Part-Time Work in Retirement? 8 Essential Things to Consider
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- เผยแพร่เมื่อ 22 พ.ค. 2024
- ✅ FREE RETIREMENT ASSESSMENT ✅ www.foundryfinancial.org/reti...
Thinking about working part-time in retirement? You're not alone! Many retirees choose to keep working for extra income, social connection, or to stay mentally sharp. But a part-time job in retirement looks different than a full-time career. In this video, we explore 8 essential things to consider before diving into a post-retirement job search.
We'll cover how to:
-Balance your desired lifestyle with work hours.
-Leverage your experience and skills for a fulfilling role.
-Find a job that fits your physical health and abilities.
-Explore flexible work arrangements and remote options.
-Consider the financial impact on your retirement income.
-Think about the social aspects and potential for new connections.
By taking these factors into account, you can find a part-time job that complements your retirement goals and keeps you feeling happy and engaged.
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ABOUT ME
I’ve always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission - pushing products that were not in my mother’s best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money - so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!
📅 THE BASICS OF RETIREMENT PLANNING
Retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.
Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it’s never too late to start retirement planning. Even if you haven’t so much as considered retirement, don’t feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won't be playing catch-up for long.
Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.
Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you're building your emergency fund - especially if you have an employer retirement plan that matches any portion of your contributions.
Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.
Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It’s often helpful to talk with an adviser to discover the right mix of stocks and bonds.
❣ SPONSORED No, this video was not sponsored.
⚠️ "DISCLAIMER:⚠️This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it's for entertainment purposes only. #retirementplanning #retirement #passiveincome
What's the best part-time for retirement?
I'm 61, retired with a pension, but working a part time job, which can be physically demanding at times, but there is no mental stress, other than driving to work. I like to stay busy, but I also like having the extra time off.
I praise God that I have a job that I love, and that with the advent of zoom I am able to do completely from home. I am a court reporter. I love what I do and I will do it into retirement as long as I possibly can. Even if it's only 2 or 3 days a week, that's just fine with me. Life.
Is too short to do something that you hate. I have seen it more than once on this post. People who hate what they're doing and can't wait to get out of it. I feel so sorry for you. I hope you can find something that you love doing that You can do in retirement.
I'm 72 and work 8 weeks a year, Driving a tractor with a grain cart for Corn & Soybean harvest. Hours are long but go by fast and its fun. I don't need the money but I get a W2 and that allows me to put all the money in a Roth Account.
Tractors are getting fancy too! My families farm had old John Deers. But today, they have satellites and air conditioning and incredible sound systems.
Wow, what a great strategy 😊
My dream job for a part-time retirement gig is being a courtesy driver at a Lamborghini dealership. 😊
And I would still like to see more videos on that fine balance between what we can earn with that part-time job and still pull full social security. I'm sorry but you have to tell me a couple times for it to get into my head. I'm a little slow LO. L, but you explain things very clearly. And I appreciate that :)😊
Perfect timing. I have been considering what to do in retirement and there isn't too much information out there.
Covid got me laid off from a 100k IT job in my early 60s. I fell into the perfect "victory lap" job. I work 30 hours as an entry level help desk tech for a non-profit anti-poverty agency (a mission that I enjoy). I get health insurance and 403b match. My brain is not taxed. I don't bring work home with me. But the BEST PART is that I have an understanding with my boss: I do the work of an entry level tech. That means that if I can use my high-level experience to create efficient systems that turn a 30 hour a week job into a 10 hour a week job, I can do what I want for the other 20 hours, provided I'm available to take a call during my work hours. This time "in the office" has allowed me to engage in a passion I would be doing at home anyway (genealogy). I've done some huge research projects. I'm currently editing and co-authoring a church history book, (digging through 300 year old records). Once I retire next year I hope I can develop the discipline to set aside the 4 hours a day to replicate this work at home. I fear the Honey-Do list!!
Currently part time. Will reduce to only one week a month at 62 but will be slightly over the cap for SS.
The car dealership job you described is usually a Valet driver. A porter job does more cleaning and maintenance. If you like cars, working in automotive industry can be great part time, as you usually get significant discounts on service and parts, helping to reduce expenses.
Thanks for clarifying.
Good ideas and things to think about! Thanks
Our channel is all about our backyard nursery we have started for when we retire. Takes 2-3 years to really get started so we are ready and loving it.
Love it! Wish I’d know when I made this video. I’d have given you a shout out.
Thanks! Your point is excellent, rather than try and save an additional $500-1,000,000 just work part-time to make $20-40,000 a year. Our personal plan is not to draw from savings until age 70, SS at 67, and work at things that we enjoy. Love your videos!
This is excellent. May I suggest a future topic: Jobs for folks with disabilities. I cannot do phone work with my deafness. Others may have mobility issues. You get the idea. Many thanks!
Great idea! Thanks.
55 Work Days +23 Vacation Days/ 110 Calendar Days until California Civil Service Retirement. I'm headed to Cebu City in the Philippines mid-October for a Six to Eight Month Vacation Mid-October... After my Vacation I have the option of taking a Federal or Nevada Civil Service job. OR, If I acclimate, STAYING relaxed on the Pool Deck of a Philippine Condo... I'm researching Part Time, Digital Nomad jobs I could do from the Pool Deck or a Coffee Shop. My plan is to Delay Social Security until I'm SURE that Full Time work is not in my future.
This is an underrated channel.
Thank you!
I’ve been a casino dealer for over 30 years. I enjoy it. But my plan is to work a couple days a week from 65 until I take my SS. That should reduce my workload, and earn me at least as much as SS would if I took it earlier.
Oh, now that’s an interesting job!
@@foundryfinancial it can be. I’ve met celebrities, billionaires, and have seen millions won, and lost in one sitting. Fortunately I bought my house in Vegas before everything went crazy with real estate. It’s not a bad place to retire either. No state tax, and moderate winters. Just make sure the AC works well in the summer!
I honestly can’t imagine doing anything related to what I do for a living full-time now. I don’t mind the idea of a part-time job when I retire, but I absolutely hate the industry that I am in and what nothing even vaguely related to it.
Just so you know, REI doesn’t sell fishing gear…
I am 72. I retired from public eduation 20 years ago due to health issues and family concerns. But I have worked part time in public education for 20 years. I did an add on degree at a local university, which lead to tutoring jobs. In 16 days I will retire from education. 😍😍
I hope to do some private tutoring and a 5 hour a week clerical job for pocket money.
My husband drives for a car auction 4 hours a week and special events quarterly. He loves it. He made almost $3000 last year.
My advisor takes .1% out of my portfolio every month. I thought maybe this is a bit much but if this is done quarterly or annually, then it's okay. I need advise or your input ..please
Basically 1.2% annually. Pretty standard.
Pilot on demand for an Airline Charter company.
At 4% withdrawal rate, making $10,000 a year part-time is like having $250,000 extra in savings.
Kevin, how about some advice for retirees who would like to begin a youtube channel? People in or near retirement often have had long careers and managed to become quite knowledgable in their fields. Or maybe they have become expert in some hobby. Would you tell your growing audience about the ups and downs of having a YT channel? How much work is involved? How much money the average youtuber can make? It appears to be an option for retirement income. thanks very much for what you do!