When you made the decision to retire from your business or employment economic circumstances may have been far different to those we find ourselves in today.
Although current growth rates are clawing back the losses we experienced during the last two years, interest rates seem to be on the rise and inflation is causing concern. Add to this rising fuel and utility bills and you may be faced with financial cut-backs to make ends meet.
Also, you may be looking for a way to make use of the skills you acquired during your working life.
Whilst you may not want to resume full-time work activity you may be considering other ways to supplement your monthly income. We have listed below a selection of possible income streams you could develop:
- Contact your previous employer and see if there is a possibility you could return to work part-time, perhaps just one or two days a week? Employers may find this attractive as you will ‘know the ropes’.
- Likewise, contact whoever took over your business with a similar request.
- Have you spare rooms at home you could rent to lodgers? You can earn £7,500 a year tax-free in this way.
- Could you expand a hobby into an income stream using Etsy or E-Bay as your sales platform?
- If you retain specialist skills, contact agencies who deal with vacancies in those fields and see if you could contribute to a fixed-term contract.
As well as providing you with a useful supplement to your income, these activities may also offer a rewarding reminder that you are not quite over the hill, just yet.