Turning your hobbies into cash
It can all leave you in a bit of a quandary. The retirement you’ve looked forward to all these years is fast approaching. You want to kick back and relax a little. You have any number of hobbies you’d like to pursue.
But finances are stretched and you’re now wondering whether in fact you need to keep working beyond retirement age – according to figures published by the Office for National Statistics (ONS), the proportion of those aged 65 and over still in some form of employment is climbing all the time and currently represents more than 10% of the entire working population.
Getting the best of both worlds
But you might also want to consider the possibilities of enjoying the best of both worlds – taking up as many hobbies as you like for a satisfying retirement, but at the same time turning suitable hobbies into money-spinners to top up your retirement income.
A story in the Express newspaper on the 15th of July 2018, suggests that an increasing number of people approaching retirement are actively pursuing just such an initiative.
The article reveals that an estimated one in ten people over 50 and still in full-time employment also have a part-time hobby that they have turned into a “side hustle” or second job. Once retirement is taken, therefore, they are already poised to develop that hobby still further and, if necessary, turn an enjoyable activity into a welcome source of additional income.
Since it is the love of the hobby that attracted them in the first place, many of the individuals interviewed suggested that financial gain was probably not the only or most important motivation. The satisfaction of achieving personal goals and achievements often counted for just as much.
Examples of a hobby turned money-spinner might include:
- selling arts and crafts – or even many of your long-accumulated but little used personal possessions – on eBay;
- doing the same through car boot sales – where there is likely to be the additional fillip of camaraderie and friendship;
- baking and selling confectionery and cakes;
- hairdressing; and
- bookkeeping and accountancy.
In truth, though, there are many hobbies which might be a key to extra cash in your pocket. The choice is yours and likely to be dictated by your personal favourites as far as engrossing pastimes go. If you value the time, effort and creative achievement that goes into your hobby, the results are likely to be equally valued by paying customers.
One of the great unknowns as far as many people are concerned is knowing just how much income they are likely to need in retirement – there is a huge number of variables involved, so the financial planning is tricky to say the least.
So much depends on the resources at your disposal, the lifestyle to which you aspire in retirement, and of course just how long you will live.
So, for a careful, personally tailored financial plan as you approach your retirement, you might want to consider our expertise and experience here at Independent Pension Specialists to ensure that you are making the most of your potential.
This data is correct as at the time of writing