I was able to retire at 55 after a 38-year full-time nursing career in the NHS in 2015. Even though I receive an Occupational Final Salary Pension, it still does mean that my income reduced by nearly 50%.
Having said that my outgoings are less and I am debt and mortgage free with savings from a lump sum payment. My pension does cover all my essential outgoings but naturally, we all like a little extra income. I do not wish to use my savings up for luxuries like holidays as I am hoping to be around to enjoy life for many years to come. Plus by looking at ways to earn a side income my grey cells remain active, I meet new people and I learn new things in life. 3 of the important factors to maintain a good state of Mental Health and well being.
Here is how to earn in retirement.
Become a Background Artist for TV and Films.
Traditionally Background or Supporting Artists were referred to as Extra’s but in recent years the role has been renamed. This is something I have signed up for and really enjoy. It is not an income you can become rich on, there are set standard day rates for the role and you are usually required to be signed up to a Casting Agency who take their percentage from the fee. Standard Day rates are around £75. The payment is usually made from the Production Company to the Casting Agency, who take their fee and pay you the remainder. For most shoots you are provided with the location to attend, starting time, known as call time, and the wardrobe requirements. Mostly a background artist arrives dressed and made up all ready to shoot. Despite the pay being modest you get to see the behind the scenes working of the industry, meet new people and are very well fed. Catering is always provided and the food is usually top class. All meals, snacks and refreshments. To sign up as a background artist perform an online search to find agencies local to you. There are larger countrywide agencies but more opportunities are available locally.
Offer your home to be used as a TV set or magazine location
There are agencies that you can register with, your house does not have to be a palace to be suitable, however, if it is extremely well decorated, spacious or quirky it can have multiple uses. The camera crews are extremely respectful and treat it with care plus repair any damage.
Rent out your parking space
Excellent income if you live near to a busy City Centre or large sporting venue. You can rent on an ad hoc basis or have a regular contract with one business or user.
Take part in Market research
As you have time on your hands you can be eligible to attend focus group either in person or via online video interviews. These can pay between £20 to £40 per hour and travel expenses. One good agency to start with is http://www.code3research.co.uk/
Sell unwanted items on ebay or buy from charity shops and car boot sales and upcycle
There are plenty of youtube videos out there to guide you how to do this and if you devote enough hours and effort to this the sky can be your limit. This provides my main side income.
With all of these it is important that you register with HMRC for self-assessment as you are eligible to pay income tax on any earnings. Again the Gov.co.uk website provides a whole host of advice about how to do this and allowable expenses that you can claim.