The Retirement Newsletter: The three stages of retirement and side-hustles
Issue Number: -59 — The beginning, the middle, and the end — how will they fit in with my side-hustles?
Welcome
Welcome to issue -59, where I contemplate the three stages of retirement:
the beginning — all exciting and new
the middle — settling into retirement and finding your pace and style
the end — when old age begins to bite.
And how they may fit in with my plans for my side-hustles.
The three stages of retirement
Back in Issue -77 — I'm bored — keeping yourself entertained in retirement — I defined the three stages of retirement as:
a beginning
a middle
and an end.
And specifically:
The beginning
“A freshly minted retiree, fresh out of the box.
The world is all shiny and new and is stretched out before you.
Lots to do, lots to see, lots of energy.
The middle
In the middle stage — you have been retired for some time and found your ‘style’. You know the sort of retiree you are; you know what you like (and what you don’t), and you get on with it.
You have a rhythm, a schedule for your retirement.
The end
The end game.
Your health and general fitness limit what you can do. Your choices and options become restricted, and your energy levels dip. Your world shrinks.”
Will it be possible to run and manage side-hustles through these three stages?
Running side-hustles in your retirement
Not the plural of hustle in the above. Will you run a hustle or hustles? I guess it all depends on what you are trying to do.
I will be running multiple side-hustles.
But how am I expecting (hoping) things will play out during what I see as the three stages of retirement?
The beginning
At the start of my retirement, I plan to take a short break of a couple of weeks to decompress and relax. But, once I have taken my short holiday, I will use the momentum from my pre-retirement career and set up my side-hustles.
I am expecting to be busy at the start of my retirement.
I am planning on getting my side-hustles up and running (and I am already working on them), so I can get some extra cash for a few luxuries.
I enjoy what I will be doing as my side-hustles, plus I will be working for myself. So it won’t feel like traditional work.
I will be busy, but I will have freedom.
But, the ultimate aim is that my side-hustles, while requiring initial work, should become passive income generators and not need so much input as I progress through my retirement.
The middle
The middle and end stages are tricky, as you don’t know how things will progress. What will my health be like? My energy levels? I am hoping for a long beginning, a good middle, and, if I am honest, a quick and short end.
As I said above, I will have found my ‘style’ of retirement by the middle stage. I will know the sort of retiree I am, what I like (and what I don’t), and I will get on with my retirement. I will have a rhythm and a schedule for my retirement.
By the middle stage, I will have found which side-hustles are working and which are not. And, which side-hustles have the potential to become passive, and which do not.
At this stage, I will cull any side-hustle that requires a lot of time and input. I will explore ways to make any remaining side-hustles as passive as possible and investigate how to automate processes.
The end
The final stage will be tricky, and what I do will depend on my health and mental faculties.
I will continue some side-hustles into my ‘end-game’, particularly sidelines that are passive or don’t need much input.
I aim to keep writing and blogging for as long as I can.
There is one final problem. What happens to any side-hustles running and making money when I am gone? Who will shut them down? They will become zombie side-hustles?
Summary
So, I need to plan. I need to recognise the three stages of retirement and organise my side-hustles accordingly. A strong start, a coast through the middle and a wind-down at the end.
Tips and tricks — check the work
An odd tip/trick that you may find helpful — particularly if you have a 360º camera or know someone with a 360º camera.
I recently had the flat roof on my garage replaced. And it was surprisingly expensive.
The roof is not accessible to me but is overlooked by a window from the bathroom.
The firm I hired arrived on time, worked hard and did a good job. Or so I thought.
When they finished packing up to leave, it was dark, and they asked to be paid. I said I would pay them once it was light and I could see the roof. They were unhappy about this, and we agreed on 50% to cover the costs for materials. I said I would pay the balance the following day after inspecting the roof.
The following day, once it was light, I stuck my 360º camera out of the bathroom window on a long pole. I moved the camera across the roof and took a video.
Why a 360º camera? Well, you don’t have to worry about framing. If you can get the camera to a point where it can ‘see’, you can frame the shot and zoom in later using the software. Handy.
What I saw surprised me.
When I reviewed the video, I noticed that the lead flashing had not been completely sealed. There was no way I could have seen this from the ground. The rest of the work was excellent, but it wasn’t finished.
I called the company, and they admitted they had run out of sealant and said they planned to return the next day to finish the job.
Why didn’t they tell me this the night before when they asked for payment for the completed work?
They did return the next day as I still had half their money. I used the camera again to check the work, and it was all sealed. I paid in full.
The moral of the story — don’t rush to pay; look at the work. And if you cannot see the work, borrow a 360º camera and put it on a long stick!
Useful links
Some useful links:
NHS Get Active — some constructive advice on getting active
NHS Benefits of exercise — some advice on the benefits of remaining active
Next week
Next week in issue -58, I wonder if I can turn one of my favourite hobbies — and one I will have to fight against doing when I retire — that is, being a couch potato into a side-hustle.
Thanks
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Until next time,
Nick
PS, If you have something you would like to contribute to the newsletter — a story, advice, anything — please get in touch.