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. And there isn’t as much there as they thought. They soon decide that the Life of Reilly might not be for them.
- Savings are not that high.
- Social Security payment are nowhere near as much as they thought.
- The value of their house has not recovered much since the real estate bubble burst.
- 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 might have to go back to work or continue to work in order to have more retirement income.
So what are your options to earn more retirement money?
There are only a few ways to get more money:
- Inherit from someone. Do you know where to find a wealthy widow or widower?
- Rob a bank. Not recommended.
- Borrow it. You might 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 large nest egg and know what you are doing, go for it. Most of us don’t.
- Sell your possessions. Unfortunately many of us don’t have much of value to sell. Even a business that was highly depended on us might not be worth much if we aren’t going to be there. Of course, if you have some jewels, art work, and such then this might be your salvation.
- Go back to work for someone else. Unfortunately, unless you have a high in demand, jobs for seniors don’t pay well. The work available is monotonous, and there is no room for advancement. Getting a job also means giving up on your retirement dreams.
- Start your own retirement business. On this web site, I am suggesting that you consider starting 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
without giving up your retirement freedom.
- 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.
Check out these articles:
Check out this link for more ideas. Hundreds of Retirement Business Ideas.
For more information check out my books