Working in retirement might sound like an oxymoron, but it's a reality for a lot of seniors. More than half of today's workers also plan to remain in the workforce in some capacity after they've retired from their current careers, according to a recent Transamerica survey.
Sometimes this is a choice; other times, it's a financial necessity. If you weren't able to save as much as you'd like during your younger years, keeping a job in retirement could be key to maintaining your financial security. That's not always an easy pill to swallow, but the following three tips could help make your retirement job feel less like a chore.
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1. Find something that aligns with your interests
Retirement can still be a fresh start for you, even if you aren't actually leaving the workforce behind. Think about the hobbies you enjoy and try to find careers that enable you to participate in these things. For example, if you enjoy gardening, you could consider working for a nursery or florist. It doesn't matter if this is completely different from your lifelong career.
If your interests don't correspond well to a paying job, think about what you enjoy about your current job, apart from the salary. It could be the chance to interact with others or to provide valuable knowledge to those who want to learn what you already know. Use your answers to help guide you toward a career you will find fulfilling in retirement.
2. Look for something flexible
It's never been easier to find flexible employment. Dropping from full- to part-time work is always an option, though you may have to switch employers or professions in order to do this. If possible, try to find a position that enables you to control how many hours you work each week and when you work so you can plan around your other activities.
There are also remote work opportunities, though this is more common in some industries than others. Most of the time this requires some basic knowledge of computers and online office tools. If you aren't tech savvy, it's worth learning these skills before you seek out remote employment.
3. Consider starting your own business
Some see retirement as an opportunity to work on a business dream they've had for a long time. It's certainly possible to run a successful business in retirement, even if you haven't done so before. But you should approach this option with caution.
Starting a business almost always requires some financial investment on your part, and not all businesses are successful. Make sure you understand how much money you'll need to start your business and where you plan to get it from. Try to anticipate what future costs could arise as you scale as well. If you know someone who already operates a similar business, they might be able to share some of the challenges they've had to overcome to give you an idea of what to expect.
Have a backup plan in case your business doesn't bring in the income you want. And schedule regular financial check-ins with yourself to see how your business is doing. If you find you're sinking more money into it than expected and draining your retirement savings, you may be better off seeking traditional employment.
Even if you take all the above steps, you may not be excited to get up and go to work every day. That's normal. But if you choose something that aligns with your interests and schedule and focus on the positive aspects of your job, you may not see it as a huge impediment to the retirement lifestyle you want.
