These days 70 is often called the new 50, thanks to developments in health and wellness. This, given the typical retirement age of 60, means instead of expecting to live in retirement for 15 or 16 years, it can now be easily double that.

Today, you can choose to work as long as possible for a more comfortable retirement and to get the benefits of a salary that is usually at its peak. But, there comes a time you have to forego this and rely on the income you have built up for retirement. On leaving the workplace, retirement coach Lynda Smith says, "When you leave the workplace, you lose a monthly salary, a reason to get up, structure to your day, a social circle and, in some cases, status."

You can make the life stage work for you. Follow the growing trend towards semi-retirement. Remember, generating extra income takes care of one part of the equation. The other, watching what you spend, is just as important.

Share your knowledge part-time

The mandatory retirement age can make working beyond it difficult, but consulting provides a way to continue working in a sector you know. Your experience, built up over decades, is a phenomenal asset. Where possible, you can adjust your schedule and work part-time – perhaps two, three or four days a week. Obviously, this would adjust down over time, but it will give you flexibility and the opportunity to still earn an income. In a 2017 CareerBuilder.com survey 20% of the respondents aged 60 and up never expect to retire following this approach.

You can also look out for freelance or seasonal work opportunities. Freelance options are numerous, and can use your skills learnt during your career – such as the editing of academic journals, accountancy assistance or tutoring. Seasonal work can include tour guide opportunities or becoming part of the so-called sharing economy.

Hobbies and interests around the community

You can also help those around you. Take dogs for walks, housesit, babysit, or run errands, all because you have the luxury of time. Advertise your services in your community both online, for example, on Facebook and in the newspaper or with pamphlets. You’ll be surprised at how well word-of-mouth works too.

Perhaps you didn’t have enough time to spend on gardening, cooking, carpentry, sewing or art before – when you no longer have a full-time job, you do. These hobbies can be most enjoyable now that you have more time and it can help you earn extra money.

Save wherever you can

You can decide if and how you want to earn extra money in retirement. It is also important that you protect the money you have and develop lifestyle and other habits that help you save. Here are good habits to build:

1. Shop around for the best deal. This is not only for grocery shopping – you’ll be surprised at the discounts you’ll get if you ask for them. Your investments and bank accounts fall into this category too. With the Retirement Income Plan from Discovery Invest, your good health and engagement in Vitality can give you access to an income boost of up to 50% when you lower your income withdrawal percentage.
2. Get to know about pensioner discounts and use them. This could be small like a free coffee with a meal or more substantial like 5% off a bill on a particular day of the week.
3. Use rewards programmes. Familiarise yourself with these programmes to earn as much as you can. Use Discovery Vitality’s HealthyFood benefit, which offers cash back of up to 25% on items like fruit, vegetables and lean proteins at Pick n Pay or Woolworths, to save and eat healthily. Rewards on fuel spend, like up to 50% back with the Vitality drive programme, can save you up to R800 a month – all for driving well.

For more information on investing for retirement, speak to your financial adviser.