7 Best Jobs After Retirement in India: How to Earn Money
With retirement, a new life starts. And it is good as you will have sufficient time to relax and live peacefully. But at the same time, idleness will start worrying you as days passby and a time will come when frustration for doing nothing will start, as your savings will continue to dip due to the rising expenses with no source of earning, provided you don’t fall under the category of pensioners who continue to earn decent income even after retirement. So the question is how to manage retirement – how to earn money, plan finances etc.
Here is the money management guide for those who are coming near to their retirement or have already retired:
- Create a budget plan: Even before you start your retirement, the first and foremost important thing you need to do is estimating your monthly expenses. Although you cannot estimate it accurately a tentative calculation is must to have. So before you retire or immediately after retirement, prepare a detailed budget and start listing down all your expenses. Each and every possible expense should be noted down as it will help you in forecasting the money required for smooth retirement.
- Maintain expense dairy: In addition to creating a budget plan, maintaining day to day expense diary will give you a create picture of what you spend and where you can control the expenses so that you don’t have to rely heavily on someone else’s earning. This activity applies to everyone not only for the retired people.
- Provision for healthcare costs: Rising healthcare costs are of a concern and it increases as your age increases. If you are not lucky to have an employer sponsored healthcare plan that continues even during retirement, buy a health insurance plan. If you have lifestyle-related health issues, then allocate additional sums besides health insurance. In fact, you should buy mediclaim policy years in your early age and do not wait for retirement otherwise you will have to shell out more for your premiums as you grow older and this will affect your savings. This applies especially to individuals who are covered under group policy during their job and will lose the cover after they retire. Many insurance companies in India such as star health, ICICI and others have started offering health insurance for seniors.
Jobs after retirement – Various ways to generate income:
If you draw a regular pension that meets your monthly expenses, nothing could be better than this as long as it meets your expenses. Ideally, you should have more than one source of income in retirement to ensure that you do not depend on only one of them. The world’s famous investor Warren Buffett as rightly said – “Never rely on only one source of income”. In fact, you can start your second innings by looking for a new job. There are tremendous opportunities for retired persons due to their vast experience.
Here are few ways employment opportunities for retired person:
- Bank Mitr for Jan Dhan Yojana: This is a low income job for retirees and you can work as per your convenience. PMJDY is a scheme for providing free zero balance savings bank account for unbanked Indians especially from rural areas. Read more about the benefits of PMJDY and Bank Mitr details.
- Online training: Times have changed and students are giving more importance to online training over classroom training, since they are time saving, are cost effective (some are even free) apart from many other benefits. Retired individuals can offer training on their specialized skills sets on sites like Udemy, Youtube and many others to earn income.
- Freelancing opportunities: There are a lots of opportunities for individuals especially from IT/Banking/Editorial background. You can look for relevant jobs on world’s prominent job portals for freelancers such as freelancers.com, elance.com and many others. You just need to create an account, upload your profile, add skills and start looking for relevant work from home jobs. No need to visit any office/client visit etc. Just a computer with internet connection is what you need to start earning.
- Turn your hobby into income: You won’t believe that your hobby can be a good source of income at any point in your career. For e.g. if you are passionate about photography, then you can sell your photos online and earn royalty or certain percentage of commission. There are few legit websites such as shutterstock.com, fotolia.com, istockphoto.com, crestock.com and few others which let people sell photos online and earn money online.
- Full-time jobs: It’s not the end of the career after you retire. Your vast knowledge and experience is the biggest asset, so make use of it. So be proactive and upload your resume on various job sites such as naukri.com, timesjobs.com etc. There are also special job sites especially for retired individuals such as seniorexperts.org and talent58. But prefer opting for freelancing jobs as they are physically less straining. Although with full-time job, your income is fixed unlike freelancing where your income is always changing depending on the project you work upon.
- Start equity trading and mutual fund investments: If you are from finance or banking background, you can make it big in equity market. Although anyone with a passion and hard work irrespective of education background can earn handsomely in equities. The more you learn about equities, businesses, market trends; easier would be for you to master the game. Sit at your home, invest smartly and you can earn a decent income every month. On the similar lines, you can invest in mutual funds and earn money. Although this option is considered risky but returns are on higher side. Check out ways to make extra income from home in India.
- Become an insurance agent: This also is a very good earning source. Becoming an agent and selling insurance policies (life, health etc.) can earn you decent income over time. However this job is physically straining as it involves lot of travel as you need to meet clients personally most of the time.
Other tips for successful retirement
Savings and investments: Do not keep all your money in the savings bank account and rely on just the savings interest rate. Spread your finances across instruments that can grow in value within your risk appetite. Create a fixed income stream from these avenues such as fixed deposits, mutual funds, retirement plans that meets your need.