A lot of people are looking forward to retirement due to all of the advantages it brings. Seeing as how you will have more free time, you will get to enjoy it with your grandchildren, go out more and spend your energy and resources on passions you always wanted to pursue. However, not all social, emotional and especially economic effects of retirement are positive ones. Moreover, your financial problem can go as far as to pose a serious obstacle, especially for those who looked forward towards traveling the world after they retire. So, in order to avoid this issue, you might want to look for a way to earn money even after you retire.
1. Start doing part-time on your current occupation
The first thing you could do is stay in your current position as a part-time worker. The best thing about this idea is that it not only improves your financial situation but also makes your transition into retirement much smoother. Because you haven’t changed the company you work at, there is no need for you to go through a difficult adjustment period. Furthermore, you won’t have to learn new skills or get accustomed to a new position. On the other hand, you will still get that extra free time and the best of both worlds.
2. Try freelancing
Another great idea you might want to try out is freelancing online. The variety of jobs present on websites such as Freelancer and Upwork is simply astounding, which will give you an opportunity to find something that meets your skills the best. Even better, you might get to do something you always wanted to, like write your own short stories. Finally, due to the fact that you already have many years of experience in the industry, you could start teaching or consulting.
3. Start your own business
Some people are simply sick and tired of working for others instead of themselves but believe that leaving their job in order to start a business of their own is risky or even reckless. This is why retirement might be the perfect opportunity for you to try this out. Aside from already having a steady flow of income to keep you on the safe side, you are now much more experienced and knowledgeable of the business world than you ever were before.
Aside from this, you might already have some valuable contacts in the business world which would allow you to start with a much more solid business plan. This especially goes for the issues such as outsourcing, seeing as how you may already have someone who works for an answering service, HR or IT to contact. Moreover, some of the people you have previously worked with might be looking forward to returning to the business world, which could potentially give you a great and reliable talent pool to choose from.
4. Downscale a bit
Sometimes, improving your income is not the only way to earn some money after retirement. In this scenario, the key to surviving lies in downscaling your lifestyle a bit. Your house may be too big for your needs or your sports car too luxurious for your current financial status. Downsizing to something a bit more moderate might give you a massive income boost and resolve most of your long-term financial problems in a simple and efficient manner. Nonetheless, it is more than understandable that this kind of austerity isn’t something that absolutely everyone is comfortable with.
Retiring is all fun and games, if you can afford it. However, health problems or other expenses could easily leave you struggling. If so, some type of reverse mortgage available when you turn 62 may be right for you. For example, you could qualify for a standard reverse mortgage or a jumbo one. The most important jumbo reverse-mortgage advantage is it provides you with more money. Regular reverse loans have lower caps. Otherwise, both agreements are about the same in the sense that you can receive money and not repay it as you enjoy your golden years. Neither loan type requires repayment for as long as you abide by the terms, such as continuing to reside in the house attached to the loan agreement.
5. Traps to avoid
Finally, people in their early retirement are often enthusiastic and as such prone to accepting scam jobs, which might result in a great loss of their time and assets. Mostly, these are standard pyramid schemes that promise great ROI for a moderate investment but usually don’t pay off. Not to be confused with legitimate Multi-Level Marketing companies, pyramid schemes usually aim at collecting the entry fee from their ‘future representatives’. In other words, if someone asks you to pay the fee for the right to sell their product in the first place, there is a huge chance that what you are looking at is a classic pyramid scheme.
The best thing about any of the above-listed ideas lies in the fact that they give you something fun to do aside from helping your household budget. You see, a lot of people in retirement find out the hard way that all those fun things they wanted to try out can be done in a relatively short time span, leaving you with ‘too much’ free time later on. While to someone who is currently working 60 hours per week this may seem like a dream come true, you would be surprised just how quickly one gets bored of it. With, any of the above-listed ideas, however, you won’t have to worry about this particular downside of retirement.
Emma Miller is a digital marketer from Sydney. Works as a blogger, Senior Editor for Bizzmark blog and a guest lecturer at Melbourne University. Interested in digital marketing, social media, start-ups and latest trends.