How to Achieve Continued Personal Financial Development After Retirement
It is possible to achieve personal financils independence after retirement by either working part-time or starting a business that makes use of the your skills and expertise. Each individual is unique in what they want to do upon retirement. People generally look forward to the retirement phase of life to spend time doing the many things they were unable to do while working and leading a busy life.
Some people dream of a life of leisure and can afford to do so because of their financial soundness. Others want to work either to stay active or because adding to retirement income is a necessity.
Ideas On How to Keep Paychecks Coming in After Retirement
The following ideas can help kick-start the decision making process.
Turning your hobby into a job is an excellent retirement career option. For example, if a you are passionate about golf and play the game fairly well, it can be turned into an opportunity for personal financial development; teach little kids to play golf or provide coaching for adults who either want to learn to play or spruce up the game. Whatever sport is a passion, coaching is one doable option to be considered. The added benefit in working at something people feel passionate about is the enjoyment factor. I have a friend who turned his golf playing into a website!
Consulting occupations exist for retired people that want to continue working either on a full or part time basis. People can choose to become consultants for one of the companies they worked with during their employment career. Working as a consultant can be financially beneficial to the individual, who has the option to work on a contractual or part time basis. Familiarity with the company’s products or services and working systems is a major plus point. Alternatively, freelancing skills and expertise to start-up companies is another idea.
Healthcare and childcare fields provide ample opportunities for retired persons to add to retirement income. These industries continue booming regardless of the state of the economy. Retired healthcare workers may wish to consider returning to work on a part time basis or taking up private employment in someone’s home. Most retired people have experience looking after children and grandchildren. These skills can be put to use to keep paychecks coming in. Childcare facilities, after-school programs, daycare centers and the YMCA are some of the options available.
If you run a business from home there are oodles of legal tax deductions you can take advantage of. This makes your money go further. Talk with your accountant or cPA for advice.