Do you really want to work for more retirement income?
Many seniors arrive at retirement age and, for perhaps the first time, they take a good look at what funds they have.
- Social Security is nowhere near as much as they thought.
- The value of their house has not recovered much since the real estate bubble burst.
- Maybe they had to borrow against the equity when last laid off.
- Their existing debt is too high.
- They thought that their 401k would have performed better.
In short, many retirees find out that they just won’t be able to live the lifestyle in retirement that they hoped and that they have to go back to work for more retirement income.
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So what can you do to earn more retirement money?
There are only a few ways to get more money:
Inherit from someone. I have no idea how to find a wealthy widow or widower.
- Steal it. Not recommended.
- Borrow it. You find that lenders aren’t too happy to loan money to an older person with little prospect to earn more money.
- Win at gambling. Lots of luck.
- Earn more from capital loans, real estate, stocks, bonds, or other investments. If you got a nest egg and know what you are doing, go for it.
- Go back work for more retirement income for someone else. Unfortunately, unless you have an in demand high skill, jobs for seniors don’t pay well, the work available is monotonous, and there is no room for advancement. Anyway, this is giving up on your retirement dreams.
- Sell your possessions. Unfortunately many of us don’t have much of value to sell. If we have a business that highly depended on us, when we are gone, it might not be worth much. If you have jewels, art work, and such then this might be your salvation. But for most of us, I am going to suggest considering that you…
- Start your own retirement business. Check out of list of best ideas for starting a business in retirement.
However, don’t just start any type of business. You need a business that still allows you to enjoy your retirement.
12 things to consider before starting a retirement business
so that you don’t have to just work for more retirement income
- Stay away from a business that requires physical exertion. You are not as young as you used to be.
- Don’t get tied down to a 40 hour week by opening a restaurant or store front.
- Think about what you always dreamed of doing but never did.
- Remember that you are looking for part-time, supplemental income. Don’t try to start another Microsoft.
- Do you want to sell something or offer a service? If a product, will you make it or buy it? If a service, can you perform the work or can you sub-contract it? Remember you don’t want to start having the responsibility of employees.
- Will you have fun or are you just after the money?
- What do you know that you can offer, teach, or write about?
- Why would anyone buy products or services from you at your age? What is unique?
- How much money and effort do you want to put forth?
- Is there a need for your product or service? Or do not care and just want to pursue a hobby?
- Are there any competitors? If not, maybe no one wants what you offer.
- Can you beat your competitors on price, service, convenience, marketing,
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