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Retirement

Why you'll never truly retire

December 27th, 2014 by

5 ways to make bank after you make the retirement leap

 
 
 

Life is like a fine wine - it only gets better with age. Don’t believe it? We don’t blame you. It’s no secret that most of us expect our health to decline with age. We expect our minds to deteriorate. We expect our capacity for risk to do the same. 

But it would appear the real secret behind aging is that our sense of well-being and desire to experience life to the fullest is more acute than ever. Are we ever really retiring? By the sounds of it - not really. More like… reviving our dreams of yore. 

A collection of data by Pew Research Center found that our expectations of what life will look like after retirement are far worse than the reality. 

For example, 45 percent of respondents aged 18-64 expected to lose the ability to drive once they passed their 65th birthday. Only 14 percent of respondents aged 65 percent and older actually have lost that ability. Another 29 percent worried they wouldn’t feel needed in their elderly years. Only 9 percent of the elderly truly do feel that way. 

But when you look at how each age group felt about their current circumstances, you might see reason to start shifting some of those expectations. Those in their golden years had their younger counterparts beat in every category. 

Gallup-Healthways research showed our elderly friends earned more points in all five departments of a happy, healthy life: purpose, community, socially, financially, and yes, even physically.

Now, just what is one to do with all this newfound vitality? Make bank, of course - because ain’t nobody got time for silly and remarkably false expectations. Let’s do this, retirement!

Here are 5 ways to make money in your young and reckless golden years...

5 ways to make money in retirement

  • Consult the masses, oh wise one

Your years of service shouldn’t be spent in vain. You may be officially off-the-clock and living on your retirement savings and pension plan - but there’s no reason you can’t continue to show off your expertise. Ask your old workplace and other companies in the industry if they’d be interested in contracting you on as a consultant for the team. Someone needs to show those newbies how it's done.

  • Blog about your hobbies - and bring home the bucks

Try your hand at earning revenue from a blog. Nurture your growing fan base by committing to updating your feed daily. Not a fan of writing? Maybe becoming a YouTube celebrity is in your cards. The internet needs more older role models.

  • Invest in a local start-up

You always knew you should have had a chair in the Dragons’ Den. But just because you have to sit at home and watch them close deals from your living room doesn’t mean you can’t go out and participate in some venture action yourself. Nothing ventured; nothing gained. Just make sure to practice due diligence with your financial advisor before signing up for any investment.

  • Get paid with Etsy

Arts and crafts never get old - and retirement may mean more time for them. Set up an Etsy page and try selling your craft online. Make anything from socks and sweaters to books and frames - and actually get paid for expressing yourself on your choice of canvas. Does it get any better than that?

  • Identify the most tax-efficient strategy for you

A tax dollar saved is a tax dollar earned. Sit down with your financial or tax advisor and discuss strategies to make the most of your hard-earned money - before it’s too late (i.e. tax season!).

Income for the ages

One last consideration for making bank in retirement: Saving bank. These ideas are only to help you cushion that savings account you surely started filling years ago. Now that you know what to really expect in retirement, how excited you must be for the years to come...

 
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Jul 26 2017 1:37pm
 
 
 
 

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