How to Keep Making Money After You Retire

Talk of a so-called “pensions crisis” is prevalent across the globe, with Schroders Global Investor Study (GIS) suggesting that 41% of investors were concerned that they wouldn’t have sufficient savings to fund their retirement in 2020.

The situation is even worse in developing economies throughout the world, with as many as 50% of South Africans revealing that they don’t have a retirement plan as of 2020.

With this in mind, it’s important to identify viable ways of making money after you retire. Here are some ideas to keep in mind!

1. Market a Core Skill in the Gig Economy

 As Africa’s economy continues to diversify, its gig economy also gathers significant momentum.

Locally, statistics found that temporary or contract employment increased from 2.6 million in 2017 to an impressive 3.9 million the following year, while it’s projected to rise higher in the years to come.

This presents an opportunity to those in retirement, who can leverage an existing skill (such as copywriting, web design or digital marketing) to generate income while working full or part-time as they desire.

Contracting in this way will also optimise your earning capacity, in addition to ensuring that you can work flexibly and on your own terms.

2. Consider Forex Trading

 Next up is forex trading, which is a speculative and highly leveraged investment vehicle that’s now more accessible than ever before.

For example, you can start forex trading with just £100 in your account, before utilising the leverage of up to 100:1 to open and control currency positions that are far larger. This can translate into significant gains over time, while the income generated through this method is largely passive.

You can even access a new forex trading account with a welcome bonus, affording you access to free capital that can help you get started as an investor.

While there’s risk associated with forex trading, this can be an ideal way of money-making for retirees, so long as they have a solid foundation of knowledge from which to operate.

3. Engage in Freelance Tutoring

 Former teachers or individuals with a specific academic skill may also want to consider tutoring, which is witnessing high demand in Africa and similarly developing economies.

You can also access tutoring opportunities through sites such as Brightsparkz, which was launched in 2006 and directly connects parents and learners with tutors who can provide a tailored educational experience.

Of course, prospective traders must have a tangible skill and previously excelled academically or at least be in the process of carrying out their tertiary studies.

You can also educate pupils online and remotely, so this is a great way of working flexibly and optimising your income while in retirement. It’s also a tremendous way of giving back to a local community, particularly those that lack fundamental educational resources.

By Lewis Humphries, freelance journalist