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Tips for Retirees Who Want to Keep One Foot in the Workforce
While retirement is the end of an era, it’s also a time of great possibilities. With fewer obligations comes a great deal of flexibility, and while some retirees use this free time to take up hobbies, spend time with loved ones, or travel, there is now a noticeable upswing in seniors choosing to continue working beyond retirement. It’s an interesting trend indeed, and one that’s worthy of a closer look. If you’re interested in working post retirement, take a look at these tips.
Why go back to work
Research reported in USA Today shows that people live longer now more than ever. With this in mind, you could be looking at 30+ years of retirement. For many, this scenario is far from blissful as it means living off one’s savings, which—considering the current economic climate, rising medical costs, and inflation—is not feasible for everyone.
It’s no surprise, therefore, that more seniors are rejoining the workforce for financial reasons. While some continue to work to ensure that bills and long-term care are covered, others do so to fund hobbies and travel. It’s also a great way to increase benefits like Social Security, which could then be used later in life.
And then there are reasons that go beyond economics. For many seniors, working provides them opportunities for social interaction. It also fosters continued personal growth with a chance to learn new skills and contribute to society.
What you can do
Know that there’s really no shortage of opportunities for seniors who want to go back to work. With so many jobs available for retirees, it’s a great time to get out of your comfort zone and pursue something worthwhile. A few things you can do:
After decades in your field, you undoubtedly have plenty to offer. So why not pass on your knowledge to a new generation of workers? It’s not unheard of for seniors to impart their valuable expertise by teaching. It’s also possible to continue working in your industry through consulting. Not only can this be lucrative, but as Harvard Business Review notes, getting started is a real breeze. Just tap into your existing skills and start recruiting your clientele right off the bat, and you’ll find the transition easy-peasy.
For seniors wanting to expand their horizons, a job that serves the community might be ideal as it’s a good way to integrate and increase social interaction. It’s also a chance to try something new. This can be anything from babysitting or tutoring young kids to driving an Uber or making deliveries. You can even consider working for the local library or town hall.
Sales is another career that’s worth pursuing post-retirement as there’s money to be made and it’s a great use of your social skills. Best of all, it’s very flexible, so you get to work on your own schedule and still have plenty of time to do the things you love.
4. Start a home-based business
If you’re interested in working during your retirement but you don’t want to answer to an employer, you might want to consider starting your own home-based business. You’ll be able to set your own hours, determine your workload, and pursue your passion. If you’ve never started a business before, you’ll need to write a business plan that lays out how you’ll structure, market, and get funding for your business. Learn how to start a company with ZenBusiness for more details.
There are a number of different strategies that entrepreneurs can use to find funding for their home businesses. One option is to seek out small business loans from banks or credit unions. These institutions may require a strong credit score in order to qualify for funding, so it’s important to monitor your credit report and address any issues that might be affecting your credit score. Another option is to explore grant programs or crowdfunding websites, which provide access to alternative sources of funding and give you the chance to pitch your business ideas directly to potential investors.
Stay mindful of your time
Keeping a foothold in the workforce is an exciting prospect, especially if you’re eager to tap into your talents. But remember the need to maintain balance in your life. You’ve worked hard to enjoy retirement, so it’s best to avoid throwing yourself back into a 9-to-5 grind. Keep to your social schedule, spend time learning a new hobby, sign up for a tai chi class, or take a vacation. Do whatever you need to make the most of retirement while still generating extra income.
Suffice it to say, if life after retirement isn’t meeting your expectations financially or socially, consider going back to work or starting a business. You might find yourself pleasantly surprised at what the future holds.