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PGIM India Mutual Fund today announced the release of its compendium titled ‘Renew Recharge But Never Retire’. It is a compilation of 50 hobbies/gigs that can be monetised, helping one pursue financial independence in later life. 

On average, people across the globe are living more than six years longer in 2021 than what they did in 1990, shows a new study published in The Lancet. According to the study, the life expectancy in India has increased by eight years in the past three decades. 

Longer lifespans necessitate more careful planning to ensure a comfortable and secure post-employment phase. This becomes a critical aspect for the younger generation who aspire to retire early. Effective financial planning involves not only saving but also investing wisely to outpace inflation and preserve the value of your investments. Thus, the role of a financial advisor becomes crucial in this landscape. An advisor can guide individuals in crafting a tailored retirement plan. 

“Research shows that retirement may lead to a decrease in mental stimulation which can impact your cognitive health and also have a bearing on physical health. Thus, learning new skills that continue to keep you active, not only counteracts this decline but also provides a sense of accomplishment and purpose. The simplest way to generate a source of income during your later life is to utilise your skills, experience and contacts in the field where you have spent most of your working career. Alternatively, you can work on building a passion/skill which you already pursue as a hobby and monetise it,” says Ajit Menon, CEO, PGIM India Mutual Fund. 

PGIM India Mutual Fund’s Retirement Readiness Survey 2023 released earlier reveals that Indians are seeking various ways to add to their income by monetising their passion and acquiring new skills to fuel their aspirations post-retirement. Almost 36% reported having a secondary source of income and a further 39% reported that they are considering having a secondary source of income in the future. On average, 70% of those who have a secondary source of income felt better prepared for retirement. 

In contrast, worry about ‘lack of an alternate source of income’ related to managing finances post pandemic showed a significant jump from 8% in 2020 to 38% in 2023. The research further shows that there has been a conscious effort towards building human capital, where 5% of income is allocated towards skill development or education loans.  

Working on this insight, PGIM India Mutual Fund has compiled a list of 50 gigs which you can explore and pursue to become financially independent in your later life.

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