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Part-time work that fits your life

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Returning to paid work is a straightforward way to top up retirement income and for many retirees it adds welcome structure and social connection. The key is to find work that matches your energy, schedule and interests, not just any paycheque. Also be sure that you are not taking on work because family members are costing you more than you can afford.

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Contract and consulting work suit retirees with specialized expertise, as organizations often value experienced professionals for project-based work that does not require full-time hours. Knowledge gained in fields such as accounting, education, project management, health care or skilled trades remains valuable.

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Seasonal and flexible retail or service jobs are another option, especially for those who enjoy interacting with people and want predictable hours. Many employers appreciate older workers for their reliability and customer-service skills.

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If you are still collecting or planning to collect CPP, note that working while receiving CPP before age 70 means you can still contribute to the plan and earn post-retirement benefits that will modestly increase your future payments.

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Turning a hobby or skill into income

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Retirement often frees up time for creative or hands-on activities that were not possible during a busy career. Many retirees find their hobbies can also generate income.

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Woodworking, jewelry making, photography, baking, sewing or gardening can lead to sales at local markets, online platforms such as Etsy or through community connections. Teaching skills such as music lessons, language tutoring or cooking classes offers another way to earn flexible, modest income.

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The goal does not need to be a full side business. Even a few hundred dollars a month from something you already enjoy doing can meaningfully reduce financial pressure.

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Generating income from your assets

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If you own your home or have other assets, there may be opportunities to generate income without selling anything. Renting out a basement suite, a laneway home or even a spare room can provide a reliable monthly contribution to household income.

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If your cottage or vacation property is unused for part of the year, renting it out seasonally can be a practical option. Short-term rental platforms make this easier but be sure to check rules, regulations and tax details first. Consulting an accountant is wise, and if renting is not a suitable option, downsizing your home may help reduce expenses.

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Building a retirement budget that reflects today

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Whether or not topping up income becomes part of your plan, regularly updating your retirement budget to reflect current expenses and income, including irregular costs and debt payments, will help you address any gaps as early as possible. For support with debt, you may want to seek support from a non-profit credit counsellor and for investment decisions, seek guidance from a qualified financial adviser.

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Retirement is not a fixed destination. It is a phase of life that keeps evolving. Adapting your financial approach, even modestly, can make a meaningful difference in how comfortable the years ahead will feel.

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Mary Castillo is a Saskatoon-based credit counsellor at Credit Counselling Society, a non-profit organization that has helped Canadians manage debt since 1996.

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