How to better supplement your income in retirement

21 Jun 2016
There is a common misconception about retirement: that retirement is the ‘end’. That when people reach retirement they are no longer needed, useful or able to do anything. What is amusing about this is how many people actually think this (predominantly those about to retire!) and how far removed it is from the truth.

Retirement provides people with an opportunity to do whatever their heart desires or gives them a chance to at least choose what they want to spend their time on (and not have to do so from 9 - 5). Some people may still need some time to garner a bit of income in retirement, where others may just want to keep themselves busy as they bridge the gap between working a 9 to 5 and the freedom of retirement (and hey, it doesn’t hurt to earn a little extra while you are at it). If this rings true for you, then here are some ways that can help you to supplement your income in retirement:



There are many places that are constantly looking for people to help out with odds and ends in the office, or sometimes they are looking for someone to fulfill a particular job over a short period of time — in temporary roles as opposed to full-time jobs. This could act as a nice transition that bridges the gap between work life and retirement freedom and will allow you to earn a bit of extra income in retirement.



There are ample opportunities these days for freelancers to get work — practically anywhere in the world. With platforms such as and Upwork, you can aquire, do and send back work all from the comfort of your home — it’s all become so easy and practically only a click away. See what you are good at and what you can offer, and sign up on these sites, or work through a connection to get some freelance work for a little extra income. The great thing about freelancing, is that you generally earn per hour rates which are far better than monthly or once-off fees.



Consider this: you have an entire career (and all the knowledge that comes with it) in your arsenal. You are a wealth of knowledge so why not share some of your pearls of wisdom with those who need it to make their businesses even better?  A fabulous way of garnering decent income in retirement is to leverage your expertise and consult. The great news, is like freelancing, consulting work is often paid per hour and these rates can lead to some great extra income in retirement.


Get a part-time job

If you are really attached to the job you already have and are looking to continue in the same vein but would like to start the process of retirement (or perhaps it’s company policy that is doing the deciding for you), then perhaps ask your employer if you can continue working for them on a part-time basis or even just a day or two a week. Alternatively, you can look for a number of more frivolous part-time jobs — perhaps you have always wanted to be a barista, or perhaps you love that bar down the road and would like to try your hand at bartending — the great thing with part-time jobs is that you can juggle a few like a student and while you are in the spirit, perhaps juggle them between some interesting classes you have always wanted to take? Whatever you decide, there are loads of part-time jobs that will allow you to earn extra income in retirement.



If you are a teacher or professor, a great way to make some extra income in retirement would be to tutor. These days with the pressures on children and teenagers to succeed at their studies, more and more people are looking for tutors to guide them through. Again, this is a great way to leverage your knowledge and your incredible skill set you impart on others.


Start your own venture

Have you been dreaming of starting your own venture but never felt that the time was right? Well, as you head towards retirement I can tell you this: the time is right. Find what your passion is and see if you can turn it into an exciting business venture that could earn you incredible income in retirement. However, do so with the guidance of a trusted financial advisor — you want to make money from your venture and not get yourself into debt.


Invest in a property

One of the very best ways possible to earn a decent income in retirement, is to purchase a buy-to-let property in a location that commands a steady flow of tourists to ensure your property is always full. The best part about this, is that it ensures that you have guaranteed income in retirement when you have either long-term rental contracts or if you are in a location where you can charge a premium (relatively, of course, based on the condition of the property, what you offer in terms of facilities, fittings, furnishings and the area it is in) on per night stays. Again, if your property is in a popular area, it’s possible to have a full property most of the year. What’s more is that if you hire a property manager to handle the nitty gritty of the property, it almost becomes a form of passive income in retirement.

If you are looking for an incredible rental property that will have you laughing all the way to the bank, then look no further than apartments in Calpe. With over 300 days of sunshine a year, Calpe is popular with tourists year-round and you are bound to get an incredible return on investment on a buy-to-let property which may later even become your ideal retirement residence in the sun. Contact us to view our incredible property portfolio where you are sure to find the right property worth investing in.

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