Advice to Help You Earn Money as a Retiree
Guest Writer: Andrea Needham
Advice to Help You Earn Money as a Retiree
Life during our later years can often be something of a challenge. Not every older adult is cut out for full-time work, but sometimes retirement can result in a bit more idle time than we had initially hoped for. Too much time spent simply whiling away the hours at home can be unfulfilling and unstimulating, making a part-time job a great way to keep a consistent source of activity close at hand.
Of course, not every senior has the opportunity to even think about retirement in the first place. For example, economic downturns and a workforce whose status is constantly changing have created an environment in which fewer and fewer seniors are able to enjoy the benefits of retirement.
So which jobs are best suited to older adults who might be looking for part-time employment? While not all positions are suited to seniors, there are plenty of jobs that are perfect for people in retirement. Today, Vince Papi with ES Interims offers a few suggestions for older adults who wish to seek employment.
Start Your Own Small Business
If you’ve always dreamed of owning a small business of your very own, now’s the perfect time to do so. This could include anything from starting a small dropshipping business to turning a hobby/passion into a money-making opportunity. The sky is pretty much the limit in terms of what you can pursue.
That said, starting a business requires hard work and dedication—not to mention a lot of paperwork. There are a few steps to start a new business and get it officially registered with the state, but it’s a fairly simple process. It’s important to create a business plan first, so you know exactly what you plan to do, who your target market is, and how you will reach them. Submitting the state-specific paperwork will make everything official and get you an employer identification number (or EIN) that you’ll need to open bank accounts and hire employees.
If you’ll need funds in order to get your business up and running, you should also check your credit score. Lenders will run your credit report to see if you have a good history of paying back your debts. If not, then you’re not likely to get offered loans. You’ll also need to think about running payroll if you want to bring on any employees, as well as developing a strategy for marketing and branding. You can work with an agency for marketing solutions that will bring attention to you and your business, and you can hire freelancers to help you engage with potential customers and platforms like Facebook and Instagram.
Customer Service Representative
Customer service work is perfect for older adults looking for part-time work. It requires little to no training, isn’t terribly labor-intensive, and typically does not necessitate full-time shifts. Interacting with customers is a great way to keep things mentally stimulating and is a great way to avoid doing the exact same thing every day.
Ideal locations for senior customer service work are establishments like museums, hotels, and retail stores, to name a few. The relatively light workload that comes with customer service work is also perfect because you won’t have to exert yourself physically. Instead, you’ll interact with customers and help them find what they need. The light problem-solving and interpersonal interactions are perfect for keeping your mental skills sharp in your senior years.
Mental exercise is one of the best ways to keep yourself healthy and active as you get older, and there are few better ways to keep your brain in good shape than by teaching. Not only does substitute teaching keep you on your feet (if you want it to), resulting in a mild but effective physical workout, but it also makes sure you stay mentally sharp, as well.
Working with local high schools to substitute-teach when the need arises is a really smart way for seniors to keep themselves mentally sharp and avoid the onset of the boredom that often accompanies retirement. Whether you’re looking to supplement your income or need to find a new part-time job to make rent, substitute teaching is a choice that’s financially viable and emotionally rewarding in equal measure.
If you were a successful CEO or business leader before retirement, consider fulfilling the role of Interim Management for companies that are in need. When companies lose people in high leadership positions, they seek experienced professionals to step into the role temporarily until they can find a new qualified candidate. This position does require extensive experience and a good reputation, but it can be a lucrative possibility if your resume fits the bill.
Teaching English as a second language is particularly nifty because you don’t have to learn anything new! Your ability to perfectly speak the English language is an automatic qualification for work as an ESL teacher. What’s more, teaching ESL classes is a decidedly progressive and generous way to spend your time.
Teaching English to those looking to learn a new language better is a wonderfully altruistic way to spend your later years, and the regular intellectual exercise that naturally comes along with teaching English as a second language will help you maintain your mental faculties, even as old age threatens to take them away from you.
The world is brimming with aspiring authors who could use a hand with editing. If you have a knack for language, earning some extra money through book editing could be a fun way to earn a little extra income. It’s a good idea to look and see what other editors are charging and price accordingly. Remember, you don’t necessarily have to offer the lowest price. People are willing to pay for quality. It just takes a little time to build up your positive reviews and client list, so at first, you might need to charge a little less than you will later.
There are many opportunities available for seniors to help other seniors while receiving a stipend for their services. For example, Positive Maturity offers a Senior Companion Program and a Foster Grandparents Program that allow low-income individuals 55 and older to lend a hand to those in need. People who sign up for these programs receive $3.15 per hour, in addition to benefits such as transportation and money for meals. Look for local organizations who provide these types of stipend programs, and get in touch to see if you can help (you may need to meet specific criteria, such as income and skills/ability level).
With a bit of careful consideration, you can certainly find a position that’s right for you, doing regular work that’s stimulating and rewarding at the very same time. More importantly, you’ll get to make some extra money while doing something you enjoy. So consider starting your own business, or look for opportunities to substitute-teach, edit books or work in customer service. There’s a great job out there with your name on it!
Are you an experienced CEO, successful entrepreneur, or business leader? Then learn about interim management with ES Interims and whether it might be a good fit for you in your retirement years.