Semi-Retirement - The New Retirement Model for Baby Boomers

Many Baby Boomers have reservations about completely ending their careers at an arbitrary age during their 60s. They may feel they do not have enough money saved to last the rest of their lives, especially if they come from a long line of people who lived into their 90s. They may also worry about the social isolation they will feel when they no longer spend time with a group of co-workers on a daily basis.  Some fear they will be bored and have nothing to do, particularly if they do not have hobbies they look forward to enjoying after retirement.

As a result of these concerns, this week I particularly appreciated receiving a guest post from the authors of BoomerBuyerGuides.com, another website which strives to keep Baby Boomers informed, as we all navigate the complicated process of retiring.  Their post is on how to pursue "semi-retirement," so we can gradually ease ourselves into full retirement at some point in the future.

If you are feeling a little uncertain about what the future holds for you after you retire, you may want to read "Shifting Gears to Your Life and Work After Retirement."  (Ad) It has some great advice and will help you face the future with greatr optimism.

Below is this week's guest post:


Semi-Retirement - What is it?

by the authors of BoomerBuyerGuides.com  

Many Baby Boomers choose semi-retirement over full retirement. It is a trend which continues to grow. There are many compelling reasons for making this choice but, while there are advantages to semi-retirement, there are some drawbacks too. Let’s take a look at what semi-retirement is and review some pros and cons on the subject.

 
What is Semi-Retirement?

Before we discuss the pros and cons of semi-retirement, it is important to know what it is. Semi-retirement comes in different forms but, basically, when a person chooses to semi-retire, they still plan to work but far fewer hours. The most common reason for the decision to semi-retire is to improve cash flow to meet financial obligations, and/or pay for luxuries like travel or investments. But there are other reasons too.

 
Pros and Cons of Semi-Retirement

People who do not fully retire do so for two reasons. For some people, full retirement leaves them feeling bored and depressed. Working gives their lives purpose and a focus, as well as additional cash to spend or save.

The second reason revolves solely around money. Someone might want to fully retire, but cannot afford to. Others want to maintain a steady income throughout retirement.

In your first few years of retirement, extra income can make life easier and provide you with a better standard of living. So, at least for a while, it makes sense to transition to semi-retirement before full retirement.

Semi-retirement gives Baby Boomers the freedom to work when they want, live where they want, travel, and still produce an income.

Semi-retirement sounds like heaven on earth for some people, but it does come with potential disadvantages. Before you jump into semi-retirement, you want to consider the negatives too.

Should You Start Your Own Business in Retirement?

The first factor to consider is particularly for those who want to start their own business. Some people decide that retirement is the time to become their own boss, start a small business, and they take this opportunity to do it! You need to realize, however, that when you first start, it becomes easy to work more hours than you anticipated, or more hours than when you worked at your job full-time. However, some people may find that this motivates and excites them, and working many hours at the start does not bother them. Keep in mind that if your overall goal is to work less, starting a business might not be the best option for you, especially if you are a hard worker.

You might want to avoid starting a business if you need to use a large portion of your savings to finance the new operation. There is no guarantee your business will become successful and generate a profit. You do not want to end up losing money which was intended to help you get you through your retirement. If you are intent on starting your own business, make sure you set a strict budget and stick to it. Do not overspend, unless you are sure you can afford it.

The other potential drawback involves your time. You may come to regret all the time you spend working, when you could have chosen to spend more time with your grandchildren, friends, or family members.

What Jobs Can a Semi-Retired Person Do?

Instead of starting your own business, you may decide to work fewer hours at a regular job. In fact, you may already work at a place which is willing to let you reduce your hours to part-time, so you can keep your job and semi-retire. If you are not looking for a change (other than a reduction in hours) this can be a great option. Unfortunately, this option is not available to the majority of people, so they need to look for other possibilities in finding a semi-retirement job. 

One of the most popular options for those looking to semi-retire is becoming a real estate agent. Working as a real estate salesperson allows for flexible hours and, depending on where you live, it can produce a significant income. It is also fairly simple for Baby Boomers to become a real estate agent.

Consultant jobs are another popular choice for those who choose the path of semi-retirement. The job comes with incredible flexibility, and ideally being a consultant will allow you to work as much or as little as you want. It also allows you to pass your decades of experience onto another person who is in the industry where you built up your career.

These are not the only jobs you can do during semi-retirement. You could set up several small businesses or find a part-time work-from-home job. For example, you could start a blog about your experiences or life. Creating an online store using drop-shipping from a major vendor is another example. You could also give music lessons or tutor people in other skills you have, for example offering cooking classes in your home. You could even start an business where you offer to share the expertise you have accumulated from your career over the years.

Final Thoughts

The decision of whether to semi-retire or completely retire is not an easy choice. There are many things to consider which can impact the final years of your life, depending on the route you take. You may lose time or money during the first phase of semi-retirement if you start a new business. You also need to realize you will have less free time if you decide to continue working. However, semi-retirement can help you transition into full retirement and generate extra income which will come in handy when you finally do fully retire.

About BoomerBuyerGuides.com

Baby Boomers themselves, David and Alice Goldstein founded BoomerBuyerGuides.com a few years into their own semi-retirement. They publish articles which focus on the practical needs of Baby Boomers born between 1946 and 1964.

For more great job ideas for workers at the end of their career, read "The Encore Career Handbook: How to Make a Living and a Difference in the Second Half of Life." (Ad)

You can find gifts for retirees and others at my Etsy Store, DeborahDianGifts:  http://www.etsy.com/shop/DeborahDianGifts

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If you are interested in learning more about retirement, Medicare, Social Security, common medical issues as we age, financial planning, where to retire and more, use the tabs or pull down menu at the top of the page to find links to hundreds of additional helpful articles.

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Photo credit:  Licensed from Canva

Awesome Work-From-Home Jobs

One way to earn extra money is to sell your best photos.

A large number of Americans have discovered that it is absolutely essential they work after they have begun to collect their Social Security. It is simply not possible for many retirees to survive without supplementing their Social Security income. However, they may not have the energy and stamina to work full-time outside the home like they did when they were younger. The question becomes, what can they do to earn a little extra money from home?

Many retirees and younger adults have been pleased to discover there are a variety of ways they can supplement their income, regardless of their age, even if they find it difficult to get out.  For example, you can sign up on sites like AirTasker to help people in your community with different tasks such as house cleaning, assembling furniture, gardening or handyman services.  However, this is just the beginning of the ways you can earn extra money during retirement. 

As a result, I have invited guest blogger, Good Nellie, to share her very useful list of work-from-home jobs.  Not all of these ideas will appeal to everyone.  Many of them require some knowledge of how to use a computer; a few require no computer use at all.  However, even if just one or two of these ideas works for you, the extra money could make your retirement more comfortable.  Below is the guest post from Good Nellie. Most of the suggestions have one resource where you can find additional information about how to pursue that possibility.  You may also find other ideas online.

10 Awesome Work-from-Home Jobs for Retired Persons

Working after retirement needs to be something which brings you pleasure, rather than causing you to be stressed out. Many people have discovered they need to earn extra money for a better lifestyle or to repay some of their debts, but they still want to enjoy their later years.

Whatever your situation, there are ways you can earn money by working from the comfort of your home.

So, does it mean you will only be able to earn a small amount?  No, in some cases you can earn quite a significant amount in your golden years by working from home, depending on the time you put into it.

Before discussing ways to make money after retirement, first let's look at the advantages of working after retirement.

●      Undoubtedly, you can work towards financial stability and paying off debt, if any.

●      You can take advantage of the increased Social Security benefits you will receive, especially if this helps you postpone collecting your benefits until the age of 70.

●      People working after retirement may stay more active and more socially connected, which can result in better health.

●      You can choose to work part-time and enjoy your leisure time instead of working full-time.

●      You can explore new fields (which do not require specialization and extensive education) which you may have always wanted to try.

But, the question is, what are some of the ways senior citizens can earn money from home? Let us find out.

10 Work from home ideas for retired people

1.     Being a tutor

One of the best ways to make money after retirement is to use your lifelong experience to earn extra income. If you like teaching from the comfort of your home, consider becoming an online tutor.

You will be able to guide students of all ages, review materials, etc. Moreover, teacher certifications are not necessary. Think about how satisfying it will be if you help someone learn a subject.

Reference: Online Tutoring Jobs

2. Enjoy professional blogging

This is one enjoyable way to make money online. Share to your heart’s content on any topic which interests you with your readers. You never know, your blog might become one of the popular ones (such as this blog: baby-boomer-retirement.com.)

And, if your blog becomes a popular one, you can easily have a steady income from the advertising revenue on it. It is not too difficult to earn a couple of hundred dollars a month by working flexible hours from the comfort of your home. Not too bad, right?

Reference: How to Start a Blog

3. Become an online juror

Have you been a fan of detective stories and you love analyzing situations? Have you ever thought this could help you earn money?

Yes, you can use your analytical mind to serve as a mock juror online. All you have to do is be analytical and enjoy processing large amounts of evidence and give your opinion.

Reference: Becoming an online juror

4. Reviewing a website

If you’ve always loved to analyze things critically, you can become a website tester. By becoming one, you will review websites and analyze them critically.

It is one of the best ways to get income in retirement since you don’t need to have any specialized knowledge. You will review a website just as a normal person might.

You simply have to browse through the websites and share your experience so the websites can be made user-friendly.

Reference: Earn Money byReviewing a Website

5. Being a search engine evaluator

This is somewhat similar to the last money-making idea. You can make money online by being a search engine evaluator.

To do this, you have to browse through certain topics in various search engines and report errors so that the technical persons can fix them.

Reference: Be a Search Engine Evaluator

6. Organizing your photos and selling them

You may have lots of photographs on your phone or computer. Now is the time to organize them and pick out the very best ones.

There are websites for stock photos where you can sell your photographs and earn a decent amount of money when other people purchase them to use on their blogs or articles.

This may also be a fun opportunity for baby boomers to roam around, click pictures, and earn money.

Reference: Sell Photographs Online

7. Earn by doing paid searches

There are companies which employ people to do paid searches. When you do, you earn points that you can redeem for a gift or even cash.

Though you can’t make a large amount of money, it is not a bad option for a side gig.

Reference:  Top 14 Legitimate Sites That Pay for Searching the Web

8. Taking advantage of knowing multiple languages

Do you love different languages? Now is the time to use that to your benefit. Become an online translator and earn extra income.

Frequently, your work will be conducted by phone or video.

When doing so, you can also nurture your love for that language. There are several companies which hire translators.  One is listed below.  You may also find an opportunity to tutor or teach a second language in your community.

Reference: Professional Translations

9. Renting the unused space in your home

You may even earn money without doing anything. How is it possible? Simply rent out any unused portions of your home to someone who needs storage space or who wants to rent a bedroom in your house.

You may even rent out your unused garage. When you are retired, you may be able to manage with only one vehicle.  If so, you can rent your extra garage space.  Advertise in your local newspaper or let your neighbors know you would be willing to rent out your garage.  They may have an extra car or a bunch of boxes they would love to store in your garage.

If you live in an area where basements are common, you may also find you can rent out a part of your basement to store boxes or furniture for someone else.  You earn extra money without the need to do anything.

10. Become a brand advocate for a company

It sounds lucrative to be a brand advocate of an organization, doesn't it? Yes, life may truly start at sixty!

You can become an online brand advocate for a product or a brand and answer online queries about that product.

You will have to know the products well so you can offer advice and recommend them to the target customers.  This could be a great opportunity if you have retired from a large company, but would still like to earn a little extra income by advocating for the products you know so much about.

It will help you if you have been loyal to a brand and its particular products. You will enjoy the job even more.

Reference:  What is Brand Advocacy?

Not only are these ideas great retirement income streams, but you may also being doing something noble. Imagine how many people you could be helping out with your knowledge and experience.

The average pay for the above retirement jobs begins at about $10 per hour. However, it can go up to $22 per hour or more, depending on the type of work and your experience. In addition, the more time you devote, the greater your opportunity to earn more.

When you are searching for how to make money at age 60 or older, you may not want to only search for work-from-home opportunities.  If your health permits you to work outside your home and you enjoy that, then you should also look for part-time opportunities in the community, working in local shops or part-time for neighborhood businesses. However, if possible, do not opt for a stressful job; this is the time to enjoy life. Do not just focus on the money. Do whatever you like to do.

So, go ahead… Enjoy your golden years, earn a decent amount, and have a great lifestyle!

Author Bio:

Good Nelly analyzes financial happenings and writes articles to help her readers plan for their financial future. She has been associated with Debt Consolidation Care for a long time. However, she has contributed articles to other websites, too.

If you are interested in more ideas about financing your retirement, where to retire, common health issues, Social Security, Medicare and more, use the tabs or pull-down menu at the top of the page to find links to hundreds of additional helpful articles.

You are reading from the blog:  http://www.baby-boomer-retirement.com

Photo credit:  author

Will You Enjoy Retirement?

If you spent the last decade of your working years looking forward to the day when you could "take this job and shove it," have you given much thought to how you will spend your days once you walk out of your office or workplace for the last time?

According to research by the National Center for Health Statistics, the average person who reaches age 65 can expect to live another 19.3 years ... or until they are age 84.  What do you plan to do with those extra two decades of life?  Have you given that serious thought?

Will Retirement Be Fun?

Many people imagine spending long days on the golf course, in their fishing boat, or taking cruises and vacations to exotic locations.  However, is that really what you want to do every day for the last twenty years of your life?  Will you even be able to afford that daily round of golf, the fishing boat, or the travel?

According to U.S. News & World Report, the typical retiree between the ages of 65 and 74 spends four hours a day watching television ... and that is the age group of the youngest retirees, the ones who are most capable of being active.

Is it inevitable that your retirement will eventually leave you feeling isolated, bored, and lonely?  Not necessarily.

What Retirement Options Will Keep Your Life Interesting?

In addition to financial planning, people who are preparing to retire, or who are newly retired, should spend plenty of time thinking about the lifestyle choices they can make as they approach their mid-60's.  Below are some options they may want to keep on the table:

*  Keep working at their current career - What?  After all these years of planning to retire, why would you want to keep working?  Presumably, you have earned a nice income from your job in the past and now you will be able to supplement that income with your Social Security benefits ... which will give you extra money for travel and having fun.  You might also decide to postpone collecting your Social Security until you are age 70, thus substantially increasing your benefits.  Staying at your current job also enables you to maintain your work friendships and connections with other people.  It can give structure to your life and keep your brain alert ... without resorting to endless crossword puzzles.

*  Find an Encore Career - What if there is no way you want to keep working in your old career?  That doesn't mean you need to give up working altogether and just sit home every day.  There are so many possible career choices.  You could find a job with a local business or non-profit, work as a consultant in your former field, become a tutor, or give lessons.  Retirees are even eligible to sign up for the Peace Corps and share their valuable knowledge and experience around the world.  Yes, many people in the 60's (and sometimes a little older) join the Peace Corps.

*  Volunteer in your community - If you really don't need extra income, you still do not want to spend your days sitting around the house, watching television.  Why not contact your local hospital or charity and see if they need your help?  I know a woman who helps out one day a week in a local hospital. She particularly enjoys caring for premature babies that just need extra time being held.  The work is not physically demanding, but she feels it is very rewarding.

*  Find affordable, social hobbies - Everything you do in retirement does not need to be expensive.  Nor do you need to spend time alone when you are pursuing your hobbies.  Join a book club or other activity that you can enjoy with other people.  If you don't know how to find other people who enjoy your hobbies, try www.meetup.com.  This website helps you link up with people in your community who are looking for people with common interests ... whether that means hiking, traveling, tai chi, golf, playing games, learning bridge, dancing, tennis, photography, dog walking, writing, painting, yoga, attending movies, boating, playing music, cycling or eating out. Many places of worship also have special activities for their older members.  Go to your local senior center to find exercise classes, low-cost meals and a wide variety of activities.  There is no reason to pursue your favorite activities in solitude when it is so easy to connect with other people who enjoy doing the same things you do.

Plan Your Life After Retirement

Financial planning is a very important part of getting ready for retirement.  However, it is equally important to plan what you will do with that free time ... and hopefully that will not mean just sitting around for the last twenty years of your life.

Plan to have a satisfying and fulfilling life during this period of time.  Think about how you could enrich your life while sharing your gifts with others.

I know people who are as busy or even busier in retirement than they were when they had full-time jobs during their "working years."  What is most interesting is that those are the people who seem to be the happiest as they age!

Are you looking for more information about retirement planning, where to retire, common medical issues, Social Security, Medicare and changing family relationships?  Use the tabs or pull down menu at the top of the page to find links to hundreds of additional helpful articles.

You are reading from the blog:  http://www.baby-boomer-retirement.com

Photo credit:  morguefile.com

Fun Ways to Earn Extra Retirement Income

Let's face it.  Most Baby Boomers are going to have to do something to earn extra income during their retirement years.  The vast majority of Boomers simply have not saved enough money to live comfortably during their later years.

We see the reality of this around us.  Several times recently I have been in Starbucks or fast-food restaurants and observed that many of the employees are not the young, college-age kids one would expect to see.  Instead, these part-time jobs are often filled by people who are obviously in their 60's or older.  The same is often true of department store clerks and people in other service industries. I can't help but wonder if they are really enjoying what they are doing.

Instead of working in stressful, demanding jobs after retirement, wouldn't it be nice to find something fun to do that could also provide us with an extra income?  Look around, there might be more opportunities than you realize.

Examples of Fun Jobs for Retirees:

Create something and sell it:  I have a friend named Patti who is a retired Realtor and a wonderful painter.  She spends hours painting a wide variety of ocean and mountain scenes and selling her work at Southern California art festivals where she has gotten to know other artists who are doing the same thing.  It is such fun for her!  When I have visited her booth at the festivals, I have frequently observed that she is surrounded by other men and women our age who are making and selling jewelry or lovely boxes and items they have created out of wood or other materials.  A few years ago I bought some earrings from a 60ish man at a fair in Kona, Hawaii.  He told me that his wife made the jewelry, while he went to the fairs and sold it.  You can even start your own website and sell the things you make online!

Start a New Career and Be Your Own Boss:  Another friend of mine retired after decades of working all day as a hair dresser.  She decided to become a Realtor.  She wanted to try something different and has been successful and happy in her new career.  She only sells retirement condominiums in the community where she lives and she has become an expert in that area.  She never has to drive very far, but she always seems to have several active listings and a few buyers.   She is now in her mid-70's, works her own hours and has complete control over her new career.  It has certainly rejuvenated her.  As you can see, a job that has become drudgery for one person can be a fresh new career for someone else.

Write About Your Hobbies:  Do you like to crochet, knit, quilt, make jewelry or other crafts?  Why not start a blog or website and share your knowledge and experience with others?  While you might not make a lot of money writing about hobbies, you could earn a small amount each year to spend on incidentals, travel or Christmas shopping.  Check out this website: Domestic Diva Online.  The author has turned her love of creating craft projects into a successful website where people can follow her detailed instructions and create adorable crafts of their own.

Write About Your Experiences:  Perhaps you don't feel that you have any hobbies to share.  What about some of your life experiences?  Many people have created blogs about their personal life experiences ... traveling to exotic locations, going on cruises or even more day-to-day experiences, such as interesting places to visit in your local community.  You may have fun experiences that you would enjoy sharing, too.  Whichever type of blog you decide to write, you need to learn how to monetize it by adding appropriate ads from companies like Amazon, Google, Chitika, or Vigilink.  You can also list your blog on Amazon Publishing for Blogs, since some readers will subscribe to your blog on their Kindle.  You'll earn a little here, a little there and, pretty soon, it will add up.

Find a Fun Job:  Perhaps you feel that your financial situation requires you to have a regular paycheck and not rely on the advertising fees from a blog or website.  There are a variety of fun jobs available that you might find very interesting and stimulating.  One of our friends retired as a stockbroker and went to work in a health food store.  He had always been interested in vitamins and nutrition.  Another man I know works in an antique store.  He has a houseful of antiques and, although he worked for a large corporation most of his life, he always loved collecting antiques.  Now he gets to work at a store he really loves and share his knowledge.

Teach: If you have knowledge and expertise in an area, and enjoy sharing that knowledge with others, you can earn money by teaching.  Many of the Emeritus teachers at our local community college are in their 60's and 70's ... and this includes the fitness teachers who lead classes in yoga, Tai Chi, chair aerobics, circuit training and much more.  If you know how to play the piano, guitar or any other musical instrument, teaching is a fun way to earn extra money.  

Tutor Children:  Are you an expert in algebra, geometry or calculus?  There is a huge need for people who are patient and can take the time to really explain this subject matter to teens.  If this describes you, check with your local high school to find out how you can get connected with teens who need your help.

Work with other Senior Citizens:  If you aren't interested in working with kids, go to your local senior center and ask about job opportunities for senior citizens.  You might be able to work as a receptionist at the senior center or for a local business.  There are hundreds of senior citizens, many much older than Baby Boomers, who are working in the area around our community ... in the hospital gift shop, as security people at the community gates, for our homeowner's association, and in many other capacities.  Some of these jobs are part-time and others are full time.

Postpone Retirement and Spend a Few Years in Public Service:  One of the women I walk with every weekend spent two and a half years in the Ukraine after she joined the Peace Corps at age 62.  She had retired from the corporate job that she had held for nearly 40 years, but she wanted to postpone collecting her Social Security or using any of the money in her 401(k).  She did this by working for the Peace Corps.  It was a fabulous experience for her and she still goes on speaking engagements where she is asked to talk about her time in the Ukraine.   If you are interested in doing something like that, check out Encore.org.  This website will help you find government and private public service jobs that are designed for Baby Boomers looking for encore or second careers.  Many of these jobs will be right in your own neighborhood, in case you are not interested in traveling halfway around the world.  What a fun, interesting and satisfying way to postpone your retirement and increase your retirement benefits! 

Even if your Social Security benefits are not very large and you have been unable to save a lot of money for retirement, that does not mean you have to face a poverty stricken retirement.  There are a variety of ways you can make extra money and many of them will be a lot of fun!

If you are currently planning your retirement, you will want to check out the tabs at the top of this article to find links to hundreds of other helpful articles.

You are reading from the blog:  http://www.baby-boomer-retirement.com

Photo credit:  www.morguefile.com

More People Working After Age 65

Our concept of retirement has changed drastically over the past few years.  In fact, some people don't seem to be retiring at all ... and certainly not at the traditional age of 65.  The local newspaper for our retirement community, "The Laguna Woods Globe," reported this week that by 2019 approximately one in five seniors will be working either full or part-time after the age of 65.  Already, the number of workers in that age group has increased from 4.5 million to 7.5 million in the past ten years, according to the U.S. Bureau of Labor Statistics.  That's a whopping 60% increase in a decade!

Reasons Why Seniors are Working Longer

The article in "The Laguna Woods Globe" listed several reasons for this increase in the number of senior citizens who are still working, and I have added a few more reasons we have heard from some of the retirees we know who still work.

First, many Baby Boomers have not done a good job of retirement planning.  As a result, they are unable to survive on their low Social Security benefits, yet they have no savings to provide additional income.  Their only solution is to keep working as long as they possibly can.  The extra years of work also increases the size of their Social Security payments, so the benefits from working longer can help in several ways.

Second, even when people have saved some money towards their retirement, they may not have expected to enjoy such a long life expectancy after retirement.   When I was young, we were told that the average life expectancy was 72, which meant we only anticipated living a decade or less after we retired.  As I got older, life expectancy increased to 78.  Now that I am in my 60's, I have read that the average life expectancy can be as high as age 88 for people who are healthy at age 65.  That means you may need enough savings to last 25 to 30 years after retirement ... and even more if there is a lot of longevity in your family.  Many people who thought they were prepared for retirement are discovering that they failed to save enough.

Third, a number of companies that used to provide pensions to their employees have reduced or eliminated this benefit.  People who thought they would be able to live off the combination of their pension and Social Security may have much less retirement income than they expected.

Fourth, boredom is another reason for continuing to work past the traditional retirement age.  Some people use this time of life to pursue a career that they always dreamed of ... like becoming a blogger!  Others may continue to work part-time in their former careers, such as becoming a substitute teacher or business consultant. 

Fifth, many Baby Boomers are still healthy and they simply do not want to sit at home.  They would rather work and use the extra money to travel and have fun.  As one person in my local newspaper said, she doesn't need the money, but it sure "comes in handy."

Finally, sometimes seniors are involved in meaningful careers that they do not want to give up.  Many actors and religious leaders, such as the priests in the above picture, continue to work long past the traditional retirement age.  A nun I know is almost 80, yet she still travels all over the world leading spiritual retreats.  I have attended a few of her retreats, and she is still very energetic and a dynamic speaker.  One of the women in my bookclub is married to a physician.  She says he intends to work as long as he possibly can, because he believes that what he is doing contributes to society and he enjoys it.  Isn't that the best reason of all to keep working past age 65?  My own husband is still working, even though he is almost 69.  He really loves his job!

If you plan to work past age 65, I would love to hear the reason you made that decision.  Please feel free to mention it in the comments section of this article.

Meanwhile, if you are doing your retirement planning, you may be interested in reading some of the other articles from this blog.  They are listed alphabetically by topic with links in the the index articles listed below:

Gifts, Travel and Family Relationships

Great Places for Boomers to Retire Overseas

Great Places to Retire in the United States

Health and Medical Topics for Baby Boomers

Money and Financial Planning for Retirement

You are reading from the blog:  http://baby-boomer-retirement.blogspot.com

Photo of elderly priests is courtesy of www.morguefile.com

Source of Statistics:

"Working Late," Laguna Woods Globe by the Orange County Register, August 29, 2013.

Popular Part-time Jobs For Retirees

One way to stretch our retirement income is with a part-time job.  Not only does it help retirees afford a higher quality of life, but it is also a pleasant way to stay connected to other people.  Because part-time work is becoming so common,  AARP recently came out with their list of five great part-time jobs for retirees.

As you may remember, I have written other blog posts about part-time jobs for retirees.  With Social Security benefits so low and retirement savings inadequate for at least half of all people who will be retiring soon, working after retirement is often not simply a matter of enjoyment, but of necessity.

There are many possible occupations for retirees.  Before you even browse through the AARP suggestions below, you should consider continuing to work in the same field where you have earned a living in the past, by asking for a lighter schedule.  You will not need to get more training and you may be able to earn at the top of the pay scale for that occupation.  For example, many retired teachers continue to work periodically as substitute teachers.  Other people may fill in for vacationing employees at their old company, or cover for someone who goes on maternity leave.  However, if you want to consider additional options for part-time retirement jobs, here are the AARP ideas:

Library Assistant or Aide

If you love to work around books, you might apply for a job at your local library.  You could work behind the desk answering questions and checking out books, or you might spend the time re-shelving books and sending out notices.  You could work a wide variety of hours, since many libraries are open late and on weekends.  In fact, if there is a university near you, some libraries stay open 24 hours of day!  Of course, that does not mean you would necessarily be expected to work in the middle of the night.   If you find a library position, you can expect to be paid anywhere from the minimum wage to as much as $17 or $18 an hour, depending on your experience and education.

In order to get a part-time job doing this, you may need to have prior experience working in a library or have a degree in library science.  Even having experience as a library volunteer may be helpful.  In addition, it could help you secure a library job if you worked in an office in the past and you can point out that you are able to do data entry or word processing on a computer, keep good records and you are knowledgeable about how a library works.

Bookkeeper

If you have a background in bookkeeping, this can be a fabulous part-time occupation after you retire.  Many small businesses hire part-time bookkeepers because they do not need a full-time one. You may only need one or two local clients to keep you busy and help you earn a little extra money.  Clients will expect to pay anywhere from $10 to $25 an hour, and sometimes as much as $50 an hour if you have extensive experience and training. It is possible that you will work at the business establishment that hires you.  However, many bookkeepers also perform this service from their own homes, which is appealing to many Baby Boomers who want to work their own hours. 

If you are looking for clients, it will be helpful to have experience in this field.  If you do not, you could complete a bookkeeping course at at local community college.  You will have to be familiar with accounts payable and receivable, maintaining bank accounts, producing financial reports, overseeing audits and maintaining computer systems.  Of course it is also important for you to be detail oriented.

You also need to be willing to contact local companies to find one that needs your services.  In other words, you have to have the ability to sell yourself and your skills.

Personal or Home-Care Aide

If you are healthy and active, you may be able to work as a home health aide during the first few years after you retire.  In this job you will take care of people who are much older than you.  Your duties would include companionship, grocery shopping, preparing meals, dispensing medications, and helping them with bathing and dressing.  It is common for home-care aides to only work a few hours a day, two or three days a week, so it is a perfect part-time job.  You can expect to be paid anywhere from the minimum wage to about $12 or $13 an hour.

There are training programs required for most jobs as a home care aide, but the programs only take a few weeks to complete.  Agencies often provide the training and then they will help place you in a job. If you have physical limitations, such as the inability to lift someone who has fallen, you need to let the agency know so that you are assigned to jobs that will not cause you harm.

As our population ages, the demand for home-care aides has become greater.  You do not need to have any prior experience in order to work part-time in this field, and it can be a welcome change from those high pressure jobs you may have had in the past.

Handyman

When I sold real estate, one of the most desirable people to know was the local handyman.  If you are adept at making minor repairs around the house, you will be able to find all the part-time jobs you can handle.  In fact, if you live in an area where there are many retirees, you are sure to get a lot of calls.  The types of jobs you will be asked to do include minor carpentry jobs, plumbing, basic electrical work, painting and similar minor home improvement projects.

You can charge $10 to $20 an hour, and sometimes more for larger or more complicated jobs.  You can work your own hours and decide which jobs you want to take.  In most states you will need to have a license to perform handyman services and you may need to carry liability insurance.  It is also necessary for you to have your own tools, as well as a desire to be helpful to others.

Medical Assistant

If you have experience working in a hospital or medical office, you may be able to find part-time work in this field after you retire.  The types of jobs you could do include working in the front office, billing insurance companies, scheduling appointments, etc.  Depending on your experience, you may also have additional duties.  Your pay can range from $10 to $20, or more, depending on your experience.

The medical field is an area that is growing rapidly.  If you do not have experience, however, it may be impossible to find a job in this area.  If you are inexperienced but have a strong desire to work in the medical field, you may decide to go through a certificate program at a local community college.  Some of these programs only take nine months to complete in order to be qualified to work in a variety of medical assisting occupations.


In addition to these jobs recommended by AARP, you will want to check out my other articles about jobs for retiring Baby Boomers.  You will find links to them in the index article "Money and Financial Planning for Baby Boomers."

If you are planning to retire soon, you may also be interested in checking out the index articles below.  Each one contains an introduction and a links to a variety of articles on those topics.

Gifts, Travel and Family Relationships

Great Places for Boomers to Retire Overseas

Great Places to Retire in the United States

Health and Medical Topics for Baby Boomers

Money and Financial Planning for Baby Boomers


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Ten Ways to Make Money After Retirement

If you are worried about the need to increase your retirement income, one solution is to continue to earn money well after you have stopped working at your current job.  However, many people are unsure of the best way they can make money after retirement.

A number of the "officially" retired people I know are continuing to supplement their retirement income by working at a variety of part-time jobs.   Listed below are ten common ways to supplement your retirement income.

Where to Work after Retirement

1.  Continue your current career from home and work fewer hours.  This is the most common retirement career choice for many of the people I know.  A number of my friends have continued to earn money for years after their official retirement by working as substitute teachers, neighborhood Realtors, bookkeepers for small businesses and insurance agents.

2.  Work as a consultant for firms in your former industry.  Two petroleum engineers I know have chosen this route, which has allowed them to work from home.  They earn a high income while keeping their own hours.  They only take on as many projects as they can comfortably handle, so the work is less stressful.

3.  Keep your former job, but work fewer hours.  Many people decide to job share or work part-time for their former employer.  They find this can be a pleasurable way to earn money, stay in touch with co-workers and feel productive well into their late 60's or 70's.  They often discover that their job is less stressful when they work fewer hours, and they do not have to go through the process of finding a new employer or learning new skills.  This is a common choice for people who have worked for retail stores, restaurants, and similar jobs.

4.  Provide services to other senior citizens.  A large number of retirees are discovering that they have skills that could benefit other seniors.  They charge an hourly fee to help run errands for other seniors, drive them to appointments, complete their tax returns, handle their bills (especially complicated medical bills), organize their family photographs into albums, or assist them in writing a family biography.  Many seniors are willing to pay in order to have someone else help them with these chores.

5.  Teach a class.  Several seniors in my retirement community charge a small fee to lead yoga classes, give guitar lessons, or teach their peers how to use a computer.  The teachers often enjoy the interaction as much as their students.

6.  Become a bonded babysitter.  When we took our grandchildren on a trip to Palm Springs, we hired a sitter from a local babysitting agency to care for the kids while we went out to dinner one evening.  The woman was in her late 60's, and our grandchildren loved the fun activities she brought with her to keep them busy.  She told me she only babysits on Friday and Saturday evenings, and she enjoys the extra money she earns.  Depending on how many hours you want to work, you could earn several hundred dollars a month.

7.  Work for your local school district as a crossing guard.  According to the Bureau of Labor Statistics, about one-third of crossing guards across the nation are over the age of 65.

8.  Apply for a job at your local senior center or retirement community.  Many of the employees of our local senior center and retirement community are residents who also live here.  Office workers, gate guards, receptionists and many other people who keep our community operating are, for the most part, over the age of 65.

9.  Try that little job that always interested you.  One former stockbroker we know went to work in a health food store after retirement.  Someone else went to work as a part-time receptionist in an art museum.  Several acquaintances of ours are working in gift shops, antique stores and art galleries.  Most of these people had intense jobs when they were younger, but always wanted to have a "fun" job that interested them in their later years.  There is no time like the present to take on an interesting little job that will enrich your life.  Earning an extra $500 to $800 a month can make a huge difference in the life of someone who is living on very little other than their Social Security benefits.

10.  Get creative!  One former Realtor we know is earning extra money on a regular basis by selling her paintings.  She is a prolific and talented artist who now sells her work at a number of Southern California art festivals throughout the year.  She loves being able to paint and earn extra money at the same time.  Other individuals, like myself, earn extra income by writing online articles or e-books.  I know women who sell their quilts and there are men in our community who build cabinets for people to use on their patios or in their garages.  All of these endeavors are a wonderful way to release that pent-up creativity and earn extra retirement money at the same time.

There is another advantage to earning extra money after retirement.  Since many retired workers will continue to pay into Social Security, depending on the amount they earn, their monthly Social Security benefits will be re-evaluated each year.  In some cases, their monthly benefits will be increased, especially if they have fewer than 35 earning years on their record.  This means that the extra money they earn in their 60's and early 70's can pay a small dividend for the rest of their lives. 

With so many employment opportunities for healthy, active senior citizens, there is no need to suffer quietly in poverty simply because you are no longer physically up to the demands of a stressful full time career.  With a little creativity, there are many ways you can supplement your income and increase your financial security as you grow older.

Looking for more financial or retirement ideas?  Use the tabs or the pull down menu at the top of this article to find links to hundreds of additional articles.

You may also be interested in reading:

Do You Need a Million Dollars to Retire?
Cheap Places to Retire
Best Places to Retire on $40,000 a Year
Why Some Seniors are Choosing Cohabitation

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Part-time Retirement Jobs for Baby Boomers

As 10,000 Baby Boomers a day turn 65, many of them are concerned about how to make ends meet after retirement.  If your Social Security benefits will not provide all the income you need, and your savings have been depleted because of stock market losses or high medical bills, one post-retirement option is to get a part-time job.

Part-Time Jobs Can Make Retirement Easier

Most retirees hope to relax, enjoy their retirement years, and have fun once they begin to collect Social Security. This does not mean that you can't have a part-time job at the same time.  In fact, if you find a retirement job that you enjoy, you will see it as one more way to keep involved with the outside world and have fun in your retirement years.  The extra money will also reduce your financial stress and make it easier for you to travel or indulge yourself in other ways.

After Your Full Retirement Age You Can Work and Collect Social Security Simultaneously!

The good news about working after retirement is that, once you reach your full retirement age of about age 66 to 67, you can collect your full Social Security benefits AND work at the same time, without a reduction in your benefits.  For many people, this means that the combination of a part-time job with their Social Security benefits will earn them an income equal to what they had been earning by working full-time before they retired.  In this way, you will not need to reduce your standard of living, even though you cut back on the amount of hours you spend working each week!  How's that for a cheerful thought?

In addition, if you had some low-earning years in the past 35 years that you worked, your new job could actually replace those low-earning years in your Social Security calculations, resulting in higher Social Security benefits!

What Type of Part-Time Job Should You Get?

One way to choose a part-time job is to look carefully at what you are doing now.  Would you enjoy your current job more if you were able to cut back your hours and only work part-time?  Many people chose their current careers because they found them interesting.  However, as they have gotten older, the physical and emotional toll of working full-time may be too much for people in their 60's.  If your present employer will allow you to work part-time in your current position or a similar one, you may have found a great way to ease the transition into retirement.

If this is not acceptable to your current employer, you might be able to go to work for a similar company in your area.  Your experience could be of benefit to many smaller companies that cannot afford many full-time employees.

Why Not Try Something New?

On the other hand, you may want to do something entirely different.  Perhaps you have always dreamed of working in a little clothing boutique, an art gallery, a flower shop or a hardware store.  If so, this is the time in your life when you can indulge those dreams. Contact some businesses in your area, and apply for jobs.  If you have been working most of your life, you may have skills that small business owners will really appreciate.  Many companies appreciate responsible employees with a consistent job record and lots of experience.

AARP Suggestions for Jobs That are in Demand

If you aren't sure what kind of part-time job would work best for you, you may want to look at this list of suggestions from AARP.com.  According to them, these are examples of the best part-time job for workers over the age of 50:

Library Assistants
Bookkeepers
Home Care Aides
Handymen
Medical Assistants
Teacher's Aides
Bloggers
Youth Coaches / Umpires / Referees
Tour Guides and Tour Bus Drivers
Convention Center Jobs

As I looked over this list, I realized that I have actually held two of the part-time jobs after I reached full retirement age.  I worked for several years as a Special Education Teacher's Aide.  In addition, I am a blogger, and plan to continue blogging as long as I can move my fingers over the keyboard!  It's good to know that AARP considers these both good examples of post-retirement jobs.

More Ideas for Retirement Jobs

I recently wrote another article based on the US Bureau of Labor Statistics and their suggestions for jobs that will be in high demand in the coming decade.  It also contains ideas for how to use the talents and experience you already have to supplement your income.  Here is a link to that supplemental article:

Second Careers for Baby Boomers

If you are looking for a part-time retirement job or ideas for a second career, you will definitely want to read this article.

How to Find Retirement Jobs

Ask around among your friends and neighbors.  Our retirement community, for example, hires many of the residents to work as gate guards, office workers, bus drivers and security people.  Most of them only work two to four shifts a week, with each shift about four to six hours long.  These part-time jobs get residents out of their homes and gives them something to look forward to.  They earn an extra $500 - $1000 a month while getting to know their neighbors.  In addition, it helps our community, which has been listed as one of the safest small towns in our state!  When our community hires its own residents, it is a win-win situation for everyone.

If you are looking for more information to help Baby Boomers with their retirement planning, including where to retire, financial help, common health issues, changing family relationships and more, use the tabs or pull down menu at the top of the page to find links to hundreds of additional articles.

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