If you’re almost ready to retire, congratulations! You’ll be entering an exciting phase of life with the freedom to choose how you use your time. There are several ways to help supplement your income and contribute to a savings plan, while enjoying the retirement you’ve always dreamed of.
Rent or swap your home
For many of us, travelling is a key retirement bucket list item. One way to help fund your travels is to rent out your home while you are away. Depending on where you live, the size and state of your home, and the cost of living at your destinations, you might be able to bring in more money than you spend while you’re away. There are also home exchange programs where you can swap a stay in your home for free accommodations abroad.
Not quite ready to give up on a fulfilling career one hundred per cent? Consider a second career as a freelancer or consultant. Finished your job as a community newspaper editor? Pick up some side gigs as a freelance writer. Wrapped up your accounting 9 to 5 role? Earn some pocket money by filing other people’s tax returns. Just remember that any extra income must be claimed on your tax return and may impact some of the tax breaks you might be eligible for.
Pass on your knowledge, for a fee
Many educators earn extra money by filling in as supply teachers after they’ve retired. But they don’t have a lock on earning education dollars. Put the years of knowledge you’ve gained to valuable use as a tutor. Whether you worked in the sciences, technology or communications, you can help students of all ages boost their marks or even act as a paid mentor for people entering your old field.
Get a side hustle
Maybe you’d rather earn some extra money doing something completely different than what you did for your career. Companies large and small are looking for salespeople to add to their workforce. Always had a passion for cars? Contact local dealers and used-car retailers to see if you can join their sales team. If you’re interested in technology, explore your options in the retail world at major retailers that can offer perks like discounts and the potential for added commission, such as Staples. They are hiring sales associates in various roles this summer, including some which have commission potential. Find out more at careers.staples.ca.