Rick was looking for some extra income to help make his retirement more enjoyable. He was also was seeking some more structure in his week and some social contact.
A flexible income for Rick
Rick met with Melinda from IncomeConnection who introduced him to a range of diverse ideas for earning extra income. He liked the idea of taking a portfolio approach to accessing an income from several sources. These include:
In summary, Rick works as much or as little as he likes. The ‘on-demand’ nature of the work enables him to pick and choose which jobs he wants to do at any given time and he has a lot of flexibility in his week.
He likes the variety and the social interaction. He has met his goal of sourcing extra income to make his retirement more enjoyable. He also defers drawing down on his super savings which means they last longer. If Rick wants to give this some focus, then he could earn $50,000 per annum. If Rick were instead looking for passive income, then another option may work better for him.
Rick checked out the impact taking this step would have on his age pension and tax. He also consulted with his insurer.
If Rick wants to work full time:
Airbnb: $600 x 37 nights = $22,200
$25 X 96 sessions = $2,400
$40 X 50 sessions = $2,000
3 days per week
$25 X 21 hours X 46 = $24,150
($25 per hour on average, 21 hours per week, 46 weeks per year)