Retiring Soon? Here are 7 Tips to Keep in Mind!
A Firstline Securities Limited Blog by: Cole Patrick
Firstly, let me assure you that you are not alone. As a matter of fact, there are many persons currently facing this dilemma and those who would be facing it in the not too distant future.
Well the good news is that there are quite a few things you can do if you are experiencing any of these conditions. Let us start by realising that retiring does not mean that you somehow cannot, or will not work again, as there are still quite a few viable options available to persons like yourself.
Here are 7 helpful ways in which you can address these situations.
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2) Hobby Jobs
Many of us have developed a fair amount of expertise in some of the hobbies we may have cultivated over the years. Some of us are excellent cooks, have fantastic arts and craft skills, proficiently play musical instruments and even become accomplished gardeners or horticulturists having cultivated the most luscious green gardens in our back yards. These are all hobbies that can easily be turned into income generating ventures through either expansion or tutoring others in the respective areas. The gardening could expand to supplying restaurants and fast food outlets, and if production is large enough, even hotels and export markets. The arts and crafts can easily be turned into art shops now that you have more time for your craft. What is particularly appealing about this is that you would also be doing something you really enjoy and get paid for it.
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3) Consulting
Many of us have worked with several different companies during our careers and in the process developed very strong and meaningful relationships that may assist in opening doors and creating opportunities. This can certainly be leveraged to secure several consulting opportunities. As a consultant you will have the opportunity to capitalise on those relationships forged over the years as well as share your expertise with various corporations who are already familiar with your skills and qualifications. This will also afford you greater control over the volume of work you do and by extension allow you greater balance between your work and personal life. Consulting also allows you to act as a coach, trainer and advisor to many small business owners.
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4) Second Career
There are many opportunities that may be seasonal and during those peak months employers tend to employ additional staff to cope with the increased volume in business activities. Though these opportunities quite often pay less they may be perfect for someone who simply wants to subsidise their income, and it may just be sufficient to work a few months during the year to be able to do that.For those of you who are inclined to do so, there is always the option to retrain and begin a new career. In Trinidad and Tobago, we have seen bankers and teachers who retire and become real estate and insurance agents, often generating more income than during their former careers.
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5) Entrepreneurship
As mentioned before, one of the benefits of a long and fruitful career is the networking relationships you would have made, as well as the years of experience acquired in business. For those who wish to become entrepreneurs, their network of colleagues and associates can become some of their first clients, and can then be leveraged on to expand market share. While starting a new business is a perfectly acceptable post retirement option caution must be exercised in the amount of money you invest in a new business start-up. It is advisable when choosing this option that you do not invest more than you are prepared to lose.
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6) Property Rentals
Most times those persons approaching retirement would have already repaid their mortgages and, in some instances, have acquired another property. Additionally, their children may have already graduated from university or have already moved out on their own. This provides an excellent opportunity to rent out parts of the home, or in instances where there is another property, it can provide rental income to complement retirement income. In instances where this is the option you must however be prepared to manage the repairs and maintenance that will arise on occasion.
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7) Maximise Your Returns
At retirement you would most likely have a tidy nest egg for investing. It would be more than worth your while to shop around to ensure that you receive the maximum returns for your investments. Additionally, it would also be desirable to obtain investments that not only offer superior returns but can even provide a stream of income to subsidise your retirement income.
Instruments like loan notes which are fully collateralised to protect your capital and provide flexibility can be very worthy considerations. Thankfully, Firstline Securities has several of these investment options which we’ll be happy to discuss with you!
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If you require further information on any of the above, or wish to become more familiar with the sort of financial instruments on the market that can satisfy your needs feel free to contact us at info@firstlinesecurities.com or (1 868) 628 – 1175/1554.
