“money earners” in retirement

cfw1994

Mickey666 said:

Anyone needing to find “money earners” in retirement hasn’t got their retirement planning right.
Anyone needing to find something to do in retirement hasn’t got their life planning right.

What a beautifully planned yet apparently black and white world you live in!
If you have your "life planning" sorted to the point you pass, congrats!    Maybe share how you did that on a thread?

I somehow doubt everyone is in that exact place....
The examples I gave in the first message were friends who don't necessarily *need* the money (or maybe they do - who knows!), but that they fancied doing something beyond the cooking, gardening, volunteering, cycling, decorating, hiking, travelling, socialising, golfing, [insert fun stuff here] that they normally do, to perhaps take something on that maybe literally earns them beer money and gives something different to them.   Sounds fair enough to me!
I certainly agree many won't want to, but was curious to hear from those who do.

k6chris

According to my Facebook feed, people near me are making millions from trading bitcoin.  I mean it's on Facebook, so must be legit. How hard can it be??

ratechaser

Bank switching, regular savers, matched betting etc... looking at some of the boards on here, that's virtually a full time job for some retirees, especially with the paucity of deals currently on offer.

I'll probably do that, not because I 'need' the money, but it's always fun taking it off those institutions that need it even less. But if I were to do anything for an honest wage, it would need to be something that gets and keeps me out in the open air. Some form of delivery perhaps but with no Amazon-esque performance targets.

TBH though, it will probably lead me back towards volunteering, as I want something with as little stress as humanly possible (already had enough of that as a corporate wage slave to last a lifetime). And want to be able to just drop everything and travel whenever I want - paid employment tends to present barriers to that.

Will read this thread with interest as very much looking for ideas and inspiration for when it's my turn in a few years...

barnstar2077

annabanana82 said:

Mickey666 said:

Anyone needing to find “money earners” in retirement hasn’t got their retirement planning right.
Anyone needing to find something to do in retirement hasn’t got their life planning right.

But maybe that's part of their plans all along, I have a friend that is on track to "retire" from his very successful business in a few years time at 45. His plan is to have £1m in the bank taking £50k a year (no mortgage) and work part time in B&Q, Screwfix or similar, his wife will still be working and children still at school or uni but he just doesn't want the stress of the business for another 20 years.

Wow.  I cannot imagine why anyone would do this, but whatever floats his boat I guess!

I can't help but think though that there are so many projects he could work on, and ways he could volunteer without taking a job that someone else desperately needs to pay their bills.

strawb_shortcake

barnstar2077 said:

annabanana82 said:

Mickey666 said:

Anyone needing to find “money earners” in retirement hasn’t got their retirement planning right.
Anyone needing to find something to do in retirement hasn’t got their life planning right.

But maybe that's part of their plans all along, I have a friend that is on track to "retire" from his very successful business in a few years time at 45. His plan is to have £1m in the bank taking £50k a year (no mortgage) and work part time in B&Q, Screwfix or similar, his wife will still be working and children still at school or uni but he just doesn't want the stress of the business for another 20 years.

Wow.  I cannot imagine why anyone would do this, but whatever floats his boat I guess!

I can't help but think though that there are so many projects he could work on, and ways he could volunteer without taking a job that someone else desperately needs to pay their bills.

That's a very good point with the volunteering when you have no financial need to work. I don't know if him and his wife give financially to charity but they don't strike me as the sort that would give their time on a regular basis. 
But it does sound like the right thing to do in the circumstances 

Slinky

Anything of interest here to anybody?  https://www.censusjobs.co.uk/search-for-a-job/

Mickey666

annabanana82 said:

Mickey666 said:

Anyone needing to find “money earners” in retirement hasn’t got their retirement planning right.
Anyone needing to find something to do in retirement hasn’t got their life planning right.

But maybe that's part of their plans all along, I have a friend that is on track to "retire" from his very successful business in a few years time at 45. His plan is to have £1m in the bank taking £50k a year (no mortgage) and work part time in B&Q, Screwfix or similar, his wife will still be working and children still at school or uni but he just doesn't want the stress of the business for another 20 years.

Well sure, each to their own, but £1m in the bank and £50k pa income and he actually WANTS to work in B&Q as part of his life's ambition?    Sad that he clearly doesn't have enough other interests to pursue.

barnstar2077

annabanana82 said:

barnstar2077 said:

annabanana82 said:

Mickey666 said:

Anyone needing to find “money earners” in retirement hasn’t got their retirement planning right.
Anyone needing to find something to do in retirement hasn’t got their life planning right.

But maybe that's part of their plans all along, I have a friend that is on track to "retire" from his very successful business in a few years time at 45. His plan is to have £1m in the bank taking £50k a year (no mortgage) and work part time in B&Q, Screwfix or similar, his wife will still be working and children still at school or uni but he just doesn't want the stress of the business for another 20 years.

Wow.  I cannot imagine why anyone would do this, but whatever floats his boat I guess!

I can't help but think though that there are so many projects he could work on, and ways he could volunteer without taking a job that someone else desperately needs to pay their bills.

That's a very good point with the volunteering when you have no financial need to work. I don't know if him and his wife give financially to charity but they don't strike me as the sort that would give their time on a regular basis. 
But it does sound like the right thing to do in the circumstances 

I have a friend who is in his seventies.  I keep offering to do jobs for him because I love a good project and I hate to see things left to go to ruin when they could be saved.  At the moment I am trying to get him to let me repair his gate, it is rotten at the bottom, but I could easily cut off the offending bit, then patch it up and paint it.

So if your friend is pretty handy with his DIY he could get in contact with some local organisations and see if there are any vulnerable or elderly people near him that need some handy work doing.  It would also be a social thing for everyone involved, and we all know the elderly have the best stories!

Anonymous101

Mickey666 said:

annabanana82 said:

Mickey666 said:

Anyone needing to find “money earners” in retirement hasn’t got their retirement planning right.
Anyone needing to find something to do in retirement hasn’t got their life planning right.

But maybe that's part of their plans all along, I have a friend that is on track to "retire" from his very successful business in a few years time at 45. His plan is to have £1m in the bank taking £50k a year (no mortgage) and work part time in B&Q, Screwfix or similar, his wife will still be working and children still at school or uni but he just doesn't want the stress of the business for another 20 years.

Well sure, each to their own, but £1m in the bank and £50k pa income and he actually WANTS to work in B&Q as part of his life's ambition?    Sad that he clearly doesn't have enough other interests to pursue.

I've can't say I disagree. £50k pa income allows you to go most places in the world and participate in most hobbies. I can't say working at B&Q would be anywhere on my radar.

vulcanrtb

I've considered doing some Non-Executive Director stuff, just a few meetings a month/year. I know some who do it, but I'd rather have my first year in retirement completely work free, maybe something to do in year 2 of retirement.