INTRODUCTION
Welcome to Cortburg Speaks Retirement
An audio podcast about investing in the stock market, financial planning, money management and retirement planning. Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.
Now here is your host, Miguel Gonzalez.
HOST
Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.
On this week’s audio podcast, I talk about 3 ways to make income after you retire.
Retirement is an exciting time, but it can be tough to leave behind the safety net of a stable income or the work routine you’ve followed for decades. Many seniors who reach retirement age end up working part-time; this can be for a variety of reasons, including wanting more spending money, miscalculations in retirement savings, or just a desire to experience new types of work. Whatever your reasoning is, there are multiple avenues you can take to work during your retirement without feeling overworked.
If you follow the tips below, you can generate extra cash while also remaining active and engaged in your passions, whether that’s a honing your skills in a hobby or spending time with your loved ones.
- Start a small business.
Now that you’ve left the nine-to-five life, you can pursue your long-time hobbies more deeply and discover new hobbies you previously never had the time to try.
Fortunately, the demand for handmade goods and online courses is higher than ever before. Take advantage of your skillset and market yourself and your creations or talents on sites such as Etsy, Fiverr, and Skillshare. You can sell just about anything you can imagine on these online marketplaces. Keep in mind, you don’t need to necessarily sell material goods. Teaching lessons and online coursework can give others a starting point into the same hobby. Enlist the help of a loved one who knows how to navigate social media to help market your product; this small business can be a fun project to share with children or grandchildren.
2. Invest in real estate.
Consider saving any money you made from downsizing or moving to your retirement home, and invest it into purchasing a vacation rental property. This is a win-win situation because you have a vacation home you can use with loved ones and rent out when you’re not there for extra income. Choose a location for your vacation home that you and your loved ones enjoy vacationing at or choose an up-and-coming location that’s predicted to generate more ROI for you. The key is to not tie up all your money into an asset like real estate because it’s not very liquid, so if you invest in a rental property, make sure you have other readily available liquid assets you can fall back on during unexpected hardship.
If the thought of managing another property other than your own home stresses you out, consider hiring a property manager who can act as a landlord on your behalf (if that service fits in your budget).
3. Work part-time.
If you find that you miss the routine of going to work, you can try working part-time. The key is to choose a job that you will enjoy rather than focusing on high-paying work. If you like animals, consider working at a local farm or animal rescue. If you enjoy the arts, work at an arts and crafts store or a local theater. Make sure you enjoy the atmosphere of your job, because you’ve earned the right to choose something that is fun and fulfilling!
Retirement doesn’t need to stop your drive to generate income. If you implement one or more of the tips mentioned, you can have a fun and financially comfortable retirement.
Make sure to visit our website, www.CortburgRetirement.com. Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances. As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.
This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.
DISCLOSURES
Opinions expressed are subject to change without notice and are not intended as investment advice or a solicitation for the purchase or sale of any security. Please consult your financial professional before making any investment decision.
All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
CRC conferred by The International Foundation for Retirement Education.
Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.
Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.
Investing involves risk including possible loss of principal.
· This article was prepared by ReminderMedia.