Retirement is perhaps the most sought-after period of anyone’s life. If your parents or grandparents have retired recently but are looking for a side-hustle to either keep themselves busy or to keep the income rolling in, you can help them build something. There are many convenient side-hustle options for senior citizens nowadays that require little to no effort but can keep them active and happy. Below are five side-hustle options for your retired parents or grandparents that you can help set up.
Starting a Small Business
If your parents or grandparents have always wanted to start something of their own, the post-retirement period might be the best time for them to get started. Find out their unique skills – caretaking, cooking, jewelry making, cleaning, or just about anything they are good at. Choosing to sell a product or service they are passionate about will likely make it easier for them to scale the business.
A small business operated from home might not require a vast initial investment. Create a small business plan, buy the essentials, and get started. Check with local authorities to see how you can register your business without hassle. Various agencies help register and kickstart small businesses, and you could take their help, too.
Renting Property
If your parents or grandparents own a property lying around, you can have them rent it. It does not necessarily have to be a whole house. It can be a small portion of the house, an apartment, or even a room. If they want to rent it out permanently, search around in your locality to find suitable tenants. If they rent it out seasonally, you could have them sign up on websites such as Airbnb, Silvernest, and Peerspace.
Keep all documents related to the property handy and pay taxes as per the regulations. It will benefit both the landlord and the tenants.
Getting Reverse Mortgage
If your parents and grandparents have a piece of property and they want to earn a stable income from it, they can opt for a reverse mortgage. In this type of mortgage, the lender pays the borrower a certain amount of money instead of taking it from them. After the term, the house belongs to the lender – the bank or the financial institution.
Every senior citizen might not be eligible for a reverse mortgage. It will depend on the condition of the house or property, the health condition of the owner, and their life expectancy.
While reverse mortgages ensure a steady income, they also come with various drawbacks. So, research the pros and cons well before opting for it.
Online Tutoring
If your retired parents or grandparents are skilled in a particular profession, they can pass on the knowledge. Online tutoring is slowly becoming popular as more and more people have started relying heavily on the internet. They can teach young kids or professionals who are looking for mentorship. Various online websites collect lecture videos from professionals or take online tutors for their platform. You can teach online or provide pre-recorded video lectures for a fee.
Alternatively, you could build a website for them to sell their courses in video and e-book format. Opening a YouTube channel and posting video lessons online can also be another way. However, it might take some time to grow the channel and earn something from it.
Freelancing or Consultancy
If your parents and grandparents have been professionals, they can easily continue their work to earn money. They can sign up on various freelancing platforms such as Upwork, Fiverr, Peopleperhour, and Guru, and start selling their services. Freelancing opens up the opportunity of working with clients from all over the world.
This global reach not only broadens their professional network but also allows them to explore remote opportunities. Moreover, with the convenience of remittance services, like the option to easily send money to Bangladesh, they can effortlessly receive their hard-earned wages from any corner of the globe, making it a seamless process to support freelancers worldwide.
Alternatively, they can open a consultancy firm and provide services to other businesses and individuals. Marketing consultancy is very popular nowadays. With more and more businesses going online, the need for a marketing consultancy is higher than ever. One of the major target markets for this consultancy service can be new moms.
As both freelancing and consultancy are project-based work, your parents or grandparents will be in complete control of the projects and adjust the workload as per their comfort.
In today’s age, more and more senior citizens are engaging in various side hustles post-retirement to stay occupied or to supplement their income and manage their debt. Whatever the reason might be, finding something they are interested in can bring them the money as well as the happiness that is much required at this age. As a beloved family member, you can help them build something out of their side-hustles and see them pursue it passionately.
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