"...People are selling everything from voice over work, to writing, artwork, and way beyond."
Hey guys, Mike Frontera here with another edition of Retirement Theory. So, you’re ready to call it a career but maybe you’re not quite financially ready to stop work altogether. Or maybe the idea of no work and no to do list gives you cabin fever! Well, the good news is, you’re not alone. I see it all the time with my clients and my experience is backed up by the data.
The Bureau of Labor Statistics shows that more than half of the people ages 60-64 are doing some kind of work and still almost a third of people aged 65-69 are too1. So, what do you do to find good work in retirement?
Well let’s start by answering the big question. Why? Why are you looking for work? Sometimes, the answer is “I want money.” Extra spending cash, money to bridge to Social Security, you know that kind of thing. Well the other thing that I hear all the time is health insurance. Maybe you’re looking to find an employer that offers health insurance (to which I say good luck!) or maybe you’re looking to cover the cost of health insurance until Medicare kicks in. If you’re under 65 years old and your spouse doesn’t have insurance through work, you might think, “yes Mike, that’s me.”
Nowadays it’s really uncommon for part-time jobs to offer health insurance coverage. If you haven’t retired yet, this might be a good time to see if you can stay in your current position and simply limit the hours that you work. If you’ve been there for a long time and bring a lot of value to your employer, they may be willing to keep you part-time and offer health insurance to you.
Now, if you’re trying just to cover the costs of your health insurance, be sure to look at my blog from July 2018, it's called "How to cover the health insurance gap before Medicare" for different ways to pay for that coverage. Unfortunately, coverage before Medicare is expensive and uncertain. There’s still the potential for major changes in health care legislation as Washington is actively looking to change existing law.
But let’s say health insurance isn’t your priority. Let’s go back and find out what is. Maybe you’re just trying to avoid boredom, or you miss the comeradery of your previous work life. This is great news. Instead of having to work to put food on the table, you follow something you’re genuinely passionate about. Take some time to do some serious brainstorming. Think of the old adage, do what you love and find a way to get paid for it.
Do you love to play golf? Why not try to get a job as a starter at a local golf course? Maybe you love to bake. See if you can work part-time at your favorite bakery. Do you like to work with a group of people, have your creativity shine? Maybe you want a job that you can relax and zone out a bit and collect some fun money. Whatever it is, take some time to identify and prioritize exactly what you want to get out of your new job.
By the way, what if you really prioritize having flexibility and free time and you don’t want a boss? There are loads of opportunities online to work for yourself. This is the age of working “gigs”. And by “gigs” I mean on-demand or freelance services that you perform when you want.
Drive people places on your schedule with Uber. Are you creative?
Go to fiverr.com and look around. People are selling everything from voice over work, to writing, artwork, and way beyond.
Here’s a real gig currently listed on Fiverr. This person is making an offer to make a video of having slime dumped on their head! This might not be your particular passion, but the point is that you may very well have a passion that can be turned into a service that you can paid to perform!
Do a Google Search for app gigs and look at the vast number of services that you can get paid to do on your own time.
Finally, be sure to be cognizant of the financial impact of your new job. Will it affect your Social Security benefits, for example? Might it cause previously untaxed Social Security benefits to now become taxable? Might it make your spouse’s IRA contributions non-deductible? There is a potential for any number of unintended consequences when you bring new income into the picture. Just be sure you’ve talked it over with your financial planner and your accountant before you make a final move.
So, do you have questions for me? Let me know. Give me a call at (518) 612-1060, or just visit me at www.retirementtheory.com. Do you follow me on Facebook? I think that you should. You'll see videos like these, and get blog and article shares on everything retirement planning. Once again, thanks for joining me. See you next time