After retiring from years of hard work and fulfilling familial responsibilities, we all dream of enjoying our golden years. But these golden years will truly be golden if you have ensured your financial freedom of second innings.
You can do this while you are still earning by investing in a guaranteed income plan. But that’s not the only source of income post-retirement. Here are ways to earn a regular income and enjoy your second innings while being financially independent.
4 Best ways to keep earning after retirement
- Investments offering monthly returns
One of the most popular and high-yielding investment options. This way, you will be using your savings to build a retirement corpus. You will find various investment options ranging from traditional, low-risk to market-linked policies.
The best investment planning would be to balance conventional investments such as FDs and market-linked instruments such as mutual funds. Doing so will help you get stable returns while balancing the market fluctuations over the long term.
Now let’s look at some of the best investment plans to choose from.
- Fixed deposits (FD)
- Senior Citizens Savings Scheme (SCSS)
- Employee Provident Fund (EPF)
- RBI floating rate savings bonds
- Mutual funds
These are some of the best options for your wealth planning. When investing in these instruments, along with your risk and investment appetite, you should also ensure enough returns to maintain the quality of life post-retirement.
You can use an online retirement calculator to help you decide the sum you should invest over a certain period to get the desired returns.
- Lease your property
While investing in financial instruments is essential to ensure your post-retirement income, there are other ways you can add to this regular income. One way is to make the most of your real estate property.
If you own a property in an area with greater growth potential, you can rent your property for, say next ten years. Given the favorable market conditions, you can even choose to sell your property and reinvest the sum gathered in various investment plans.
- Consider consulting
After working for years in a certain field, you not only retire with best wishes and new dreams but the precious knowledge and experience about your field. Why not use that knowledge and experience to stable your post-retirement income?
You can consider becoming a consultant to give your expert advice. You can do this by working as a freelance consultant and charging a company fee for your input, advice, and work. This is a great way to ensure a steady income while doing what you love without signing up for the work pressure and stress that comes with a full-time job.
- Become a tutor
Don’t feel like going back to the corporate environment again? You can still put your specialized skills and knowledge to best use to earn you a steady income by tutoring.
For example, if you are a retired architect or CA, you can tutor aspiring architects or CAs. You can also sign up as a guest lecturer. This will allow you to work on your time and terms while still earning the income.
With these options, you can ensure your financial security and quality of life post-retirement without taking unnecessary risks.