No more sitting in a rocking chair. You will work in retirement. If you didn’t think that, it is time to get your mind set straight. Whether you are living off Social Security alone or sitting on a billion dollars in assets you will work in retirement.
Many people will want some kind of side income to supplement other retirement income sources. If you are fortunate enough to have a large retirement portfolio your work might be managing that portfolio responsibly so that it takes care of you and the causes you care about. Some people will work very hard at a volunteer job where you make no pay but do great good and receive great satisfaction. Most will do a combination of things.
Now for the good news. There are studies that show that the longer you work the longer you live, and the longer you stay healthy. It’s that simple. There is a direct link between work and quality of life. I’m sure many of you know examples. One I know personally is a friend of my wife. This lady has had a business making custom doll clothes for as long as I can remember. She also has had some health problems that probably would have ended the life of a less active person since she was about 70. She is now in her mid 80s and still going strong, and still running her part time doll clothes business!
Let’s look at some kinds of work:
- Part Time Job / Flexible hours
- Encore Career
- A Business – Full or Part Time
- Volunteering
Part Time Job
This is probably the most common kind of work for retired people. It can take many forms. It could mean continuing your before-retirement career, but on a part time or more flexible basis. It could simply be a basic part time job where you make a little side income. Something like the millions of part time retail jobs comes to mind. Another possibility is temporary work where you work for a few months to make some extra money for a trip or special project.
Encore Career
It is becoming more and more common for retired people to take on whole new careers. Maybe you did the same kind of job for all of your life and you always wanted to try something different. Sometimes you want to do something for passion, rather than money. Or maybe your old career went away because of changes in the economy and you want to use the opportunity to try something different, while at the same time earning some much needed income.
Starting a new career in your fifties, sixties, or later is not really any different than when you were younger. You still need to do your research and maybe get some training. Maybe you even need to go back to school. The trick may be simply not to think too much about your age.
A Business – Full or Part Time
It is also becoming more and more common for people to start a new business in retirement. This may be the time when you have the time, energy, and passion to make that happen. Again starting a business at this time is not much different than at any other time in life. You need to do your research, find a product or service that is needed and people will pay for, assess risk, and all the myriad of tasks associated with starting a business. It may pay to start slow or part time, and it probably doesn’t make sense to risk more than you can afford to lose from your financial assets.
Volunteering
There are many good causes out there that desperately need people. They need your time and possibly your life experience. If you can’t find a cause that fits then maybe you should start your own. Don’t forget the simple things like helping the elderly lady down the street with errands or giving a single Mom a break by watching her kids for a couple hours.
What will you do for work?
So what will you do for work? Maybe start by making a list of possibilities, letting it rest for a few days, and then make some revisions. As is often the case the topics I have touched on above need to explored in much greater depth, and we will in future articles.
Until next time…
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