Are you thinking of semi-retiring and starting a small venture, but you’re unsure what to do? We’ve shared a guide for some inspiration. Let’s look at five side hustle ideas for semi-retirement.
“Don’t simply retire from something; have something to retire to.”
Harry Emerson Fosdick
Starting a small business when you are semi-retired can give you a much-needed focus, as well as some extra income. There are countless side hustles you could consider, and many people base their new ventures on personal interests. One way to decide on your new venture is to reflect on your own skills and strengths – below are five ideas to consider.
- Career expertise
One of the easiest ways to start a small business is to use your existing skills from your career. Many directors and senior managers start consultancies or coaching services, drawing from their industry experience. This type of venture can be very rewarding, as you’ll utilise your expertise to help other professionals and small businesses.Before you start this type of side hustle, carry out some in-depth research. It’s important to understand whether there is a viable market for your skills and expertise. - Reselling items
If you’re a natural when it comes to spotting a bargain, you could resell items on platforms like eBay. Nowadays, there is a vast range of goods you can sell. From a marketing perspective, focusing on a particular product category is easier at first.A few examples of resale items include clothing, vintage items or memorabilia. You’ll need a good knowledge of the market so you can price your items competitively. - Making products
If you are good at arts and crafts, a maker’s style of business might suit your creative skills. This type of business may involve some level of initial investment, so you scale up production, such as a workshop or studio and equipment.Research similar craft-based businesses so you know how much to charge for your products. Side hustles are only successful when you can cover your expenses and make a profit. - Monetise hobbies
Do you have a particular talent or skill that you could turn into a side hustle? If you’re skilled in DIY, you could offer handyman services. If you’re a good driver with a patient attitude, consider becoming a driving instructor. And if you’re a talented sportsperson, you could gain a coaching qualification to teach children.A common problem with retirement is the fact that people miss the social element and workplace ‘banter’. So, you might decide to retrain into a career which both reflects your interests and enables you to meet people. A health or beauty therapist, for example, will give you the opportunity to forge ongoing relationships. - Room rental
Despite many people choosing to downsize in their later years, this does not appeal to some. You may want to keep your home because you love living there or because you want enough space for your family to stay. But have you ever considered that your extra rooms could provide you with an additional income?
You could let out a room to a paying lodger. Many people work away from home during the week and need somewhere to stay. This type of lodger means your home will be free at weekends. If you’re interested in accommodating travellers or holidaymakers, you could advertise a room or an area of your home through Airbnb.
Wealth Management in Nottingham and Lincoln
Regarding semi-retirement, you’ll need a sensible financial plan to help you manage your income. Before you make the decision to step back from employment, check the value of your pensions. You can currently take income from your private or personal pension from the age of 55. From April 2028, the age where you can access your pension rises to 57.
It’s also important to carry out detailed cash-flow modelling. Our financial planning team can prepare a Lifetime Wealth Forecast for you. This will enable you to see how your money will last you through semi-retirement and when you retire permanently. With offices in both Nottingham and Lincoln, our team will help you manage your wealth in a tax-efficient way.
If you’re planning to semi-retire, our financial planners will help you create a financial plan so that you can achieve your aims. Get in touch to speak to our team.
https://www.hl.co.uk/retirement/preparing/semi-retiring
https://www.aviva.co.uk/retirement/pension-basics/changes-to-pension-age/
