Some examples of what you can do after retirement

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Does the gig economy attract you? Have you ever wondered which side you would be best on?

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According to a recent report released by Precision Reports, the gig economy will nearly triple in the next five years. Furthermore, the rate of monthly new business creation, after nearly doubling at its peak at the start of the COVID pandemic, remains 33-50% above pre-pandemic levels.

And it’s not just limited to young people.

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A lot has been said about the allure of side gigs on the part of Millennials and Gen-Xers. But would you believe that more than one in ten people over the age of 55 also have a side hustle?

“As the baby boomer generation enters retirement age, many people find they still have a lot of energy and ideas to offer,” says Inez Stanway, CEO of Live Laugh Create in Atlanta. “As a result, post-retirement entrepreneurship is becoming increasingly popular. There are several reasons for this trend. First, retirees often have more time to dedicate to their businesses. Second, they typically have more time than younger entrepreneurs. It takes more experience and knowledge than others. Finally, retirees often have access to financial resources that can help them get their business off the ground. Whatever the outlook, post-retirement entrepreneurship for retirees Can be a great way to stay active and engaged in the workforce.”

What does “side hustle” mean in retirement?

Think of retirement as your full-time job. Between your savings, Social Security, and a pension (if you have one), retirement generates some level of income that pays for your living expenses. A side hustle won’t take too long away from your regular retirement activities, and it will generate a few extra dollars that you can use to offset inflation, take an extra trip or buy your grandchildren a big birthday gift. .

It’s not unusual to see people transitioning to retirement through what’s called a side business.

“I’ve seen people succeed in entrepreneurial endeavors in a consulting role,” says Gerald Grant III, a financial advisor at Equitable Advisors in Miami. “Many people have worked for large companies for their entire careers and have gained an enormous amount of knowledge and experience. They can then use this experience to provide services to their current or comparable companies that need their expertise. By working as a consultant, they can design their work schedules around their retirement life, enjoying the freedom of retirement while still generating additional income.

Charles Catania, principal of branding with Chuck in Vernon, Connecticut, also noted “a huge success, especially for those starting out consulting in their area of ​​expertise in a tight labor market. Many break out of the daily pace of 9-5.” Are looking to leave, but they still have a core competency and expertise in a particular area. For example, there is a demand for catastrophic nurse case managers who provide Medicare set-aside and other medical cost estimates on a case-by-case basis Taking years of experience in this field and starting a work from home consulting service is often well received, especially during times of labor shortage.”

You can re-imagine retirement using such a transitional phase.

Phoenix-based Ari Parker, best-selling author of the Medicare book, It’s Not That Complicated, works with thousands of Americans who are approaching retirement across the country. They have found that the definition of retirement is evolving.

“Many people want to share their expertise within a specific industry in order to educate the younger generation,” Parker says. “Teaching is often a popular second career after retirement. The beauty of choosing this profession is that the sky is the limit when it comes to specializing people. There are few retirees at local community colleges with a strong track record in a specific industry. There are also myriad tutoring programs that retirees can sign up for.”

Many people who have left their careers behind find that they can provide useful services to people like themselves. Sean Manher is a former financial advisor who founded five online businesses. He is a coach, speaker, podcast host and author based in New York City. He says, “Some of the successful examples of post-retirement entrepreneurial endeavors that I have seen are those that have focused on the gig economy. Many people just want to generate extra cash, but end up with a full-time income within a year. be able to earn.”

There are plenty of gig platforms that retirees can take advantage of when starting a small side business (or two).

Manher says, “There are many apps like DoorDash, Lyft Life and Turo where you can use your car to either deliver food, give a ride to someone or even rent your car to someone ” “If you want to start a home service business, you can start getting your first leads from websites like Thumbtack, Angie Leads, and Task Rabbit. If you work with computers, websites like Upwork, Fiverr and Freelancer See where you can find jobs for Accounting, Administration, Marketing and more.”

You don’t need to limit yourself to an already existing template. You may prefer the challenge of starting from scratch or simply following a personal passion.

“Most of the people I work with get into business after retirement,” says Chuck Kazajka, founder of Macro Money Concepts in Stuart, Florida. “However, it is mostly hobbies that have turned into a business. For example, some make furniture and sell it on the side. Others use their expertise in the area they have worked in to start a consulting business.”

Sometimes it’s not a hobby but an activity that you enjoy doing. You may find that there is something you want that is not being provided. Once you figure out how to provide it for yourself, it’s not a huge leap to provide the same service to people who enjoy the same activity.

“After retiring in 2010, a colleague of mine bought a fifth wheel trailer and started traveling,” said Levon L., a certified public accountant at Oak View Law Group in Glendale, California. Galstian says. “While equipping the trailer with the necessary lights—lanterns, flashlights, etc.—he was disappointed with what was available in the market and decided to make his own. Three years later, he co-founded his company, which Designs high performance lighting products for adventure and travel.

Galustyan also offers another example. “I know one person who started his own business after retiring in 2005,” he says. “She and her husband created their own custom bag tag company, which extends to tags for scuba and water sports and is now sold in over 200 retail outlets. He transferred the company to Shopify in 2016.

If you worked as a professional, you may find it far easier to maintain a side gig in the retirement years.

“In the legal field, an increasing number of professionals are retiring from law firms or in-house roles and doing freelance work,” says Raad Ahmed, CEO + Founder of LawTrades in New York City. He says his company, which is a digital marketplace that connects freelance legal professionals with companies for on-demand support, “has been of interest in the past few years among legal professionals of all ages, including those approaching retirement.” Has grown, as people want more. Flexibility and control in their careers. Experienced legal professionals who are starting to wind down their roles are taking advantage of the platform for few clients and fewer hours, which allows them to work full-time and official Bridging the gap between retirements. This ultimately eases the transition by allowing them to continue sharing their expertise on their own terms, while being fully prepared to retire for the next part of their lives. Let’s start adopting the chapter.”

Be careful, however, as this urge to start the post-retirement side has a dark side as well. And, if you’re not careful, it can cost you. very.

“The biggest areas of entrepreneurial failure are around the food service industry, with many people believing that their ability to cook food for their families easily translates to opening a restaurant or a catering business,” says Amy Green. Locasio, principal and managing partner at Eamon Capital Management in Pittsburgh. “In an industry where failure rates are already high, people who are approaching retirement will have even greater losses throwing their luck in such a challenging industry.”

Worse yet, this financial crisis can be fueled by less-reputable promoters who try to take advantage of your sometimes very big (and unrealistic) dreams.

Yes, there are some who make their dreams come true, but this is by no means a sure thing.

“I have seen many older people become franchisees and make good money,” says Steven Holmes, director of operations for iCASH in Hawkesbury, Ontario, Canada. “The business model provided by the franchisee is attractive. A built-in brand identity, business strategy and marketing and promotional materials are just a few of its many benefits. Once the business begins to operate, you can choose a group of managers to oversee the hiring and operations, allowing you to maintain the ideal balance of part-time active participation and activity that most people find at this stage of life. I want. It is important to know that franchisees typically earn between $60,000 and $70,000 per year, with a variety of upfront fees that can be costly.

The moral of the story here is clear. Your retirement years are considered rest years. And sitting back while selling lemonade at a roadside stand is certainly worthy of a rest.

On the other hand, running a lemon farm that supplies those lemons and worrying about frostbite too soon isn’t comfortable.

Don’t spend your retirement working a lemon field. Let someone else do it. Focus on sipping your lemonade and, occasionally, maybe pour a glass or two for a friendly customer.

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