1/18/2012 5:54 PM ET|
5 ways to add to retirement income
Opportunities abound for retirees who, by choice or by need, seek to keep those paychecks coming. Here are some of the smartest avenues to explore.
Many of us want to retire and enjoy the relaxation that comes with that retirement. Others want to stay active and keep working, and for some, earning extra money is a necessity. Whether you want to work or have to work, there are many options available to help you find jobs, extra income or even second careers.
Retirees have many job skills to offer employers, but many also have the expertise to start their own businesses, to finally follow the dreams they've put off or to create an entirely new work path.
Wondering how you can keep the money coming in retirement? Here are a few ideas to get you started:
1. Be a consultant
You've probably worked in several occupations over the course of your career. Use that accumulated knowledge to your advantage. One of the first places you might look for opportunities is the company you retired from. You know that they now have an opening. You might suggest to them that you'd like to return as a consultant on a contract or part-time basis. After all, you're already familiar with the company, its product and its operations, so you'd be a perfect consultant.
You can also consider working for a startup company. Many young entrepreneurs just starting their companies are in need of your vast business experience. While many won't be able to hire you full time, they can use you as a consultant on an "as-needed" or freelance basis. The opportunities to use your work experience vary. You just have to take a few minutes to consider the places you could find a niche and market your skills where they could be put to use.
2. Seek out temp agencies
According to the Bureau of Labor Statistics, temporary employment accounted for 3.1 million jobs in 2008, and that number is expected to rise. Traditionally, when the economy sees a resurgence, corporations hire temporary workers first, waiting to create permanent jobs when confidence in the economy rises further. Temporary agencies receive requests for a vast array of occupations.
This provides a great opportunity for retirees. Many agencies specialize according to employment field, so you may have to research them to find a good fit with what you are looking for. This could be your best opportunity to re-enter the job market after retirement. Further, temporary employment generally boasts a good deal of flexibility, so you can test-drive the type of job you want.
3. Consider health, child care and social services
These are booming fields, and they are always in need of qualified workers. If you're a retired nurse or health care worker, chances are your skills are still needed. Consider returning to work on a part-time basis, or, if money isn't an issue, as a volunteer.
Child care workers are also in huge demand, and most retirees have children and grandchildren who have provided them with years of child-care experience. Opportunities can be found at YMCAs, child care facilities, churches and after-school programs that provide care for working parents.
4. Make your hobby your job
Remember when you were working and your mind would wander to thoughts of the golf course, the ski slopes or the campground? Consider making your hobby a retirement job.
Remember wanting to run out the door and hit the links? Teach kids to play golf at a community golf club. Do you like to fish? Ask the marina if there are any part-time jobs like a harbormaster, fuel attendant or boating safety instructor. If you have an RV, consider being a campground host for a summer.
Perhaps you like basketball, hockey, football or tennis. Is there a sports center or arena near you? Such venues have jobs like ticket taker, event planner or host for incoming sports stars. These can be perfect jobs for retirees who are looking for part-time income -- and a chance to watch their favorite teams.
5. Think like you're 20
Looking for extra income, want to interact with people or just need to get out of the house? One of the best pieces of advice I've seen given to retirees looking for extra income is to think like a college student. Most young adults today work two, three and sometimes four part-time jobs while juggling classes.
These jobs are usually minimum wage, require only a few hours a week and give you many opportunities to try different occupations. The positions often give you the option of working as many or as few hours as you want. They also don't require the same time commitment as a full-time job, and they can give you the flexibility to pursue other things, like taking college classes.
The bottom line
Whether you need to work to supplement your retirement income, just want to have fun or are eager to launch a second career, the opportunities are there. It often takes just a dash of imagination, a positive attitude and a little hunting to land a dream retirement job.
Don't forget that you have a wealth of life skills to offer the workplace. Many leading corporations seek out older workers for their knowledge and work ethic. Retirement is a perfect to have some fun and enjoy another career.
More from Investopedia:
VIDEO ON MSN MONEY
Suuure- according to this article, old people should look for menial part time jobs to get by. What a great retirement for some old folks- work until you're dead. And this is called advice!!
Just retired from the state of Mississippi and loving it. Living on a pension and early social security(62) Get it while you can. Making more than when I was working.
Welcome to the "GOLDEN YEARS" you worked and slaved so hard for, only to be stolen from you by those Vultures in Washington. Remember the advice from your Accountant who told you to put more money into that 401 K? Too bad we can't sue those bastards for giving all of us False and Misleading Information ! That 401K which is now a 101k was as worthless as the advice we got.
Even the Value of our Property ( The Biggest Investment you will ever make) Has dwindled to nothing! But the Fat Cats in Washingtoon don't care, they got all of their money socked away in those fancy Off Shore Accounts at our expense! What SUCKERS we all have been over the years to listen to these Phoney Frauds. Shame on us for being a bunch of Dummies.
Now is the time for these Social Security Raiders to get some Pay back! GET OUT AND VOTE THESE SCUM OUT OF OFFICE! !
Remember in November who stole all of your money !
I have been in sales for over 40 years! (Actually started delivering papers at 8 yrs old,and 7 yrs. later had $1,300 in the savings account.) Today, I am gradually slowing down,although I continue to come across new products that compliment all the others. I really haven't worked
full time in 10 yrs.,decide when I want to go,and the hours I want to work. It isn't easy to slow
down even at 78! Just enjoy so much meeting so many swell people,giving back is important!
Should anyone be interested in Part-Time work in their own business,please call:360-281-7283,
and I will share with them what is available. And working on their own schedule as well.
After all ... we all have paid/ & pay for all their retirement Benefits for the City, State, Federal ...: Washington D.C.
TRUST ME ... they'll make sure they get all their "Benefits" without the 1/2 cut of income or more, that you & I have endured, loss of 401k benefits, Savings, Medicare & SSI and lower Standard of Living ... BEFORE YOU AND I GET OURS.
They'd really rather see us Dead 1st.
I think instead of illegals running accross the Mexican Boarder into U.S.
The U.S.Citizens will be running accross the boarder into Mexico!
MMMMM........somewhere I remember "this government, of the people, by the people, for the people..."
OH I get it...of the people, we, the 99%, by the people, we the tax payers, for the people, the 1%! I just didn't understand.
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
RECENT ARTICLES ON RETIREMENT
Hurricane season is coming. But storms can happen at any time. Here are six smart things to do to get your home ready before the storm hits.