So you’re retiring soon but should you? It’s prudent for Gen-X and baby boomers to consider work after retirement for financial stability as they age. But did you know that working online after retirement is easier than finding another job? If you’ve decided to stay at your current job rather than retire, that’s great! Working a few extra years is an easy option as long as your company isn’t replacing older workers with younger, cheaper ones.
If you need a different option, working online after retirement or job loss can supply that extra stream of income you need. If you set it up the right way, it can even be part-time work with passive income.
The over 50 crowd still has a lot of debt. Some may have lost their jobs and some may even be supporting older children (or parents) who aren’t financially stable. There is hope though. Working, even just part-time after you’ve retired from your day job can make a big difference in your standard of living. Read on to find out how you can make your Golden years even better.
Working Online After Retirement Keeps You Healthy
You may get a longer, healthier life if you continue to work after retirement, whether it’s online or not. Current studies show years can be added to your life if you work past the age of 65. The opposite can also be true. There is an increased risk of dying young if you retire early.
The sedentary lifestyle that retirees often lead is not that great for your health. However, this does not mean you continue to slog at your corporate job, putting in 60+ hour workweeks. A part-time job online will keep you mentally and physically sharp post-retirement. Learning new skills in retirement is great for brain health. This would be even more important for those who have a family history of dementia. Studies have also shown that the onset of dementia can be significantly delayed if you work longer. A small, online business venture or a part-time job online might mean that you lead a healthier, longer life post-retirement, especially if it’s something you’d really enjoy doing.
You Can Get the Most Out of Social Security
There is no denying that social security benefits will cover some of your expenses post-retirement. However, you can still work part-time online to supplement this income and keep your social security.
It’s no secret though that the longer you wait to collect your social security, the more your earnings will be.
Your monthly checks will continue to get bigger as long as you wait to receive social security. This applies to your IRA and 401K as well. You can let these grow by tapping late into these accounts.
In case you have started receiving social security and then decide to work, you can still continue getting the benefits in some ways. For one thing, if you are near retirement age or NRA, $1 will be lost in benefits for every $3 that you earn over $41800 annually. Therefore, if you make less than this amount via your job or business, you can continue receiving benefits. If you earn more than this, you don’t need to worry about social security benefits at all since frankly, you are doing quite well financially. This is possible. I’ve done it myself. Have a look at a dropshipping business my wife and I started when I was in my late 50’s.
You Can Do More than Just Scrape By
I know you’ve probably saved for retirement but I also know it’s probably not enough. Because people are living longer, your savings might not cover your expenses in retirement. Healthcare is a huge, expensive issue for the over-65 group and it’s only going up in 2020 and beyond. Parents don’t want to ask their kids for financial assistance. And the truth is, you can have a part-time online job or business making you some money in as little as a few weeks and it will build over time.
You really can get a good work-life balance even in retirement. Working online after retirement will ensure that you have a steady source of income while at the same time, getting adequate time to relax and enjoy your retirement with family. Since there is no way to predict how much money you will actually need once you retire, learning a new skill that you can use online to make some extra income and still collect your social security is a safe bet.
You can sell anything from knowledge to products or share your expertise as a consultant with people around the world. You can outsource cheaply what you don’t like (technical aspects) online and many online business operations can be put on auto-pilot once you’ve set them up. That creates passive income.
Need some online retirement business ideas? You can sell products, knowledge, expertise, or something else to a global audience.
And yes, people over 50 like you and me do this successfully all the time. Sign up below for our subscriber only ideas for part-time work in retirement.
Ian Bond is a private banking senior executive with over three decades of experience in wealth and asset management with Goldman Sachs, Credit Suisse, and Citigroup. He has built major businesses on four continents.
Despite his professional responsibility for assets over $100B and revenues over $1B, after the 2008 crash Ian was personally going broke. Within five years he destroyed his debt, became an expat in 2014, and built multiple streams of income to fund his imminent retirement. Ian is also the founder of MyRetirementRehab.me created to help other executives and professionals rehabilitate their finances and make a prosperous, enduring retirement a reality.