Moneycontrol
Last Updated : May 29, 2018 03:47 PM IST | Source: Moneycontrol.com

6 tips to have a financially independent life post-retirement

Use your time productively and become financially independent again.


Rajeev Mahajan

Retirement comes with its own sort of worries. Even if one receives a pension, it isn't as much as one's earlier income. Retirees also have a lot of free time and nothing to do, with many starting to feel useless and dependent. Don't let this happen to you. Use your time productively. Become financially independent again. Here are a few tips to help you post-retirement.

1) Do what you love

This is time to finally do what you always loved doing. Turn your hobby into an income source. The internet is a fantastic platform to showcase your talent and earn money.

Photography, singing, cooking or any such talent can earn money online. If one has a great sense of humour, create funny videos. If you love photography, showcase your expertise online. There are many websites which will pay for your talent.

2) Work as a freelancer

There is a considerable demand for freelancers in many industries. Plenty of websites provide freelancing jobs across sectors. One can register on these sites and create a profile.

One can become an online tutor or a virtual trainer. Content writing is also an option. Being a virtual assistant or an online advertiser, the opportunities are unlimited.

All one needs is some skills and a good internet connection. Freelancing jobs allows you to earn a steady income with a flexible work schedule.

3) Provide training and consultation

They say with age, comes wisdom. Why not use your understanding to guide others. There are many start-ups and businesses looking for a consultant. Organisations often seek to hire an experienced trainer or a mentor for their employees. If you think you have got it in you, give it a shot.

Use your skills, knowledge, and experience to train the next generation. One can set up their own consulting firm or website and train people both online as well as offline. With a multitude of tools available it is now easy to create training videos and other training content. One can earn well and command respect too.

4) Invest in mutual fund

It isn't necessary to work post-retirement to earn money. Since you have been working your entire life, you deserve to relax and chill. One can still earn money without working.

Investing in mutual funds is one such idea. Look out for mutual fund investment options. Compare and contrast their benefits. There are many types of mutual funds available. Study about them on the internet to see which one is best for you.

If you are looking for a fixed pay-out every month or every quarter, you can choose a Systematic Withdrawal Plan. In this plan, one can specify the amount of money they want every month or quarter. This will help one earn a regular income to enjoy their life post-retirement.

5) Invest in equity and bonds

Another way of earning an income without having to work is equity trading. If one has some financial knowledge, they can easily start trading in equities and bonds. Invest your money in stocks and secured bonds.

If you don't have the financial knowledge, learn from the internet. One can also talk to financial experts online. They will help create a well-structured financial portfolio. The trick here is to diversify investments and not keep all eggs in the same basket.

It is advisable to gain some knowledge of the stock market and financial instruments before investing. Else, one can just hire an expert to manage your funds and reap the benefits without any worry.

6) Rental income

If you already have a second house, rent it out. Else, use your retirement money to invest in real estate. On retirement, one receives some amount of money as gratuity and other benefits. Why not invest it in buying some property?

One can buy residential or commercial property and rent it out. Remember that commercial properties give you better pay-out. This will help one earn regular rental income without having to sweat it out.

If you can't buy a new property, rent a part of your own home. Elderly couples living alone can have paying guests in their house. This will enable them to earn a monthly income. In addition to that, one also gets some company.

Remember that you are just retiring from a job, not from life. You still have a life ahead of you. Spend it on complete financial independence. You don't need a son to take care of you in old age. You can do it yourself. Don't become a burden, become an asset. There are many opportunities awaiting you. Grab them.

The writer is Co-Founder, CEO & Director of Antworks Money
First Published on May 29, 2018 07:44 am
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