Margaret and Paul started taking social security as soon as they could. Paul had been laid off from his job and Margaret was a stay-at-home mom. With over 35 years at the same job Paul found it difficult to find work at his age. So they took social security to be able to pay their bills.
“I planned to work till I was 70” Paul told me. “I certainly wasn't planning on exiting at 62. I don't have as much in my retirement account as I would have liked. I guess we will have to make do.”
Rising Costs Are A Huge Concern
But like many people in this situation they worry about the rising costs.
“Groceries have gotten out of sight and my health care costs keep Rising every year I'm not sure how we're going to keep up!” Margaret told me.
The truth is Margaret and Paul are still young enough and in pretty good health. Maybe a full-time job making the kind of salary Paul was making before isn't possible. If you find yourself in this situation there are few things you may be able to do. Keeping as much of your retirement savings intact in your younger years could make a huge difference in your later years.
There Are Lot's Of Opportunities
And the good news is, there's lots of part-time or freelance opportunities out there if you know where to look. On top of the income, keeping active and involved just could keep you in better health according to studies.
Here are five options that just might help you stretch those retirement dollars a bit longer. The great news is most of them allow you the flexibility that have come to enjoy.
Pet Care and House Sitting
If you love pets this can be your dream job. With rover.com you can set up a profile to decide when and where you will work. And you get to choose how much you want to be paid. You can offer dog walking and pet sitting.
Or perhaps you want to just check in on animals during the day while their owners are at work. You can offer pretty much anything that revolves around pets.
This is big business. People love their pets. Doggie Daycare places have popped up everywhere. With Rover you can decide whether you want to take pets in your home or whether you want to go to their home to check on their pets.
Additionally, you can also choose the area you want to cover.
Maybe you only want to work in your neighborhood and neighborhood surrounding yours. And you can set your own hours. Rover.com will take a % of what you make but that's okay since you'll be the one setting the fees. Just build that % into the amount you want to make. Depending on how much you want to work and where you live you could make anywhere from a couple of hundred dollars a week to maybe a thousand or more. And all doing something that you love.
Trusted House Sitters
If you love to travel and love pets this may be a great option for you. This site matches up people who are willing to stay in someone's home at no charge to care for their pets while they are away. It's a win-win! You get a free place to stay somewhere that you want to visit. The owner has someone staying in their home looking out for their house and their pets.
Mind My House
This website will match up people to house-sit. The great news is you do not always have to pet sit. This website gives you the option of looking for opportunities where you do not have to care for a pet. Some opportunities could last as long as several months.
Part Time Work
OK, you are not a dog or cat person. And maybe you really don't want to travel. You want to just stay comfortable in your own home.
There are always opportunities for part-time work in the retail industry. The downside is you may have to be on your feet for a while. The upside is you could get some Hefty discounts at some of your favorite stores.
Before retiring, while still in her 50's, Jessica decided to take a part time job at a clothing store she liked.
She only worked one evening and one weekend day except during the holidays when she might work a little bit more. The company was pretty flexible if she needed time off to go on vacation.
One of the big pluses was that she got a hefty 40% discount on clothes she was planning to buy anyway and she got a salary. She decided to put that extra money into her retirement account. Now at 66 she's ready to retire from her full-time job.
“But I'm going to keep this part time gig” she told me. “I enjoy the camaraderie of the ladies that I work with and I love the discount. And the extra money will be my mad money for going out with friends and such!”
Of course most people know about the opportunities with Uber and Lyft. But for people living in large cities like Houston the airport shuttle buss operations are often looking for reliable part time workers. Some of the hotel chains may also be an option. If you like visiting with people and do not get ruffled by the occasional stressed out traveler, this could be a good job for you.
“ After 40 years as a police detective I wanted something different.” Dan told me. His calm demeanor diffused a situation with another passenger who was annoyed because he was in a hurry. "I saw a lot in my previous job. And what I learned was life is too short not to enjoy what you're doing. I don't really need the money so much but I really like the people. And I would be bored at home all day!"
Do you like working with older people? A lot of assisted living communities look for people to drive their buses. The community bus takes seniors on outings ,out to eat, to the doctors, or maybe to church.
There are tons of opportunities to work as a freelancer and the great news is there's some good websites that will help you get started. Not sure what kind of freelance work you would be suited for?
List Your Services On Freelance Websites For Free
One website called Upwork.com has a list of all kinds of different opportunities for freelance work. As a freelancer you can list on their website to match up with business owners who need your expertise there's opportunities for designers and creatives of all types are you technical programmers and developers are also in demand.
Likewise, administrative support specialist are very popular. Many small businesses go to these websites to find people that can help them grow. Opportunities include customer service agents, computer skills, chat support agents,calendar management assistance, appointment setters and so much more. If you love to write or you're good at editing there are plenty of opportunities for you also.
Do you have a background in finance? Great! Freelance positions in accounting, bookkeeping, business coaching, human resource and more or available and needed.
How about sales and marketing? You could get a job as a social media consultant, a telemarketer,SEO expert, PPC specialist and more. No matter what your talent is there's probably an opportunity for you.
If you're leaving a job where you had a lot of experience managing an office you might look into opportunities as a virtual assistant.
As a virtual assistant you'll probably be working mostly with small businesses that can afford to hire somebody full time. You'll work from home and help them manage their business. Virtually. The fees are usually pretty good most VA’s make between 30 to $60 an hour.
You would be responsible for all of your own taxes as you would as a freelancer. But the flexibility is great. You can work from whenever and wherever. Taking a vacation to the Bahamas no problem just bring your laptop along and put in a few hours a day. How much you work and how often you work is your choice.
There are a variety of different types of work for someone wanting to extend their full retirement a bit longer. The financial, social and cognitive benefits are ones you should not ignore. Part time work into your late 60’s and 70’s may just improve your quality of life for a long time to come.
With a part time income you would also have more money to invest into long term care insurance. That way you will be covered when the time comes that you are no longer able to work.
As Certified Long-Term Care professionals since 2003, and members of the American Association for Long-Term Care Insurance, both Sue and Allison have the training, knowledge, and experience to help you understand your options.
Sue Myers and Allison Younger
With over 20 years of experience, both women are committed to ensuring that their client’s long-term care needs are met while their wealth is protected.