RETIREMENT COUNTDOWN: Considering A Second Income?
RETIREMENT COUNTDOWN: Considering A Second Income
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Evaluating Supplemental Income Opportunities In A Tough Economy
by Michael D. Hume, M.S.
The economy's got us all on edge. While some say it's picking up, others point to gloominess in Europe and elsewhere and tell us the worst is yet to come. Not a comforting thought if you're approaching retirement! And after the market woes of the last 18-24 months, a lot of us have lost a lot of nest-egg, and we have to think about how to rebuild before we figure out how to have the happy retirement life we imagine.
Maybe you're like my wife, the hard-charging attorney-type who runs a legal office and is approaching retirement herself. I asked her a few years ago, "Will you be OK retiring? I mean, will you be one of those people who miss the power and prestige, and start wanting to hang around the office? Will you have trouble letting go?" Luckily for both of us, her answer was "Are you kidding? Retirement will be like college - but with money."
What a great attitude! But it does mean that if a chunk of the money is missing, retirement could be more like two-jobs-and-night-school.
How do you get back to the type of retirement you've worked hard to earn?
Go, Go, Go.
Before you think about the money, think about what you need in terms of time and freedom. Remember, retirement's supposed to be the Golden Years, a time of relaxation and enjoying the fruits of a long career of labor... right? You've probably heard that your retirement is divided into three segments: the Go-Go Years, when you still have abundant energy and want to go do the things you've put off (travel, hobbies, creative endeavors, etc.); the Slow-Go Years, when you can still do some things, but your body's starting to slow you down; and the No-Go Years, when you stay put and let the kids, grandkids, and great-grandkids come to you (your body just won't let you do the things you used to). I don't know about you, but I would like the Go-Go portion to last as long as it can... until I'm 112, if possible. If that's how you feel about it, you better take that into consideration when you consider how to feather your nest egg. Given your desire to Go-Go as much as possible, whatever you do to make some money needs to be considered along these lines:
Enough money?
You might have a 401k, or other retirement fund, which will help you (don't count too much on Social Security). What else do you need? If it's so much that you're putting off retirement longer than you'd hoped, that's a different scenario than imagining how handy an extra couple hundred each month could be.
Time is precious.
The older we get, the more we realize that we don't have forever, and "how you spend your time is how you spend your life." What do you want to spend the rest of your life doing, and can you make enough money doing it? I know people who really enjoy greeting folks at the local retail store, and others who would look at spending 20 hours a week doing that as punishment.
Freedom, Baby.
Do you want to travel? Be able to play golf when your buddies call for a fourth for tomorrow morning? Throw together a party for this weekend? The years of being blocked from these activities because of work should be over when you retire. So, depending on your appetite for flexibility, you may need to find something that isn't geographically specific. There are consulting gigs and internet business opportunities that you can do either in small chunks of time, or from anywhere you can take your laptop.
Use your gifts.
Whatever you do, you should seek the sort of fulfillment that only comes when you are contributing from your true gifts. You've honed a lot of skills and talents over the years - don't check them at the door to retirement.
Don't be afraid of the computer, or the internet.
People approaching retirement these days are a lot more tech-savvy and computer literate than at any time in history. When my kids try to talk over my head about their amazing technical knowledge, I remind them that my generation invented the home computer, the video game, and all that stuff that made their stuff possible. But I guarantee that whatever you've been doing for a living, there is even more out there in terms of what computers and the internet can do. Whatever you don't know, you can learn... because learning is also a major skill you've honed in your career.
Energy.
Maybe you are approaching retirement with a bundle of energy. If you've taken care of yourself, and if you're young enough, and lucky enough, this will make your Go-Go Years awesome - good for you! Remember that whatever your energy level, you need to preserve and build it to have the life you want to have. I hate it when I get a chance to play a round of golf and I just "don't feel like it." I try to remind myself that I won't feel more like it, more often, twenty years from now! So take care of yourself: keep exercising, don't eat junk, take good supplements, drink plenty of water, get enough sleep. It's amazing the difference it makes. And, by the way, as you're evaluating money-making opportunities, try to imagine whether the activity will energize you, or leave you "wiped out."
Maybe you would be happy with a part-time job in your community - retail greeter, golf marshall, chef, gardener, whatever - and you don't mind adhering to a little bit of a structured schedule. Maybe you want the kind of security and revenue you'd have in your own business - you could start or buy something, build it up, sell it for big bucks. Or maybe something flexible like income from your laptop computer is a better plan for you (there is at least one platform I know of that is outstanding). In any event, start thinking now about what will do it for you. Remember that the goal is overall happiness, and you want enough health, wealth, and inspiration to carry you to that goal.
Go, Go, Go!
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