4 Ways to Enjoy Retirement While Earning Extra Income

For many Kenyans, retirement is viewed as the ultimate reward after decades of hard work, a chance to rest, spend time with family, and slow down.

But the reality for many retirees often looks different: long, empty days, dwindling social circles, and the uneasy feeling of not being useful anymore.

In countries like the US and across Europe, retirees have tackled this challenge by reinventing retirement by turning their skills, passions, and free time into meaningful and income-generating activities.

Kenyan retirees can borrow these ideas to stay active, engaged, and financially comfortable.

Step 1: Finding Purpose Beyond the Pension

The first step to a fulfilling retirement is to replace the void left by a daily routine with meaningful activities. In Kenya, this is often rooted in community and a return to one’s roots.

1. Cultivate a passion

For many Kenyans, the idea of retirement is linked to returning to a rural home, or "shags." This move offers a perfect opportunity to get involved in small-scale farming or agribusiness.

It can be a hobby that provides fresh produce for the family, or it can be scaled up to supply local markets. Cultivating crops like sukuma wiki, tomatoes, or even high-value herbs can be incredibly rewarding and physically active.

2. Mentorship: 

After decades of experience, your knowledge is a valuable asset. Retirement is the ideal time to become a mentor, sharing your expertise with the next generation. 

This could involve mentoring young professionals in your former field, volunteering at local schools to guide students, or leading community-based projects. Many retirees find a deep sense of purpose by joining church or mosque groups and helping with community outreach programs.

3. Learning

This could be anything from mastering a new language to learning how to use modern technology or joining a chama (informal savings group), a book club, or even a local aerobics group. 

These social structures are vital in Kenya, as they combat loneliness and provide a built-in support system and network of friends.

Step 2: Generating Extra Income in Retirement

While a pension from NSSF or a private scheme may provide a basic living, earning a little extra income can offer financial freedom and a greater sense of security. The best part is you can do it on your own terms.

1. Consulting and Freelancing

A Professional career gives one a wealth of specialized knowledge. This can be turned into a consulting gig. A retired accountant could offer part-time bookkeeping services to small businesses

A retired project manager could help non-profits with a specific project. There is also an opportunity for one to use digital platforms to connect with clients seeking specific skills on a freelance basis.

2. Small-Scale agribusiness

Small-scale poultry farming (keeping kienyeji chickens), beekeeping, or dairy farming can generate a steady stream of income. 

The produce can be sold directly to local restaurants, to neighbors, or through organized cooperatives. The initial investment is relatively low, and the work can be done at a comfortable pace. Being actively engaged in the project can also make you busy during your retirement.

3. Renting and Leveraging Assets

If you have a spare room in your compound, you can rent it out to students or young professionals.  Many retirees in urban areas leverage their properties by converting a part of their home into a rental unit or using it as an office space for a small business.

Those planning to retire can also undertake to build rental units, which can become a source of income during retirement.

4. Tap Into Digital Opportunities

Retirees in the U.S. and Europe increasingly earn from home, and Kenyan retirees can do the same with basic digital skills.

You could start a YouTube channel or blog sharing farming tips, life stories, or travel experiences, and earn from ads and sponsorships over time. Retirees with professional backgrounds can write freelance articles, e-books, or CVs for clients on digital platforms.

The journey to a fulfilling retirement in Kenya is a blend of purpose, passion, and practicality. It's about recognizing that your professional life may have ended, but your ability to contribute, learn, and earn has not. By embracing a new, active lifestyle and leveraging the opportunities available, Kenyan retirees can ensure their golden years are truly a time of prosperity and contentment.