4 Ways to Ramp Up Your Retirement Income

4 Ways to Ramp Up Your Retirement Income

Have you been wondering what to do with your time after retirement? Many people take on part-time work, profitable hobby activities, or simply switch career tracks to a field they’ve always wanted to try. The beauty of boosting your retirement income is that the choice is yours. You pick the hours, days, and months to work, as well as the job itself. Here are some of the top methods that newly retired folks are using to bring in some additional cash each month.

Day Trading

If you’re the type of person who enjoys the ups and downs of the securities markets, day trading can be an educational, profitable post-retirement activity. You can learn the tricks of the trade via online tutorials and move through the material at your own pace. Once you assemble a decent computer setup and complete some practice trade sessions, you’re good to go. What you buy and sell is up to you. Take your pick among traditional stocks, ETFs (exchange-traded funds), CFDs (contracts for difference), bonds, futures, indexed instruments, and more. CFD trading, for example, can be a good place to start if you want the convenience of not having to own the underlying securities. When you set up your day trading business this way, the action is fast and you’ll learn as you go. Start out small and master a few market niches as you develop your skills.

Consulting

If you have skills in any field, you’re potentially ready to do consulting. Check out some of the consultant-training sites online and browse through their materials. You’ll learn how to set up the right kind of website to attract clients, how to market yourself, how to find clients by sending targeted emails, and how to structure the business. No matter what your original career was, there’s a way to turn it into a profitable consulting business.

Writing

They say everyone has a book inside their head, and it’s probably true. By retirement age, people tend to have at least one area of professional expertise and a lifetime of instructive stories about how to succeed in a particular field. Consider putting together a book outline and including chapters directed at young people who are just starting out in your chosen career. If you have another book idea, the goal is to get an outline on paper as quickly as possible. After that, if you commit to writing for about two hours per day, it’s possible to complete and publish a book within six months.

Reselling

If you like scavenging at bookstores, thrift stores, garage sales, and local auctions, consider setting up an online shop dedicated to reselling the items you find. You can take different approaches for making sales: use you own website or shop, latch on to one of the established online sellers for more exposure, or buy a page on a niche site that only deals in one or two types of goods. Note that you’ll have to share a percentage of your profits if you use someone else’s website to move your merchandise. Going it alone means not having to pay a fee to anyone, but you’ll have to work harder to get customers.


Robert Darnell

I’m Robert, the Grey Wanderer. After over 50 years in business, it was time for me to hang up my boots and enter the world of retirement. With so much time on my hands I decided to indulge in the two things I love most, writing and travel and so the Grey Wanderer was born.