Australia - Retirement Income Ideas

Retirement is a luxury for many Australians in the year 2019.  In Australia, there is now an increasing number of retirees living in poverty. These people never had a chance to own a home so the rent costs are eating most of their finances.

Click here for the OECD report on poverty in Australia.

Actually, there's no "set" retirement age in Australia. I've met many people who say that they would be considered retired when they can no longer work. I think that's a great way to positively think of retirement and I would apply the same thinking to my life. The Age pension starts at 65.5 years old. However, by July 2023, the Age pension starts at 67. There are current proposals though that Age pension will be at 70 years old by year 2035.

To be more grounded, for the purposes of this article, let's talk about productive retirement. 

Productive Retirement Income Ideas

The list of ideas below are applicable to those people who have less capital to invest in a business and stocks but are still able to work at least 2 to 4 hours a day.

1. Selling low-maintenance plants on Facebook and Instagram or the local community market

2. Cleaning services

3. Pet-sitting

4. House-sitting

5. Tutorials: piano, guitar, math, writing for kids aged 5 to 8

6. Teach English online.
7. Selling cakes, pastries at the local market

The best possible outcome in these ideas is a collaboration of elderly parent and adult child.  It's a productive and bonding moment to engage with your elderly parent on periods where they feel productive.  Even just taking them to the market and helping to clean up after would be a therapeutic activity.

For a variety of income ideas (using some level of technical & computer skills), please visit this link.

I hope this helps!