How to Never Depend on Retirement Benefits When You retire
You should be getting reward for hard work after retirement through pensions, expectedly from the government or whichever institution or company you have served with the most productive part of your life. However, most times, government and most of the institutions have been known to deny retirees their pensions and you begin to see someone who was well able to afford three square meals while in service become someone who is barely able to afford a meal per day.
In order to avoid falling into this kind of unfortunate eventuality, it is important that soon-to-be retirees have a “Plan-B” so as not to get there and get stranded. Most retirees are now taking to starting their personal businesses which they can fall back on after retirement, without having to rely on pensions. Asides that, many workers, even while still in service are already finding their way out of depending on retirement benefits after retirement because they know they might not get it. Whichever of these two categories you fall into, you might want know some of the strategies you could employ in meeting your needs, even after retirement.
Basically, the solution to being independent of retirement benefits is venturing into a business and this article has identified some of the businesses you can do after retirement.
- Blogging: blogging has no respect for age or gender, it has nothing to do with whether you are old or young, or whether you are already retired, or you will soon be a retiree. Blogging is for all. As a retiree or a soon-to-be retiree, you can start blogging, especially if you are the type that prefers to work from home. As a blogger, you could create contents along the line of your job or profession. For instance, if you are a retired nurse, you could start blogging by creating helpful health contents on your blog that people will find helpful and beneficial. Make sure your contents are loaded and educating, pull traffic to your blog by sending out links to various people. With time, Google will rate your blog and make you rank on its SEO, which would earn you profits in the long run. Then, you can monetize your blog by running Ads and get paid.
- Start mentoring and coaching: before or after retiring, you could start a mentorship and coaching session. There are people who need guidance in their lives and this is what (life) mentors and coaches do, especially if you specialize in a particular field, this is especially for you. You could be a career mentor to people in your career line, or you could be a life coach to many other people.
- Start interpretation and translation: translation is a reputable business you can do till old age. According to the U.S. Bureau of Labor Statistics’ Occupational Outlook Handbook, the hiring of interpreters and translators is projected to grow by 46 percent by 2022, much faster than the average for all other occupations. If you are so fortunate to have learned and understand a foreign language, you could earn with this skill by helping people and organizations to do interpretations and translations. Even if you do not understand any foreign language, you could do translations into any of the Nigerian languages you understand. Sites like Translatorcafé offer translation jobs to translators.
- Poultry Farming: poultry farming is one of those money generating businesses you could venture into even up till old age. There is a high level of poultry product consumption in Nigeria, people eat eggs daily and even chicken. You could start by securing a small space in your compound, perhaps your backyard. If the space is enclosed, you might not need a cage, but if it isn’t, you might need to build a cage. Once that is done, buy chickens, you can start with 10 or 20, depending on the capital you have at hand and put them in the cage, once they are mature, say after about three months, you will start getting profits from them, from the sales of eggs and from the sales of chickens. You can always restock anytime. With poultry farming, you do not have to bother about going to some work place, you work from home at the same time enjoying your retirement.
5. Start catering services: I see many government workers, even while still in-service venturing into this business. It is profitable and adventurous. If you have good culinary skills, you might want to consider venturing into this business after retirement or even before you retire. To start with, publicize and advertise what you do and start getting jobs. Make it known to friends and family, to people in your neighborhood, to your colleagues that this is what you now do, and that they should patronize you. In doing that, you already have potential clients. You can begin by renting cooking equipment and as you accumulate money in the business, you can begin to consider buying yours and hiring staff. You will realize that there is so much fun in it, with time.
6. Start a drugstore: If you have worked in the medical or paramedical lines, there are no special criteria to be met before starting a drug store. It’s funny that many people don’t know how much money they can make by operating a drugstore. All you need is to register your business with the Corporate Affairs Commission and with the Pharmaceutical Council of Nigeria and secure a good business location. Once that is done, connect with a genuine supplier and make people know what you do. Once that is done, you are good to go. By the way, you might want to get a CCTV in your store, especially if it’s quite big, because you don’t know who is who among those who visit your store. You may not be able to differentiate between genuine customers from thieves, which is why you need a CCTV to help monitor the activities going on in your drugstore.
Read Also: How to Make Money by selling Your E-book on Amazon
7. Sell cement: this is one of the most common businesses retirees venture into, in that it is very profitable and less demanding. You could be a retailer or start as a Dangote distributor. All you need do is secure a space or shop where you can store the cements and start selling after purchase.
8. Event planning: event planners have no limits. There is no age limit to event planning. Starting an event planning business is profitable for government workers and retirees. To start is very simple. You could start by planning a birthday celebration for a family or friend. If it is successful, you could announce to people at the end of the celebration that you are the planner and that is what you do. With time you’ll start getting clients.
9. Renting of properties: if you are the type that has invested in properties before retirement, now is the time to start renting them out. If you own a house, you could rent out some rooms for an amount, if you own wheelbarrows, you could rent them out to builders and so on and so forth.
There is no such thing as you can no longer work again after retirement. In fact, you can earn much more in retirement than in active service, and make a good fortune for yourself after retirement.
Trust me, if you have a functional business of your own, you will never have to depend on retirement benefits.
Hope you enjoy this article?
Share your thoughts in the comment session.
Contact us today for your business consultancy and business advisory services. We can help you fine tune your idea, structure your business, market your business, train your staff, consult on your retirement plan, coach you for financial success. We also write business plan and help with fund raising strategies and Grant applications. We can help you start, grow and expand your business.
Call or WhatsApp us now on 081 0563 6015, 080 7635 9735, 08113205312 or send email to email@example.com and we will solve any of your business problem.
- Katumu Adasi: How to survive in Nigeria without a job - February 11, 2021
- Top 5 business and services with the highest demands in Nigeria - January 4, 2021
- How to Become a Millionaire doing Rice Farming in Nigeria - January 4, 2021