Earning Income After Retirement

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The majority of retirees will have a dilemma to face. I’m referring to finding employment when it is imperative to earning income after retirement in order to support their financial needs. Not only dealing with the idea of employment in our later years, there are also a couple of significant money issues people are getting hit with such as:

The fact is that if you continue to work once you do retire your social security benefits will be affected. You will have to be aware of amounts you can earn without your income becoming taxable and/or your benefit amount being reduced. Get knowledgeable with your own Social Security, learn all of the avenues that you can and cannot take for your age bracket.

On the upswing, when you reach your full retirement age set by social security, there is no limit on your work income and fortunately you can receive your full benefit amount.

But hold on, the income you receive from other sources will affect how much of your Social Security retirement benefit is taxable. Don’t forget to calculate in any taxable distributions from such things as your 401k or Individual Retirement plan. Confused? Lets get back to the money issue.

When talking about ways of earning income after retirement, along with trying to figure our the best options to take Social Security for the majority of our middle age and older society, what happens is fear comes in to play or that “do nothing, poor me” mentality.

So the first step when figuring out extra retirement income, what most people fail to do is an evaluation. For example, take into account your life style, what you need to factor for your monthly budget, also what you can eliminate. Take a serious look at your passions, your interest, and the knowledge that you have built up, and decide what type of income earning work would fit into your lifestyle. What extra income source would work best for you and your situation?

The next step is to maintain employment or do what many individuals are now doing, and that is starting their own business. This will keep you busy and your brain working.

Here are a few ideas others are finding success in:

  • Drive people to their destination. Forget public taxis, people are looking for quality, personal able and affordable ways to get to doctor visits, stores, and trips. Offer niche uniqueness and you could build a solid business
  • Clean out your house, or someone else’s house and sell the items on eBay
  • If you have extra room in your house, find a roommate to help cover monthly costs (do your homework and make sure you are comfortable with the person you bring in)
  • Organize and host an event that you have a passion about. Learn to build your passion.
  • There are hundreds of Do It Yourself projects, yet there are plenty of people who do not want to do it themselves. Perhaps your local hardware store could give you some leads.
  • Check out www.unclaimed.org/ start a service of finding unclaimed funds for other people or simply for yourself.
  • What knowledge do you have that you could give private lessons or teach night courses at local schools (music lessons, technical, tutoring in math, science etc)
  • Check out www.taskrabbit.com It is a great source of providing services to people who need different types of help. If you don’t live near a big city, perhaps you could start your own independent service business.
Be an advisor, an organizer, an assistant, a tutor, a writer, a crafter, a builder, there are so many avenues you can explore when you learn to be creative with the expertise you have to offer to others. There is a huge need in the personalized service industry.

Again I say build on your passion, your hobby, learn to help others by giving them advice, show them where and how to find answers to their problems or interests.

So if you are finding the need of earning income after retirement is going to be crucial to your monthly budget, and you do not want to work a minimum wage job working for someone else, then the first thing you need to do is make a plan, get creative, read books, take classes, explore your hobbies and interest and learn to develop yourself and profit from your own service business.

 


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8 Comments

  1. Sarah

    That’s interesting how you bring up social security and retirement savings not being enough, even after taxes. I sure wish we weren’t taxed on anything that we save. It seems pointless to tell us that we aren’t taxed on our 401k savings, then to tax it often at a higher rate once we’re ready to use it. My parents are coming into their retirement years and have nothing. I’m not sure what they’re going to do. Are are in the retirement stages? What would you recommend for someone in their situation?

    Reply
    1. Angela

      I offer some great starting points throughout my website. Since everyone has different interest I would say, start reading a few books it helps to stimulate the mind and to keep one feeling younger. Take a look at this page from my site for a starting point http://astore.amazon.com/extramoney0b1-20 and with concerns on social security take a look at this, http://whatagecaniretireat.com/social-security-retirement-guide

      Reply
  2. Sheila

    You’ve outlined some great ways to earn extra money after retirement. So many people now days are not saving enough towards thier retirement and I think the best way to do that is finding ways to cut back and other streams of income during your working years. Like doing some of things you mentioned. I don’t believe we will be able to rely on social security to provide enough to keep us accustom to our lifestyles.

    Reply
    1. Angela

      So many people are relying on social security, they are set in an old fashion mind set, finding new and continuous streams of income is going to be vital to everyone. It is a good thing people have different interests and hobbies.

      Reply
  3. Karen

    Very interesting website and very good use of referrals to resources and Amazon. I’m 62 and found the “Here are a few ideas”…list really good suggestions. Under that subtitle there’s a typo on the 5th bullet down that starts with “There are hundreds… People is misspelled.
    Under the Self Improvement tab, the first line reads good worth ethic–should that read good work ethic?
    Also under the Self Improvement tab under Money with the Law of Attraction–1st paragraph says “want out of live” and should read “want out of life.”

    Reply
    1. Angela

      I appreciate your attention to the errors, perhaps you could come back often and read through any new posts, thank you

      Reply
  4. Marc

    Thanks for the great article on earning income after retirement. My parents are going through this all right now and they have to juggle not making too much money while at the same time making enough money to live. It really can be a problem for many. Thank you again for sharing your knowledge.
    Marc

    Reply
    1. Angela

      A lot of people are in the same boat, it is unfortunate that people do not plan for any future living needs.

      Reply

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