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5 Unconventional Ways to Earn During Your Retirement - HDFC LIfe

March 11, 2019
So you’ve finally done it. You have hung up your boots and are ready to relax and enjoy life with your loved ones. Things are going pretty well for the first few months – you’re loving your newfound freedom and sleeping in every single day. After a while though, the novelty starts to wear off, and you realise that without a regular income, you can’t enjoy the 4 cups of coffee you did earlier, nor can you take all those holidays you promised your spouse. If you are running low on funds, don’t worry! We are here with a few inventive ways to help you earn, even in your retirement.

1. Find a Paying Guest – This is possibly the easiest way for you to earn a few thousands every month. If you have a free bedroom or two in your home, you can consider renting it out to a paying guest for a while. Of course, this might impede your freedom to laze around in your living room all day a little bit, but enjoying your personal space or entertaining guests is pretty overrated anyway.

2. Start Pet-sitting – Gone are the days when you could offer to babysit a friend’s child or grandchild for a hefty sum of money. Millennials are simply refusing to settle down, so you’re going to have to take care of their dogs and cats instead while they are off exploring the world. Of course, on the upside, cats basically look after themselves and dogs will actually listen to you (at least more than kids would), so the entire experience could be quite positive.

3. Consider Renting – You’ve worked incredibly hard over several years to be able to afford your luxurious home. Sadly, your nest is now empty, and you and your spouse don’t really need a 5-bedroom apartment whose maintenance is steadily eating away at your retirement fund. To alleviate the burden on your finances, you can rent out your big space to a young family and move into a smaller apartment. If you’re able to find a studio, you are on your way to amazing savings!

4. Sell Off Some Personal Effects – If you are moving into a smaller space, you aren’t going to have enough place for all those showpieces, clothes, and curios that you’ve collected over the years. Why not have a sale and sell off what you can to give your savings a bit of a boost.

5. Become a Mentor – Having worked for over 30 years, your skillset is pretty much unrivalled. You can put those skills to use by becoming a consultant or mentor for youngsters joining the workforce and teach them the ways of the world while earning a little bit on the side as well.

While it is entirely possible to keep earning even after you have retired, it is always a good idea to plan your finances well in advance. By purchasing a pension plan while you’re still working, you have the opportunity to save up and invest funds for a comfortable and carefree retirement. Additionally, plans like HDFC Life’s Click 2 Retire Plan and Pension Guaranteed Plan could even help you meet your retirement goals of travelling the world and spending time learning new hobbies. If you haven’t started planning for your golden years just yet, click here to get the ball rolling.

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5 Unconventional Ways to Earn During Your Retirement

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