Financial stability for older adults is of utmost importance. One should have enough savings to last at least a year after retirement while you work out what you will do.
The average retirement age of employees in India is 60-65. However, even after retirement, people find themselves able to contribute to society. They have the mental sharpness and physical strength to work for a decade or so longer. Working after retirement not only ensures that you get your normal routine back, you also earn money and keep yourself busy. The more engaged you are, the more you can avoid mental illnesses like depression. Similarly, by earning money post-retirement, you ensure financial stability in your later years. You can save this money for travel and other hobbies.
Here are different career options for different professionals. You can choose ones that interest you most and can continue working in your field as well.
Many banking employees have expertise in interpersonal relationships, general banking and fund management and general management, including human resources. A few of them even have expertise in specialized areas like foreign exchange, trade, international banking, and conducting in-house training sessions.
A retired banker has the experience and insight that many banking and non-banking private-sectors are looking for. These organizations, that are usually start-ups, do not have the facilities to provide in-house training. They prefer personnel with an experience that they can absorb into the workforce. As a retired banker, you will fit the bill perfectly. You can also take up advisory or consultant roles at private banks in matters of foreign exchange, international banking, etc. you can also opt for supervisory jobs according to your experience.
Many bankers have also done CA (Chartered Accountancy) courses. CAs are always in demand with private sector companies, both big and small.
Teachers are the givers of knowledge. Many people remember their teachers, even years after passing out of school. The best part of being a teacher is that your skills never go out of use. You could be a teacher of a specialized subject or a general teacher. Many students, right from a very young age to graduates, need coaching for various topics.
As a retired teacher, you have the experience that students need to help them progress in life. You also have the knack of teaching impressionable minds so that information of value is embedded in their brain. You can give them useful tips for passing in exams and other information that can help them succeed.
There are a variety of options retired teachers can explore. You can start your own tuitions at home, work part-time at a school or even join private coaching institutes. If you have a specialty in a particular subject, you can join a college as an associate professor. If you were a PT teacher at school, you can run classes for gymnastics or cycling.
If you have retired after working as a marketing executive, you are at a distinct advantage. Private companies are always looking for experienced people to market their brand. As a retired marketer, you have the experience and the knack to convince your clients and customers. This is very beneficial for companies, especially smaller ones that cannot afford to maintain their own marketing team.
With your experience, you can help them cut costs on recruitment and increase their efficiency. You can also take up an advisory role for private companies if you have a specialized field of marketing.
Other options for retired marketing professionals are the various selling businesses you can run from home. These consist of a wide range of products from make-up to tea to even garments to health products. Choose which product you would like to sell and start marketing them. There are various companies like Oriflame, Amway, and Herbalife that you can tie up with and do your business. Most of these companies offer attractive returns including foreign trips for their marketing agents.
Life Insurance Corporation (LIC) of India also takes up agents of all age groups to market their policies. A LIC agent is a respectable job and you can earn well too as you understand client problems and can advise them wisely with your experience. If you have a head for figures and can maintain premium amounts and periods of the policies in an organized manner, this is a good career option for your post-retirement period. The best part of continuing marketing activities post-retirement is that, after the initial visits, you can continue it on your laptop or smartphone.
If you have retired after working as a government employee in any capacity, your immediate concern will not be money as people who have joined before 2004 will receive pensions. However, the most difficult part after retirement will be the question of how to pass your time. After years of structured work timings and strict routines, it is very difficult to come to terms with so much time on your hands.
If you are receiving a good amount of pension, you can study market trends and invest wisely for the future years. This in itself is a full-time job. You can also take up medical insurance for yourself and your spouse. If you were an employee of the Central Railways, you can travel all over India at subsidized rates. You can also take up your hobbies and spend time learning new skills.
If you do not receive a pension, or if the amount is too less, you can take up coaching classes for people who wish to take up competitive exams to apply for government jobs. These exams are usually multiple-choice questions with negative marking for wrong answers. The topics cover various areas like general knowledge, reasoning, and mathematics. You can help potential candidates clear these exams. Some private organizations also look to having experienced government employees on their advisory board. You can advise them on government policies with the internal knowledge that you have.
Retired defence employees are known for their discipline and routine. Most of the defence employees also maintain their health in good condition even after retirement.
Even though defence employees can avail of pension after retirement, you can pursue some activities according to your field of interest. You can take up fitness classes and life skill training classes. Many ex-defence professionals also opt for dog training which is a very lucrative and rewarding field of work. Dogs need strict discipline and as retired defence personnel, you can instill such discipline easily in them.
A doctor has a very busy work life, sometimes not sleeping for days in a row. It also deals with the lives of patients and thus a doctor has to keep his mind sharp at all times. Older adults find it very difficult to keep this up as they age and often hand over their practice and retire early. However, it is their bread and butter and once you stop practicing, you lose your income. However, it is not a reason to feel disheartened.
You can work as a consultant or even a locum at private hospitals. Hospitals are always short of manpower. They are on a lookout for experienced doctors to fill their panel. You could also use your experience to join their advisory board.
Many private companies, especially those which are involved in the manufacture and marketing of consumer goods, look to employ doctors to advise them on safety issues. These companies want doctors to make sure that their products conform to health standards. An experienced doctor is the right fit. However, you have to keep updating yourself with new medicinal and tech knowledge periodically.
Lawyers and Judges
While lawyers can practice all their lives, judges have specific restrictions on them. For example, a High Court judge cannot practice as a lawyer for the court he has retired from and in district courts. These rules severely restrict judges’ ability to take up work post-retirement.
However, many judges are taken up as heads for various government committees like the Human Rights Commission or the National Law Commission of India. Judges can also join the legal advisory boards of larger companies or even multinational companies.
Have we missed out on your profession? Do let us know what you think about this article in the comments.
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