With the average U.S. life expectancy estimated at 80.1 years, seniors may decide to work well beyond age 65 for extra income or to stave off boredom. What kind of “second career” is possible for a senior citizen? Retirees today have a number of opportunities, such as turning expertise into a consulting job, working parttime, starting a business or volunteering. Let’s take a closer look at the possibilities.
Become a consultant. Many retired professionals turn their past into thriving consulting businesses, often continuing to provide services to their former employers. Others gain clients by blogging about their field. Speaking engagements, seminars and webinars are additional ways they can share information, bringing in income and continue to have professional and intellectual stimulation.
Find a part-time job. If retirees can find part-time work in their field of expertise, they may be rewarded with better than-average compensation. Some seniors choose to earn another degree or certification in a new field. Or, they may take a low stress, entry-level job—bagging groceries or becoming a barista to stay busy and line their pockets with a little extra cash.
Start a small business. Many sellers on sites such as eBay and Etsy are people who have turned their hobbies of collecting or crafting into thriving businesses. Retirees may now find they have the time to pursue selling collectibles or handmade treasures.
Volunteer.While donating time and skills to a favorite nonprofit won’t pad anyone’s pocketbook, such work can be rewarding and meaningful. Volunteering time can enrich anyone’s life and benefit the community in important ways. The point of working in retirement is not to replicate a 40-plus hour work week—retirees have been there and done that. Ideally, a retirement career is about staying active and engaged in ways that keep the spirit young.
Bennett Whitlock, CRPC®, is a private wealth advisor and managing director with Whitlock Wealth Management, a franchise of Ameriprise Financial Services, Inc. Learn more at WhitlockWealth.com or call 703-492-7732.