Money Matters for Retired
Working after Retirement

Many retirees today, being physically and mentally active as they were in their fifties, find the idea of retiring to a rocking chair, poring over newspaper, mucking about and playing with grandchildren uninteresting. More and more retirees in India are unwilling to let skills and experience gained over the years gather dust. As longevity increases, most retirees believe their savings may not sustain them for the next 25-30 years. Working for a few more years helps them beef up their corpus. Having a job also helps retirees keep mentally and physically fit.

In fact there are many factors in favour of you for working. You have the skill, talent, stability and maturity and now that children are settled and you would have fulfilled all financial commitments and most probably have ample time.

If you have expertise in a niche area firms will be glad to hire you since experts are welcome everywhere whether they retirees or not. This is truer in sectors like automobile engineering, pharmaceutical research and biotechnology.

Second career post retirement

Start with the field that you know best. Make a list of possible jobs you can do and the average salary that is paid. If your negotiating and work skills are good, you could dicker for the same salary, otherwise agree to do the same job for a lower salary. Smaller companies that are unable to hire experienced people at high levels will be eager to sign you up if they are convinced you can add value at a lower cost. Agree to work on a project basis as a retainer or consultant. 

To land a job you need to tell people you're available for hiring once again. You can call up former bosses, colleagues, subordinates and clients. Post your availability on social and business networks. Join professional communities and industry groups to meet potential clients and view job postings.

According to a survey based on resumes in Timesjobs.com, top areas that 60 year olds are looking for jobs are engineering, front office/administration, IT/telecom services, accounting/taxation jobs and financial services. Top sectors that are in demand for retirees are IT/telecom, banking and financial services, accounting, retail, education & training.

Popular options for post-retirement career

1. Consultancy

If you have in-depth knowledge in a particular domain and experience working in it you can provide consultancy of your domain expertise and skills acquired to individuals and firms. One can even start a consultancy business which is does not require huge capital investment. One can use industry wide contacts to start consultancy business.

2. Marketing

People with good communication skills can take up marketing work with direct selling companies like Amway, Tupperware or such organizations. Information on direct selling companies can be found on idsa.co.in. You can also try your hands as a real estate agent. You can either join a broker or work independently to find houses, buyers and just few deals a month can earn you a decent commission. It will help you to work as per your convenience and will also boost your social circle while earning a decent income. Your former employer could be a client you want to work for.

3. Teaching

Retirees with experience in marketing or in the research field can give guest lectures in management schools. If someone is from IT background, he/she can join Engineering College or even start a coaching center. If have lot of patience and love teaching kids you could approach the local school for a teaching position. Or you could even be a librarian in a school. Taking home tuition is also a very popular medium to opt for post-retirement as it will earn you a decent income working from home.

4. Capitalize on Hobbies

After retirement, you have plenty of time to pursue your hobbies. Think of ways that will help you earn money while enjoying your hobbies. If you are an amateur photographer, you can take up stock photography and put them on stock photography sites, sell them online or get associated with some company to work on some assignment. 

If you have a flair for writing, you can start a blog and monetize it with different Ad revenue sharing programs. You can work as a freelance editor, create advertisements or contribute to newsletters. If you expertise in a particular domain like economics, scientific technology, etc you can be a freelance writer in magazines and journals.

If you are good at a specific art such as painting, pottery, music, dancing one can put up their creations at local exhibitions and even give classes to instruct others in the art. If you're great at cooking, knitting or tailoring you can take orders for people and make money out of what you enjoy doing.

The possibilities are endless. There are many work options a person can engage in even after retirement. You just need to think differently to spot opportunities and have the willingness to put in some hours daily or regularly. Know where your true skills and interests lie to live a comfortable and interesting retirement life.

If you don't like a 9-5 job you could consider a part-time job. Holding a part-time job can have many advantages. Part-timers still have the chance to interact with colleagues and be part of the camaraderie often found in the workforce. The extra paycheck can help pay for special treats, such as nice dinners or new transportation. Many employers welcome someone with decades of experience to mentor younger workers.


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