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5 Ways to Make Money after Retirement

  • Highlights

  • Boosting savings for smooth retirement

  • Part-time career options post retirement

  • Investing in FD for monthly returns

After leaving all the heavy-lifting behind, retirement is the time to ensure that all the money you’ve saved up, lasts long enough. Hence when you retire, finances take precedence over other matters.

If you’re looking to boost your savings, investment planning is a prerequisite. There are different strategic asset allocation practices for the conservative and aggressive investors. Here’s a look at the asset allocation practices in both cases:

Basics of Strategic Asset Allocation

Most individuals prefer a conservative approach at this stage of life, but it can vary from person to person. You can explore the best investment avenues to see which ones you can tap, to boost your income.

From investing your EPF to considering a part-time career, there are many options that you can use to your advantage. Take a look at 5 ways that will help you make money after retirement:

1. Invest in instruments that offer monthly returns:

Invest in high-yielding investment options to put your savings to good use and to maintain your quality of life, post retirement. Investing in fixed deposits is a great option, because of the following advantages:

1) Get stable returns with Fixed Deposits
2) Greater stability without impact of market fluctuations
3) Facilities of loan against fixed deposits, offered by certain financiers

4) Greater liquidity, and an option to choose between cumulative and non-cumulative returns
5) High safety ratings and stability

Some fixed deposit providers also provide you with benefits of higher interest rates for senior citizens, easy online application, and flexible tenor.

Additional Read: How Can Senior Citizens Benefit From Bajaj Finance Fds?

2. Lease your real estate:

Having your own property, whether residential or commercial, can help you raise more money, by leasing. In addition to ensuring profitability, real estate investments give you full freedom in terms of the investment tenor.

To make most of your real estate investment, you must ensure that it’s located in an area that has potential for greater growth. Put your property on rent for 10 years or sell it in 5 years, if you feel the market conditions are right.

With complete control over your investment, you can make the most of it, whether it is through monthly returns, or a lump sum amount via sale of the property. It also serves as collateral, in case you want to avail a loan or any other form of secured debt.

Additional Read: 5 Important Things To Check Before Making An Investment

3. Become a tutor:

If you have specialised skill in your profession, you can start tutoring students. For example, if you are a retired CA, you can tutor aspiring chartered accountants. Alternatively, you can also sign up as a guest lecturer. This will allow you to work on your terms and earn money at the same time.

Mutual Funds v/s Fixed Deposit

4. Identify opportunities in blogging:

Blogging is a new-age profession that can provide rewarding results. If you have a flair for writing, start a blog that is related to your profession or passion. For example, if you’ve formerly worked as a doctor, you could start a healthcare blog providing information about various modern medical techniques along with suggestions on how individuals can stay physically fit and live a healthy life.

Once you start a blog you can earn money from sponsors who are willing to advertise on your site, ambassadorships, sponsored content, donations and much more. You can even make money by selling your blog if it appreciates in value over time.

5. Become a consultant:

You are sure to have garnered a wealth of knowledge over the course of your career. So, why let your experience go waste? You can always start a consultancy firm, or sign up as a consultant to provide expert advice.

For example, if you have experience in human relations, you can join a firm as a consultant and charge your clients a fee for your advice, inputs and the work that that you do. This will allow you to still earn an income in the profession of your choice, without taking on the stress that is associated with a full-time job.

These 5 options are sure to give you an overview of the various opportunities and tools that you can take advantage of to grow your wealth over time.

DISCLAIMER: The mentioned fixed deposit interest rates are indicative only, and may be subject to change periodically. Please check the interest rates on our website.

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