job/profession. There are many gigs available for writers through websites like Problogger, Blogging Pro, freelancer.com or any number of other freelance writing boards. Content is the currency of the internet and if you are knowledgable and able tro write well, you can make a decent living as a writer. Just do a search for “freelance writing jobs” There will be many opportunities.
You could also start your own blog writing content about what you have tremendous knowledge about. The internet loves experts and if you are able to help people solve everday problems, like for example, “how to change the oil in a Toyota Tazz” Once you have created solutions to everyday problems, start using Google adsense to place advertising on your website, It is simpler than you thaink.
Add to this list of things to do in retirment or send an email with your ideas and suggestions to firstname.lastname@example.org