How can I boost my income once I retire?


With all the advances in medicine and technology that we're seeing today, humans are living longer than ever before. While we might stop working at 65, it's very possible that we could live till 90! Click here to find out how you can keep earning once you've stopped working.

Retirement can be an intimidating period of one's life, and it's normal for retirees to struggle with a healthy routine and a sense of purpose once they stop earning a salary. But it can also be a productive and rewarding life stage if you find opportunities that you can fill. Here are some ideas on how you can benefit financially during retirement.

1. Consult and work part-time

Your working life doesn't have to come to a grinding halt if you don't want it to. Many retirees choose to continue working only a few days a week instead of full-time. You can also put your experience and knowledge to good use by consulting or teaching. If you want to do something a little bit different, there are opportunities for seasonal work, especially in the tourism sector.

Use your skills where you can and take the opportunity to freelance if it ever comes your way. That way, you can enjoy the rest that comes with retirement while still being able to generate an income.

2. Join the sharing economy

Advances in technology have opened up a whole new spectrum of earning opportunities that we could only have dreamed of in the past. For example, Airbnb offers a great way to earn some extra cash when you're no longer working. If you have a spare room or flat on your property, you can rent it out on Airbnb to tourists and other travellers. This is safe, easy, and best of all, very accessible to South African pensioners.

If Airbnb isn't for you, there are other sharing economy options, like Uber, Rent My Bay, Smart Toy Club and Digs Connect that you might like to consider. Regardless of what you choose, this is a good way to keep earning once you've stopped working.

3. Provide local services

If you want to keep busy without losing the flexibility that retirement has given you, you might consider offering services to your community. Because you have more time on your hands, you'll be able to help those around you with tasks that they can't fit into their schedules. You could housesit, care for pets or even babysit.

Not your cup of tea? There's always the option of turning your hobbies into an income-generating project. If you like cooking or baking, you could sell snacks and treats to your neighbours.

As with the sharing economy, technology is your ally if you decide to go this route. WhatsApp and Facebook are good ways of promoting the services you want to offer, especially if you find or create helpful groups in your own community. Use them to your advantage!

4. Save money wherever you can

Saving money is just as important as earning it. This can be easy to do if you:

  • Always shop around to make sure you get the best deal, whether it's banking or grocery shopping.
  • Make the most of rewards programmes, like Discovery Vitality's HealthyFood benefit or refunds on your fuel spend.
  • Wherever you can, take care of your health to prevent lifestyle-related illness (and the related medical expenses). You can take care of your health by eating nutritious foods, staying physically active, using tobacco and alcohol responsibly, and getting your flu shots, among other simple health measures.

5. Take advantage of unique pensioner benefits

If you are a pensioner, you may qualify for special benefits or reduced rates. Do your research and don't be shy to ask all your suppliers and service providers if they offer these, as they may have policies that they don't overtly advertise.

Whether the saving is as small as a discount at your local hairdresser, or as big as a boost of up to 50% to your retirement income with Discovery Invest's Living Annuity - every rand counts. So spend smart and make the most of the opportunities around you!

This article is not financial advice. Please consult with a financial adviser for financial advice.

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This document is meant only as information and should not be taken as financial advice. For tailored financial advice, please contact your financial adviser. Discovery Life Investment Services Pty (Ltd): Registration number 2007/005969/07, branded as Discovery Invest, is an authorised financial services provider. All life assurance products are underwritten by Discovery Life Ltd. Registration number: 1966/003901/06, a licensed life Insurer,an authorised financial service provider and registered credit provider, NCR Reg No. NCRCP3555. All boosts are offered through the insurer, Discovery Life Limited. The insurer reserves the right to review and change the qualifying requirements for boosts at any time. Product Rules, Terms and Conditions Apply

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