How to Make Money in Retirement

by Larry Steward, Work In Retirement Coach

Find a New Purpose and Stay Socially Connected

A common experience many retirees miss is the routine of working closely with colleagues in their previous careers. That social interaction added structure to their days and provided some acknowledgment of their contribution to the team. In retirement, you are no longer identified by your title and position. Losing that identity throws many off balance as they search for a way to reposition themselves. They enjoyment and challenge of completing projects and receiving thanks for a job well done are gone. This group finds they get bored without having a place to go, meeting with other people and being part of a growing company that’s bigger than themselves.

Earning money still ranks highest on the list for why retirees are continuing to work. A retirement job can pad the budget and provide extra funds for allowing you to live the lifestyle you want in your retirement years.

Learn Something New and Profit from it

This is the time to embrace those hobbies or special interests you’ve always wanted to pursue but never had enough time to do it. A potential benefit of which is the chance to make money by selling a service or a product you could develop related to these interests. And, you could be doing this from the comfort of your home. If you’re serious about finding a new direction for yourself that paves the way to make money, all ideas should be considered no matter how far reaching they may seem. What could be more satisfying than to offer a service or product you created from a hobby you love!

Be Your Own Boss and Work from Home

You can be self-employed as an individual without even establishing a formal business. This is the simplest and fastest way to do something on your own - no outside office, no employees, and no big investments. Just decide what service or activity you will perform.

So you want a short commute? Stay home and have the work come to you. Some examples are child-care, pet sitting and telephone service agents. Yes, employers will set up a small home office for you where you work by phone and computer with their customers. You can do this as an independent contractor, although this could be a job with regular pay and benefits. Some companies will have you do sewing or light assembly of products in your home.

Working for yourself can be enjoyable and rewarding. You can work as many, or as few hours as you like. You may not earn a lot of money, but it could fit well with your lifestyle. You may have more ambition, energy and time. If so, consider starting a business.

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