Most people look forward to the day they can retire and stop going to work 40 or more hours per week. However, of those people, there are many who don’t think about the boredom they’ll eventually encounter. Fortunately, there are plenty of fun jobs you can do after you retire that will not only keep you occupied, but also help you earn some extra cash.
Become a Blogger
Now that you’re at retirement age, it’s a great time to share your knowledge and experience with other people. One of the best ways to do this is with a personal blog that you can write for just about any audience. For example, if you worked as an auto mechanic for 40 years, you could use a blog to share funny stories, help other auto mechanics succeed in their line of work, give self-help tips for average auto owners who want to perform their own maintenance and minor repairs, and more. You can earn some money with this through ad placement, but you’ll need to build your reader base to do so.
Sell Your Skills
Whether you have a hobby you love or you’re just naturally great at something, why not use that to your advantage to make some extra money? For instance, if all your friends are envious of your green thumb, put it to work. Grow yourself an herb garden and sell dried herbs throughout the year, or consider growing a full garden and selling what you won’t use. If you play a musical instrument, consider offering lessons to local people who are interested in learning your trade. No matter what you enjoy, you can share it with others and turn a profit at the same time.
Be an Uber Driver
Uber is one of the fastest-growing companies in the world, and for good reason. It allows people to use their local communities for ride sharing, and there’s quite a bit of money to be earned. If you’re a great driver and you enjoy meeting new people, then this may be the perfect opportunity for you. The company continues to grow, and their employees also receive amazing discounts on a variety of different products and services. These include savings on phone plans, fuel, automobile maintenance, health insurance, and even financial management.
Now that you’ve retired, there’s no reason why you can’t continue to be an asset to your previous employer, or even to your industry as a whole. After all, you worked your whole life, so chances are good that you have expertise that you can share with others to help them succeed. You can advertise yourself as a consultant and charge clients to provide them with valuable insight. For example, if you are a retired veterinarian, you can provide resources and tips to other vets in the area who might be struggling to get business or make a profit.
Although retirement is about taking time to enjoy the finer things in life, the truth is that most retirees still want to contribute to their industries as well as their bank accounts. These options only represent the tip of the iceberg, but they’re all great places to start.Continue reading
You might find yourself stressing out over saving money for retirement, and with all the information in front of you, making the right choices can be difficult. Not everything has to be stressful, though. In fact, instead of focusing on how much money you’ll need to save, why not take a step back and think about the expenses that simply vanish once you retire? They might surprise you.
#1 – Transportation Costs
If you stop to think about it, the amount of money you spend just getting yourself to and from work is shocking. In a family with two working adults, the common scenario is that each adult has his or her own car. Each car requires fuel, maintenance, insurance, and annual licensing and registration. Per a 2013 report from AAA, it costs an average of $9,122 a year to own and operate a sedan as a daily driver. After retirement, you probably won’t need two cars, and the amount of fuel you’ll spend will decrease, too – unless, of course, your retirement goal is traveling.
#2 – Taxes (Some of Them)
With every paycheck received throughout your working years, you’re losing 6.2% to Social Security and another 1.45% to support Medicare. That’s almost 8% of your earnings. When you stop receiving that check, you don’t have to pay those taxes on it anymore. However, along those same lines, you’ll have to pay taxes on your Social Security benefits. If your benefit is $34,000 annually for an individual or $44,000 annually for a married couple, as much as 85% of that income could be taxable.
#3 – The Cost of Dining Out
Working families are busy families, so it comes as no surprise that dining out is a major expense for most of them. After all, if you just finished working three hours of overtime, it’s easier to go through a drive-thru or order pizza delivery than to come home and cook a meal. It’s also easier to just run to the local bistro on your lunch break than to spend the time packing a lunch at home. In fact, the average American family spends $225 a month eating out. Once you retire, you’ll have more time to prepare your own meals at home – and you’re likely to enjoy cooking more, too.
#4 – Your Wardrobe
Maintaining a career wardrobe can be quite expensive, particularly if you work in a business setting. Suits and ties aren’t cheap to buy, and they’re certainly not cheap to maintain, either. After all, you can’t toss your $700 suit in the washing machine; it needs to be dry-cleaned, which is an expense of its own. Once you retire, you won’t have to worry yourself with your business wardrobe. That’s not to say you shouldn’t look your best, but it’ll certainly get easier to save money on clothing.
#5 – No More Saving for Retirement
Finally, once you’ve retired, you won’t have to keep saving money. All those years of pinching pennies, saving, and managing your investments are finally paying off, and you’re getting to truly enjoy the fruits of your labor. Although it’s true that you’ll be able to keep more of the money you’re bringing in, you’ll need to make sure that you’ve adjusted your way of life to your income. Chances are good that you’ll create a budget and live at least somewhat frugally, especially if you’re looking at a 30-year retirement.
With all the stress of saving for retirement, it’s nice to know that you’ll be able to catch a few financial breaks once you’ve retired. Be sure to consider these things when you’re planning for your retirement, but don’t use them as an excuse to save less. Remember – when it comes to money, the more you can save for retirement, the better.Continue reading
If you’re saving for retirement, a kids’ college fund, or even a rainy day, putting money into a savings account can be difficult. In fact, many people feel like no matter what they do, they can’t put back enough money to make a difference. Here are some ways to double the amount of money you’re saving each year and the reasons why it’s so important.
Why You Need to Save More
The Federal Reserve’s policy on low interest rates is both good and bad. For those who have good credit and who want to take out a mortgage, it’s a great thing. For savers, it’s not so great. Savings accounts of all kinds and CDs have low yields, which means you won’t get much out of your money. What’s more, stock and bond returns are slated to be quite low in the future, which can put a damper on your retirement savings plans. Because of this, you need to start saving more. Fortunately, there are a few good ways to do just that.
#1 – Take Advantage of Your Employer’s 401(k) Plan
If your employer offers a 401(k) savings plan and you aren’t taking advantage of it, you’re missing out on a lot of money. Your employer should match your contributions up to a certain amount, so you should be contributing at least that amount each paycheck – even if your 401(k) plan isn’t the best. This is the absolute best way to double the amount of money you’re saving, and the best part is that the money is taken from your earnings before it is taxed, which saves you even more.
#2 – Give Up One Thing
If you’re like most people, then you probably have a few vices. Perhaps you enjoy stopping off at your favorite coffee shop each morning for a latte. Maybe you take your family out to eat for a nice meal once per week so you don’t have to do the cooking and cleaning. These things are great, and while there’s nothing at all wrong with rewarding yourself for working hard all week, it’s important to look at the amount of money you’re spending. For example, if you stop for a $4 latte five days per week, that’s $20 every week – or $80 every month, or $960 every year – that you could be putting into an IRA or savings account. You don’t have to give up everything, but giving up one thing will make a huge difference in your savings.
#3 – Diversify Your Investments
There’s nothing wrong with being conservative when it comes to saving and investing your money. After all, the less risk involved, the less likely you are to lose money – and nobody wants that. However, by diversifying your investments, you give yourself an opportunity to double, triple, or even quadruple your savings with riskier alternatives. Rather than putting everything into 401(k) and a standard IRA, consider buying a few shares of a stock you like, and one that is slated to perform well. The potential returns are limitless. You might also consider investing in real estate, becoming a venture capitalist, or any other high-risk, high-reward activities.
Now more than ever, it’s important to look at your investment portfolio and make sure you’re saving enough to allow you to retire comfortably. The three tips above can help make it easier for you to find more money, save more money, and put that money in the right places.Continue reading