Who says you can’t kick off a new venture as a senior? Here’s why retirement is a great time to get a business off the ground.
The Motley Fool
You worked hard to reach retirement. Now make retirement work for you.
Countless workers look forward to retirement and the chance to spend their days as they wish. But there’s a danger to having too much downtime: boredom. And that boredom can easily come to trigger feelings of depression — something retirees are 40 percent more likely to suffer from than working adults. If you’re retired and are finding that there’s just not enough to do with your days, here are some options for not only occupying your time but drumming up extra cash in the process.
1. Start your own business
If you’re the entrepreneurial type, starting a business in retirement is a great way to negate the boredom factor. As a business owner, you’ll have the ability to sink as much or as little time into your venture as you choose. And if your business really takes off, you’ll have the option to hire people to help out so you’re not going from bored and restless to swamped and overwhelmed.
Incidentally, the U.S. Bureau of Labor Statistics reports that Americans 65 and older are more likely to be self-employed than adults of any other age group, so if you do go this route, you’ll be in good company. You might also get introduced to fellow business owners in similar situations who can not only share advice but perhaps serve as social connections as well.
More: There has been an upsurge in Social Security scams. How to avoid being a victim of one
More: Even in a hot job market, here are 4 reasons to consider taking on a seasonal position
More: Hiring opportunity: Seasonal workers will see more jobs, higher pay this holiday season
2. Monetize your favorite hobby
Maybe you don’t want to deal with the legalities and paperwork of starting a business. But that doesn’t mean you can’t work for yourself in retirement. If you have a hobby with the potential to make money, diving into it is a good way to stay busy while generating some extra cash. You might, for example, start selling crafts online or at farmers’ markets, or turn your love of photography into a series of gigs in which you get paid to do photo shoots. The possibilities are truly endless.
3. Become a landlord
Managing property can be a time-consuming process. But if you’re no longer working, are relatively handy, and have some cash to invest, buying property and renting it out is a great way to keep busy and make money in retirement. Of course, there are certainly some risks in going this route – like the cost of maintaining a property over time, struggling to find tenants and dealing with hidden repair issues that pop up when you least expect them to. On the other hand, having a home to maintain will certainly give you someplace to be on an ongoing basis, and if all goes well, it’s a solid way to secure a continuous income stream.
Faced with a wave of Baby Boomer retirements and a worsening labor shortage, many employers are trying to hold on to their older workers, persuade some to return after retirement and even recruit those retired from other companies.
4. Ask to return to your old job part time
Maybe you’re not the type who enjoys working independently. If that’s the case, and you need a way to fill your days, you can always reach out to your former employer and ask if there’s a way for you to resume your former duties on a part-time basis. Seeing as how you will, conceivably, bring a world of knowledge and experience to the table, there’s a good chance your old company will agree if the need for work exists. Even if it doesn’t, you never know when your previous employer might need some temporary or seasonal help in the future, so keeping in touch is always a good idea.
The last thing you want to do is spend your retirement watching the hours and days tick away. If you’re struggling to find something meaningful to do with your time, the above options offer a great opportunity to stay busy while making money. And the more cash you have at your disposal, the more you’ll be able to travel and stay entertained, thereby making this period of life more enjoyable on the whole.
The Motley Fool has a disclosure policy.
The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.
Offer from the Motley Fool: The $16,728 Social Security bonus most retirees completely overlook
If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” could help ensure a boost in your retirement income. Forexample: one easy trick could pay you as much as $16,728 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after. Simply click here to discover how to learn more about these strategies.
Read or Share this story: https://www.usatoday.com/story/money/personalfinance/retirement/2018/10/07/retirement-ways-beat-boredom-make-money/37969381/