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Nearing Retirement Age But Not Enough Income?


Pension funds and retirement nest eggs have taken a nose dive due to the economic crisis. Many who planned on early retirement realize they cannot afford to retire. Others who are forced to retire due to pension fund laws or company plans still need to generate an income. Social Security and other Pensions are not enough anymore. Other avenues must be found or created to supplement a dwindling monthly cheque. Consider these alternatives to retirement, and consider retirement a new start on life – a new phase in careers.

Don’t Dismiss Retail

The jokes abound about the Walmart greeter, but really, what’s wrong with part time retail? While workers mostly start with minimum wage, the idea here is to supplement the basic income, not be the main source. (Unfortunately, for many this may not be true).

A part time worker usually does not have the same responsibilities, so often the majority source of stress is gone as well. And most stores of all kinds offer some kind of employee discount. Working in a supermarket or grocery store would be a great advantage to anyone on a budget, with a small added discount on food purchases.

Small Business or Franchise

Consider starting up a small neighbourhood service, or use a small amount of savings to buy an established name. Don’t consider something not familiar. For example, if previously yard work was accomplished by personal care, then think about opening a WeedMan franchise or starting up a small landscaping business. The idea is to use personal experience and business smarts to create the business plan and implementation; then hire students to do the physical work. The beauty of this type of work is that in winter the company can now offer snow removal – and again employee students to do the actual labour. There are also government incentives to hiring students.

Worked in accounting most of the working life? Consider using those skills as a tax preparer – not just for the April crunch, but year round. There are many courses to help, and of course lots of government help for those who don’t mind waiting on the phone.

Great on the feet? Consider teaching others to dance. The opportunities are endless, and limited only by imagination or attitude.


This is where many newly retirees really go after termination from a particular company – they start providing consulting services to that same company and/or similar ones. Often retirees are just off the full time payroll and take on the same responsibilities as before but on a part time wage and basis plan. It is a good idea to investigate before that retirement date to see if the company is interested in this type of arrangement.

Bottom Line

Retirement doesn’t always mean being put out to pasture, and many cannot afford that luxury anyways. Think of what experience those years of employment have created, and think of how that can be applied to a new career, albeit part time. The benefits of working in retail usually offers a discount on goods; consulting allows the employee to continue in a profession they love. Starting up a small neighbourhood business keeps the brain cells working while using students alleviates the physical drudgery. The only limits are imagination and attitude.