What are the 3 best jobs in retirement?
The Uber service in North America reports that a quarter of its drivers are over the age of 50.
Within that segment is a growing market of retirees wanting a flexible job to top up their pension income.
Why keep the car locked in the garage, when you can use it to earn? Why let the dust settle in the spare bedroom when it can be rented out on Airbnb to tourists staying a day or two? Why walk and feed your own dog, when adding one more takes no more time?
The accountancy firm PwC estimates the sharing economy will grow from US$15 billion in 2014 to $225 billion in 2025 as digital savvy retirees increase (NZ$20 billion to NZ$312 billion). Technology is the gateway to what has become known as the "sharing economy". By sharing your time and assets you can unlock an income.
Uber Driver
Last week I took five trips in Uber vehicles. Two were in a Toyota Prius, two in a Mercedes and one in a VW Passat. The drivers' names were Lukasz, Kalin, Sajjad, Aziz and Kevin. The Bulgarian driver Kalin gave the best rundown of London landmarks we were passing, but we rated them all five-stars on the Uber app, because their cars were immaculate and they were so polite.
The fares ranged from £5.15 (NZ$9.54) to £18.67 and the longest wait for a car to arrive was six minutes. And no, I don't have a photographic memory. All this information is saved in the Uber app. No money changed hands as my card details are stored by Uber.
In New Zealand I've not used Uber thanks to living in a small town. Their website tells me Redcliffs to Christchurch Airport will cost $46 to $62. A couple of years ago that trip was always over $80. Another test shows Karori to Wellington Airport at $24 to $33. These days you'd be lucky to get from Lambton Quay to the Airport for that.
For those who haven't seen it in action yet, grab a grandchild under the age of 34 and start downloading the app (70 per cent of Uber users in the US are 16 to 34-year-olds).
I'm only ahead of my demographic, thanks to a young doorman in the back streets of London. We got caught in pouring rain outside a restaurant and watched a swanky young couple push a button and get a Toyota Prius in two minutes. There was a one-hour wait for a mini-cab and a black cab would never drive into this side street. He took my phone and downloaded the app.
Pet Sitting
Pet sitting services are flourishing because namby-pambys like me won't put their dogs in a kennel. While we are away our terrier Henry is sitting by the fire in Wellington with a lovely retired couple. He flies up on Air New Zealand for his annual holiday, relaxes on the couch and shares his bed with a female fur-ball called Alba.
Back in Nelson his needs are catered for by Wendy's Pet Sitting Service. He's been matched with another retiree. I book and pay online, easy peasy.
Bed and Breakfast
Grab that grandchild again to give you a tour of Airbnb. Chances are they've used it. Fancy a trip to Wellington? You'll find the coolest container home that sleeps eight for $300 a night and a small room with a futon for $19 a night. The average price for a room is $66 and $195 a night for a whole house. Tourists like real homes full of old local knowledge.
Uber and Airbnb have cracked open a new market for consumers and they're creating explosive economic activity beyond the capability of the taxi and hotel association alone. Those who can afford travel and a bed will spend in restaurants, entertainment and tourist activities.
Technology brings a whole paradigm shift in the world of employment and rather than fight it, it pays to define and target your own market. While in London I also stayed in a normal hotel, took a black cab from Paddington for ease and used Addison Lee the mini-cab company to the airport as we wanted an advance booking.
There's a place for everything and a world of opportunity out there for the retirement market looking for income. Uber, Airbnb and pet sitting have to be three of the most flexible income sources for over-65s.
Janine Starks is a financial commentator with expertise in banking, personal finance and funds management. Opinions in this column represent her personal views. They are general in nature and are not a recommendation, opinion or guidance to any individuals in relation to acquiring or disposing of a financial product. Readers should not rely on these opinions and should always seek specific independent financial advice appropriate to their own individual circumstances.