Ideas

How to make money in retirement

This site is dedicated to exploring ideas on how to make money in retirement. Their are tons and tons of ideas. The trick I guess is narrowing it down to what works for you. Wouldn’t you like to find a steady stream of income that has been generated so that you don’t have to work that hard for it? So that you can enjoy your retirement years in style? Perhaps even retire early, even within the next couple years??  I sure do.

As an added bonus, wouldn’t it be great to be involved in things in retirement that we are passionate about? And then to be able to make money from it too? Wow. That would be awesome.

That’s what this site is about. I don’t want all of the articles to come from me though. Please contribute to this site. I’ll be sure to give you proper credit.

In a special report from USA TODAY, retirement reporter Nanci Hellmich took an in-depth look at just how to earn money during your golden years and came up with 5 key tips:

1. Experts share their best ideas for starting a business later in life

Those who started a business later in life and financial experts say many Americans need to save much more aggressively for retirement. Full story – Many people pursue their passions

2. 15 tips for getting a job

Two hiring experts offer advice for getting a job that you like. Full story – About 65% of workers plan to work for pay in retirement

3. How to ace a job interview

Think about what it is you are going to emphasize in a job interview, and be prepared to explain gaps in your résumé. Full story – Consider temporary work which can lead to permanent employment

4. A look at how earnings can affect your Social Security

An expert with the Social Security Administration talks about how your earnings could affect your Social Security check. Full story – There’s no reduction in benefits if you reach full retirement age and continue to work.

5. Job information site for retirees and pre-retirees

RetiredBrains.com covers a wide variety of topics from when and how to apply for Social Security to health care information to identity theft and scams. It also features a lot of information for older adults who are looking for ways to earn money, including a job section, information on résumé writing, how to start your own business and how to work at home.

Notes

  • Don’t roll over assets into an IRA and then let the ‘cash creep’ up in your account by not investing it (John Sweeney, EVP for Retirement & Investing Strategies at Fidelity Investments)
  • It can be difficult to decide how to save for retirement while paying back loans. Consumers may fear that prolonging repayment will result in more debt.
  • Americans suffer from a painful lack of financial literacy, whether it’s in knowledge about retirement planning or responsible investment due diligence.
  • Most Americans know they need to save for retirement, but it’s what they don’t know that could make a huge difference in their nest eggs, said Mitch Tuchman, Managing Director at Rebalance IRA.
  • Family and financial assistance can be an awkward combination. Paying down debt, medical bills and tuition costs can all take their toll on personal relationships.
  • Don’t let the government keep the Social Security benefits you rightfully deserve, said Laurence Kotlikoff, co-author of ‘Get What’s Yours.’
  • Consider what it takes to save a million dollars for retirement.

  • President Barack Obama has called for tighter rules on retirement account brokers, reigniting a confrontation with the financial services industry over rules affecting trillions of dollars in 401k and other savings accounts.
  • Plan to start pumping up your physical activity to get more in shape so you can enjoy your retirement more.
  • Retirement planning is a challenge regardless of your pre-retirement income. Over half of American households may not be able to maintain their standard of living in retirement, according to the Center for Retirement Research.
  • Avoid the pitfalls of impulse purchases
  • Research stress-reduction strategies for yourself
  • Same-sex couples in general are likely to have saved far less for retirement than their straight counterparts, according to exclusive analysis of the Federal Reserve’s Survey of Consumer Finances by AP
  • Consider ideas for cutting costs when dining out
  • Decluttering for retirement ahead of time can be very helpful
  • Pets ease transition into retirement
  • A 20 minute financial planning session with an expert can really benefit you
  • Millennials may be struggling with student loans and a rough job market, but nearly half have already started saving for retirement, said Kristen Robinson, Senior Vice President at Fidelity.
  • Nearly half of Americans surveyed by the Wells Fargo/Gallup Investor and Retirement Optimism Index said they are worried about outliving their savings.
  • Americans are feeling guilty about not investing enough over the past year, said Aron Levine, head of Preferred Banking and Merrill Edge at Bank of America.
  • Boomers need income stream in retirement: People need to plan to provide income for themselves in retirement with the same care and diligence in which they save for retirement, says Scott Holsopple, Managing Director of Retirement Solutions at The Mutual Fund Store.
  • Edward Jones says retirees should stay course: Retirees and investors close to retirement should not make dramatic changes in their accounts due to the recent market volatility, said Scott Thoma, Retirement Strategist for Edward Jones.

In the same report quoted above, Nanci Hellmich compiled some revealing numbers from different sources:

  • 65% of workers plan to work in retirement
  • 27% of retirees say they are employed
  • Of the 52% of Baby Boomer workers who plan to work in retirement: 10% plan to work full time and 42% plan to work part time
  • Why Baby Boomers say they plan to work past age 65: 62% need/want income or benefits to continue; 18% say just to stay involved; 16% say really like what they do and 4% are not sure.
  • How Baby Boomers edge toward retirement: 67% envision a phased-in retirement during which they will continue working, reduce hours with more leisure time, or work in a different capacity that they will enjoy; 16% expect to stop after they reach a specific age; 5% expect to stop after saving a certain amount of money and 12% are not sure.

Here is a helpful Retirement calculator

Please leave your thoughts or questions in the comments below. I would love to interact with you on your ideas!

 

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