Retirees often have a skewed mindset as they enter their retirement. One of the biggest misconceptions is that retirement means you stop earning an active income and instead must rely on pensions and retirement savings plans to continue living comfortably. However, earning into retirement will give you more freedom to pay for post-retirement luxuries, like exotic vacations.
Secure a Part-Time Job
Retiring doesn’t mean that you have to stop going to work altogether. Individuals who have reached retirement age still have marketable skills. Look for a job in an area that you’re interested in and let the employer know the ideal schedule you’re seeking. Museums, universities, and country clubs are just a few examples of potential employers for retired part-time job seekers. Sporting arenas and retailers are examples of businesses that look to hire seasonal help if you don’t want a part-time job year-round.
Be Your Own Boss
Consulting is an ideal job for retirees who want to work on a project-by-project basis. You can be choosy about the projects you take on and can determine a fair rate for your services. If you have an entrepreneurial spirit, you may want to launch your own business. Home businesses are also popular amongst retirees and can be as simple as starting an eBay store and selling homemade creations or collectibles accumulated over years. Your home can also be used as a potential space for a rental income if you have a guest cottage or over the garage apartment on your property.
Keep Assets Invested
Withdrawing funds before you need them is a costly mistake for retirees. Review withdrawal rules and find out any penalties associated with taking money out too soon. Plan out how to best use your retirement funds as well. For instance, use funds first that are earning the least amount of interest.
Meeting with an estate planning attorney can help you develop strategies of keeping more money in your bank during retirement. An estate planning lawyer can do more than simply draw up wills and power of attorney documents. They can also assist in the process of putting any retirement plans into trusts and business entities to better protect your assets. Elder law attorneys are another type of legal professional that can be contacted to assist in any issues that arise as you plan out your post-retirement income.