More Than Finances

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How to Prepare for Retirement

Are you looking forward to retirement? When people think about retirement, they usually dream about traveling, spending time with their grandchildren, and pursuing a hobby. A question like “Can I retire yet?” seems to be on everyone’s mind. 

Therefore, it’s not surprising that retirement planning books are on Amazon’s bestseller list. 

Seniors continue working

However, according to the Bureau of Labor Statistics (BLS), more people are working into their senior years. 

This rate will grow by 55% for those in the 65 to 74 age group and 86% for those in the 75 and older group.

What could be the reasons why people need to work?

  • Financial reasons. The rising inflation rate and the housing crisis may have contributed to a decrease in pensions.
  • A sense of purpose. Left with so much free time, seniors go back to work to regain a sense of identity and pride in contribution.
  • Need for social interaction. The workplace is where people usually meet new friends. 
  • Mental stimulation. Work keeps the brain active and alert. 

If you’re still asking yourself, “Can I retire yet?”, the answer will depend on how you want to spend the second half of your life.

Earning online

While going back to the office is still a possibility, most seniors choose to work from home. 

Aside from not having to travel and dress up for work, online jobs are flexible, and payments are secure. Compensation is based on skills, not on age.

Jobs available online for retirees

Retiring in this digital age is becoming easier and more convenient, thanks to online jobs that you can take on and work from home. Below are a few examples to choose from:

  • Write articles for your blog. If there is high traffic, you can earn through Facebook ads and affiliate marketing. However, make sure that your posts answer a need in the market.
  • Offer online consultancy services in a field that you’re familiar with. 
  • Tutor students one-on-one through Skype. You can also create video tutorials on YouTube.
  • Offer virtual assistant services that do administration tasks like scheduling and filtering emails.
  • Teach English to international students.
  • Write, edit, and proofread blog posts and magazine articles. Other options are copywriting and technical writing. 
  • Train others with your skills. Offer your online courses to Coursera, Udemy, Teachable, or SkillShare.
  • Offer bookkeeping services using online accounting software like Xero or Quickbooks.
  • Sell your crafts on Etsy or an e-commerce site. You can also sell products on Shopify as well.
  • Sell photos to Shutterstock, Getty Images, or Pixabay.
  • Create and design websites.
  • Offer SEO services to increase website ranking.

Start an online business

If you have a passion for starting your own online business, now is the best time to start. However, exercise caution so that you do not lose your retirement income. 

Conduct feasibility studies and surveys to check if there is a market willing to pay for your product or service. 

Make sure that you have a business plan. Find a scalable business.

It does not have to grow into a huge business, just large enough to fund your retirement needs without taking too much time and effort. Determine the right balance for you and go for it.

There is no limit to what you can achieve as long as you have the right mindset and willingness to learn. Put your money into the right places and secure them to prepare for and during retirement. 

Best of all, there are retirement coaches and insurance so you won’t live your years broke and full of uncertainties. 

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