Category Archives: Working In Retirement

Entrepreneurship in Retirement Has Many Benefits

Retirement Business, Working In Retirement, ,

This post was contributed to Leisure Freak by Linda Chase, creator of Able Hire. 

When you retire, you may first think about lazy afternoons on the porch or months-long trips to the beach. But, if your income and savings can’t keep up with your aspirations, you may find yourself one of the millions of retirees ready to go back to work after your “official” end date.

Unfortunately, those of us in the 55+ crowd face obstacles, from outdated work skills to being overqualified for the things we’d like to do in our encore careers. If you’re looking to get around these challenges, starting your own business may be the way to go. Today on the Leisure Freak blog, we share a few tips on how to launch a post-retirement business from the comfort of home. 

Entrepreneurship in Retirement Has Many Benefits

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Start With a Plan

As with any professional endeavor, it helps to start with a plan. This should include the type of business you want to start and a draft of actionable steps that help you make it happen. Another important thing to get out of the way now is forming your LLC. Even if you’re not tech-savvy, you can use an online formation service to create your legal entity for far less than you’d pay an attorney. Keep in mind that while the limited liability and tax perks you’ll receive are at the federal level, you’ll need to confirm LLC formation laws in your home state.

Calculate Your Needs

Retirement often means a fixed income. Sadly, inflation has taken over, and a fixed income is the worst thing you can have as prices rise. It makes it exponentially difficult to plan your daily finances, which is likely what led you here in the first place. But, you do have to look ahead and try to calculate how much money you need each month. Huntington Bank shares tips on how to create a personal budget. Once you know your income gap, you can decide how much you’ll work.

Market Yourself

It doesn’t matter what industry you are in, you have to market your business. There are many ways to do this, including social media and networking. While these might be intimidating, many old-fashion marketing strategies, like flyers and business cards, still work well today. Even if you don’t have graphic design skills, you can use Word or a similar processing program to create simple files, which you can then convert to a PDF for your printer. You can then convert a PDF to Word to make changes as your service offerings grow. There are plenty of online tutorials that show you how to create designs in Word, which is much easier to use when you need to edit since PDFs have limited editing capabilities.

Best Home-Businesses For Retirees

While no one can tell you what you should do, there are a few businesses that make sense for retirees. These include:

  • Blogging. Blogging is a great way to share your knowledge and expertise with the world, and you can choose an affiliate site to generate passive income.
  • Travel agent. If you’ve already spent much of your life traveling (or if you just want to travel) launching a travel agency is an excellent choice. In this capacity, you’ll get to help other people make decisions about family vacations and work destinations. As an added benefit, you may enjoy discounted destinations and you can write off your own travel on your taxes.

Why Work From Home?

There are many reasons that you should consider starting a business from home during your retirement. First, you’ll save money as you won’t have to pay a monthly lease for office space. Further, if you have any type of mobility issue, you won’t have to worry about getting back and forth to a brick-and-mortar location each day. Perhaps most importantly, having a home-based business gives you more freedom and flexibility to enjoy your retirement.

 

Entrepreneurship comes with a host of benefits for retirees, especially for those of us on a fixed income as inflation continues to rise. Today’s tips can help you get started, and you don’t even have to leave your home to add entrepreneurship to your list of accomplishments.

 

Much thanks to Linda Chase for contributing this informative article. It comes at a time when many people are rethinking retirement. Entrepreneurship in retirement is a way to meet many goals. The benefits extend to more than only those needing to earn extra income. As I always preach, retirement is the absence of needing to work, not the absence of work. 

Author Bio: 

Linda Chase created Able Hire to help people with disabilities build rewarding, successful careers. She hopes Able Hire will be a resource for people with disabilities seeking jobs and for hiring managers seeking a better understanding of what people with disabilities have to offer.

8 Tips for Setting Up a Home Office on a Budget

Income Streams, Retire Often, Working In Retirement

This article was contributed to Leisure Freak by Michael Everett, who is a chemistry teacher with a passion for house design.

Whether you’re a worker who switched to working from home or a freelancer working after retirement, you’ll need a comfortable working environment you can call your own. Although this space is essential if you want to remain productive, that doesn’t mean you will need to burn a hole in your wallet designing it. After all, not everyone has enough space for a separate room or enough of a budget to get help from professional interior planners. Luckily, you can do it yourself with the help of some of our tips. Don’t worry; these eight tips for setting up a home office on a budget won’t compromise your wellbeing. They will help you remain frugal, comfortable, and happy.

A woman working at her desk in her home office, writing something in a notebook.

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1- Create a budget beforehand

As with any other home design endeavor, you must create a budget. This will not only help you better understand how much money you can spend, but it will also enable you to control your impulses while making purchases for things your workplace needs. Go through your monthly expenses and put aside the money needed for this project. Be realistic about it, and do not spend more money than you can comfortably handle. This budget is the foundation the rest of the tips will significantly depend upon.

 

2- Designate a spot for your home office

As previously mentioned, you most likely won’t have enough space in your home for a separate home office. This is perfectly alright! Even a tiny, peaceful corner of your living room will do. On the other hand, if any of your other rooms have an odd spot you cannot seem to utilize, why not transform it into a cozy working area? Walk around your home and think about where your future office space would make the most sense. Opt for areas that have less traffic and are less noisy to stay productive even when working from home.

3- Remove any unnecessary items

A great tip for setting up a home office on a budget includes decluttering. Decluttering is an accessible way for you to maximize your home office space. Furthermore, it may even earn you some money! Clear out the space in your designated home office by either selling, donating, gifting, recycling, or throwing away any unnecessary items. However, you may rent a storage unit if you’re not ready to part with some belongings. It is also one of the top reasons why Americans rent storage units in the first place. You can use it when working from home and still keep an eye on your belongings. Alternatively, it will also give you the chance to deal with them at a later time.

4- Prepare a floorplan and a list of the necessary items

Preparation is vital if you want to reduce the number of funds you spend on redoing things you’ve done wrong. Measure the area you will turn into a home office and create a precise floor plan. Additionally, make a list of items you want in your new home office. This list should be categorized so that the absolute essentials are separate from things you may want but not need.

Some of the most notable essentials are:

  • A surface to work on
  • A seat
  • Devices such as computers, laptops, and tablets
  • Office and specialized equipment

5- Repurpose, bargain, DIY, or trade for needed items

We do not advise buying new office items straight away, even though you might be tempted to. Be creative and choose either DIY projects or repurpose old furniture or objects. If you have an old table that needs a bit of love, why not give it what it needs and save yourself some money to spend on other things? Also, do not neglect the benefits of used items! They are always more affordable, and you may find some hidden gems. For example, used art tools can be quite beneficial if you plan to start earning from your hobbies. Lastly, if you need to purchase items, always look for ones that are on sale or that you can bargain for.

6- Do not forget about ergonomics

Remember to take care of your comfort and wellbeing despite your desire to cut down on anything unneeded. After all, you will use your home office for many hours during the day! If your monitor is not at eye level, reuse old boxes or books to prop it up. On the other hand, if your chair is uncomfortable, invest in one that is more ergonomic. Whatever is troubling you shouldn’t be disregarded. Keep a close eye on how your home office makes you feel and make any necessary adjustments.

7- Decorate using items you already have

The decor you use in your home office is one of those things that can not only satisfy your eye but may also inspire you. And who doesn’t need a bit more extra motivation to work? You can choose different decor based on your style and budget. We suggest using whatever items you already have by giving them a new purpose or space. Place a clock above your desk to monitor the time or plenty of lovely photos to calm your mind. Plants will add a sense of life, quotes may motivate you, and candles can make your home office smell divine. If you ever decide to purchase something, keep in mind the mentality of “I deserve it” can be harmful if brought to an extreme. Especially if it makes you purchase more items than you may need.

8- Let the light in

While designing a home office, you may forget about an essential factor besides peace and quiet, and that is light. Good lighting can make or break your working mood and create a different ambiance. Make sure to have at least one source of natural light in whichever space you decide to set up your home office. Use mirrors and lighter hues to make the light bounce about the room. However, you most likely will require additional light sources. A good light, whether it is a desk, wall, or floor lamp, will help you stay focused and avoid eye strain. We suggest using lamps you may have already if you’re working on setting up a home office on a budget. When possible, pick those whose intensity can be altered and that do not add glare to your devices. 

 

Thank you Michael Everett for your insights on creating a home office on a budget in a time when work from home opportunities are very attainable.

Author Bio: 

Michael Everett is a chemistry teacher by profession but a passionate house designer at heart. He has been sharing his knowledge as a self-employed content creator for numerous websites, including Zippy Shell Northern Virginia. His favorite hobby is spending time with his cocker-spaniel dog named Ruffles.

Semi Retirement? What I Loved About My Scaled-Down Retirement Jobs

Financially Free, Retire Often, Working In Retirement,

Looking back over my early retirement there was a lot to love about my scaled-down retirement jobs. Right from the start of my journey to FIRE, my plan was to be open to paid work in early retirement. What some people refer to as semi retirement, I happily called what I was going to do “retiring early and often”.

For me it was all about being able to pursue interests. Interests that my long career wouldn’t allow me to do. That and shedding some of the stuff I didn’t like doing. I looked forward to accepting opportunities for just as long as I wanted to do it. That, and also gain the life flexibility I had sacrificed over the decades while serving the corporate world system. Basically, my paid work in retirement will be a rewarding adventure or it isn’t going to happen or continue. Here’s some of what I loved during my retirement work experiences. 

Semi Retirement? What I Loved About My Scaled-Down Retirement Jobs

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The Best Parts About Working Scaled-Down Retirement Jobs 

Done right, being open to taking on scaled-down retirement jobs has only upsides. Everyone will have to decide what “done right” looks like for them. I set my own working in retirement guidelines and stuck to them to leverage the work experience in my favor. Aside from getting to meet and work with some awesome people, here’s what I loved most:

Money wasn’t my motivation, it was learning and doing something I had interest in –

I had established my retirement funding to cover things regardless of my working. Anything I earned would be added to our overall net worth, not increasing our budget or spending. It freed me to purposely target opportunities based solely on interest. I could ask myself, if money was removed from accepting this position, would I still want to do it? There are some things, like herding cats (project management) that no amount of money could get me to do. 

This mindset also made it easy to decide when it was time to end the job experience. I retired early again without hesitation from an encore career that paid more than my first long career. This mindset provides empowerment. No longer shackled to unrewarding work, unreasonable management, or a toxic work environment because of the need for a paycheck.

It allowed me to experience work in a different way as a paid observer. I was only there to perform my duties and absorb all I could without the pressure of attempting advancement for monetary reasons. I was able to learn, experience different interests, be rightfully paid, and simply move on once the itch was scratched.

The ability to leave it at the end of the day and not take it home –

My long telecom engineer career included 24×7 on-call. But worse than that was having to continually think about it to stay ahead of problems or plan ahead for the next day. What I enjoyed most about my scaled-down retirement jobs was being able to leave it all there at work. It was no longer my job to take care of the world. That was left for the career driven go-getters who still needed to. 

The pleasure of having absolutely no pressure to over perform –

During my old career we had monthly accomplishment meetings with management. Where it was all about the question, how have you performed over the past 30 days? We had to prove our worth to keep our job and add to or subtract from our annual appraisal metrics for salary treatment. Make a measurable mistake or underperform in the last month of the year and they gladly erased all previous accomplishments that year. In fact, any poor performance month was used as a reason to withhold a raise. There was none of that pressure in my scaled-down retirement jobs. If there was, I wouldn’t have accepted the position. 

I vowed to be reliable, do my job, and learn all I could from the experience. No more sacrificing my personal life or covering for incompetence, outdated and overworked software/hardware/machinery, or doing more than I really wanted to do. When I did go above and beyond it was because I really wanted to help out. Not out of some obligation to do it or an attempt to avoid feeling the sting of management’s retribution.   

Being able to refuse accepting the thieves of personal life: On-call and overtime – 

Turning down every offer of taking an on-call duty, working a nonscheduled weekend or holiday, and any overtime was a whole different feeling of freedom. This also endeared me to my coworkers who were hungry to earn extra money and saw me as someone not competing against them for that. 

Free from legacy obligations – 

Being new on a job means everything now touched is fresh and new too. In my long career there were a lot of things touched and worked on. Management created a fix-it-fast culture where they didn’t care who was really responsible. That meant anything worked on over the decades that broke, even when it was outside current job responsibilities, it still ended up in your lap because nobody wanted to take the time to learn or own it. Losing and no longer bogged down with legacy work history was a refreshing aspect to my scaled-down retirement jobs. 

It wasn’t about money, but I still loved padding net worth while enjoying a retirement job –

Who wouldn’t love adding money to their portfolio while having fun working on their terms? Even my lowest paying retirement gig went towards our overall net worth. I had retired early with a modest mortgage that we had refinanced to get the lowest budget friendly payment possible. I was able to pay that off from my earnings over an 18 month retirement job stretch.

During one short contract I was able to divert almost all of my earnings to the 401k to approach that year’s federal maximum contribution allowance. It deferred taxes, reducing it to near zero on earnings other than Social Security/Medicare withholding during that earnings stretch.

It Wasn’t All Smooth Sailing, There Were Some Challenges To Retirement Job Bliss

Time off and vacation time offered, but with a catch –

After spending decades at the same company in my first career I was caught off guard by how my scaled-down retirement jobs managed employee time off. They didn’t. For all my corporate based retirement gigs it was put on the employee to make sure either the shift was covered or have a full backup person cover you. Difficult to do when everyone is already stretched to their limits with work.

We still traveled and vacationed while on these retirement gigs. I found it an intimidation strategy to get career driven employees to not take their vacation benefits. Getting time off under their rules was a challenge. I admit that because of my retirement work mindset where there was no financial fear of dismissal that I may have circumvented their time-off process a few times. 

Scheduled to work weekends and holidays –

I accepted that I may have to work weekends and holidays as long as it was fairly assigned. It was tough to be unavailable to be with family when they were off work whenever I was stuck fulfilling my duties. I did experience having to work an early morning Christmas shift for the first time in my life. It went by fast and I kind of enjoyed the quiet day. We had already planned Christmas with our kids and grand-kids later that day anyway.

Unfortunately that Christmas the entire next shift  of 2 called in sick (they weren’t) and I refused to work a double on Christmas. Somehow I was in more trouble than those fibbing illness. Turns out it disturbed my manager’s holiday. It was nice having that conversation with my boss the following day. Reminding him that I did my job duties and it wasn’t my job to make it easier for him to manage his people and the business. The joys of financial independence in all its full glory. 

Income taxes were a handful – 

To fund my early retirement in my pre age 59 ½ days I was living off of Sepp 72t IRA distributions. Something that I couldn’t turn off without IRS hassles. I then banked all work earnings, taking advantage of 401K opportunities when offered, use of IRAs, CDs, and a savings account. I had 10% federal taxes withheld from the 72t payments and I claimed Zero at the single higher rate on my work W4. With all of that I would still owe a big chunk at tax filing each year. 

The longer on the scaled-down retirement job, unwanted legacy work obligations creep in – 

The longer I worked a retirement gig, its own legacy work obligations that I had gladly moved beyond from began to show up again. There will always be some undesirable work that people will drag their feet doing. If you have proven success with it then management will pile it on you to make their life easier. It’s the nature of most jobs where excrement rolls down hill. It’s one of the reasons that added to my decision to end what I call my encore career. I wanted to learn and experience my interests, not carry operational BS because new or full time people didn’t want to do it and management just wanted it done without disturbing their own bliss. 

Management trying to add unwanted scope –

When I was hired for my scaled-down retirement jobs it was well detailed what I used to do. They even mentioned the “overqualified” issue. I selected opportunities based on what I wanted to experience. I made it clear what I was there to do because I wanted to do it. My retirement jobs were perfectly scoped based on my being rationally unreasonable about that. But they can’t help themselves but to try and change the scope or rules. Sadly that doesn’t work for them once you are happy to call the relationship over if pressured to accept it. I did have a 4 month stretch until my contract ended where a new manager was unable to accept this dynamic and created a slightly hostile environment. 

Turning down extra shifts, overtime, etc., on occasion caused some conflict with management – 

Most of the time there was a ready supply of work go-getters willing to snap up any opportunity to make more cash. But when there wasn’t, my response of “no thanks” to their requests was less than acceptable. I hate to admit it, but they paid the price for my pre-retirement decades of work abuse and my unrelenting desire for a balanced working-in-retirement lifestyle. My refusals were always done with a smile and soft tone.

My Retirement Gigs Didn’t Last Forever, Nor Meant To

The list of my paid retirement work isn’t vast. I retired early at the age of 51 from a traditional and ravaged Bell System company as a lead engineer. 

I took some months off and my desire to learn wireless technology guided me to a Wireless (Cellular) company Network Operations Technician position. 

My interests in cable technology and past experience led me to an opportunity to become a Video on Demand Systems Analyst. It’s what became what I consider my encore career. Even though it was going very well and paid more in salary than my first long engineering career I got all I wanted out of the experience and then retired again.

Months later I accepted a short Cable Telecom Systems Analyst contract. The recruitment came from some people I enjoyed working with before. It started as the best contract experience of my life. Once that project ended after 2 short months I was extended 4 more months for another project. It was a lesser experience but tolerable due to my set retirement job boundaries. 

Then one summer I worked as a Craft Beer bartender to help out in a small local coffee shop/Pub that I frequent. I worked during busy weekends and events. That was by far the most fun I have ever had while getting paid.

There were also some super short contracts that were more like paid tasks than anything else through the 11 years of my early retirement. 

Going forward?

I have no idea what I may try to do next or when I will do it. I’ve become extremely picky about work now that I have met my jobs bucket list goals. Maybe never, it doesn’t matter. But I do know I will frame any opportunity I do accept to be aligned exactly with what I want to do under the retirement freedom rules I created. 

I don’t consider what I do as semi-retirement. I believe that retirement is the absence of NEEDING to work, not the absence of working. What I consider “scaled-down retirement jobs” goes beyond having lesser responsibilities or salary. What it means to me is having a different mindset about it. Working on my terms, doing what I agreed and accepted that I would do, for as long as I want to without financial fear of losing the job or being forced into unrewarding situations.

I’ve had some fantastic and rewarding scaled-down retirement jobs over the years. They’re awesome because I set my own rules and I can leave before it can become a bad experience.

Because of this freedom to live this way, I’ve been simply retired since the first day I walked away from my long demanding career and during every one of my paid retirement opportunities since. 

Tips For Achieving Job Success

Career, Income Streams, Working In Retirement,

This post was contributed to Leisure Freak by the site Value of Stocks. The first step in reaching financial independence is earning income which requires having a level of job success. Here are some tips for effectively choosing how best to do that.

It is fairly easy to get lost in this life. Not knowing which path to take to reach your goals is fairly common. We all want to achieve some kind of success, probably in different areas. Wealth perhaps, or financial freedom. There are multiple ways to achieve your dreams and your goals. Not all of them are the same, but they require a solid foundation that is similar and independent from the path you choose to take. 

Tips For Achieving Job Success

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Think Of Job Success As More Than Money

Find Your Calling

This is perhaps the most important step to achieve success. I am not talking here about financial success but a successful craft in which you can specialize. Finding what you love to do is perhaps one of the most important steps to become happy and successful. No matter how much financial success you achieve, it isn’t worth doing something just for the money and the final outcome. You should focus on doing what you love, and doing it everyday. This is one of the keys to achieve your ultimate goals. Finding your calling is as important as finding the path to financial freedom. It is perhaps the most important step you should take. 

Although the numbers are debatable, it is estimated that 85% of all the people are not happy with their jobs. It is just foolish and masochist to spend your whole day doing something you don’t like, in order to get promoted and still do something you don’t enjoy. Just for the possibility of reaching a certain financial goal. It is rather important that you spend most of your time doing what brings you joy. This may certainly not be the most profitable job you have in the first place. But your love for that activity will ensure that you can constantly get better.

Working for Someone or Be Your Own Boss

It takes a special trait of character to go into business. Entrepreneurs are people that are willing to take a risk, working multiple hours for something that might ultimately fail. This should not discourage you at all. Most of the time entrepreneurs fail, but the lessons you can learn from failing are far greater than the ones, success might teach you. It also has to do with personality, some people like to have a fixed job, and are perfectly happy working for a company for a long time. I am not forcing you into any direction here, it should be a personal decision, and you must take that decision early on in life. Mainly because failing as a young entrepreneur is something uncomfortable but rather easy to overcome. When you reach a certain period in your life, where you have multiple responsibilities. Your family might even be dependent on you, there is very little room for failure. The sooner you start your entrepreneurial endeavour the better.

Start a Company

If you are starting a company there are three main ways to succeed. I will try to explain all of them so you get a better perspective.

1- Better Product/Service

One of the ways to succeed is to start a company which has a superior product or service. This is extremely difficult, because most of the time there are many other competitors trying to reach the same objective. Although it is not impossible it is still a far fetched idea, that might help you achieve this goal.

This is not by far the only way of achieving your goals. There are a number of ways to succeed without being an incredible innovator. Just look at Facebook as an example, at the time, there were numerous other social media platforms that were already up and running. This should also reinforce that no matter how good your idea for the product or service is, you have to execute it perfectly. Business success is much more about execution than the idea itself. Many people might have the same idea, but the execution is the key differentiating factor. This leads us to number two.

2- Better Way of Doing Things

This is the key for most of the business success. It is not about the idea itself it is all about execution. You will also find that some business opportunities lie in identifying a way some things can be done better. Let’s look at Walmart, there were retailers before them. What made them stand out, was their execution. There wasn’t any revolutionary product or service, just a much more efficient way of doing things. 

3- Cheaper Way of Doing Things

This leads us to number three. Executing with the lowest cost. This is another way that sets apart companies, solely based on their profitability. It is inherently tied to the execution part of the business and more specifically regarding efficiency. If for some reason you think there is a better, or more efficient way of conducting a certain business. And that translates into cheaper cost. You can pass that towards your consumers and it should allow you to grow over time.

Conclusion

I hope you were able to learn something from this. I would go even further and I expect you to find what you love doing, and spend the rest of your life doing it. Just like I love to write about finance, and try to help people think outside the box. Life is short and I wish you all the success and happiness you can achieve. Remember life is not about the material things, it is about doing what you love and meaningfully impacting the ones you like the most, family and friends. You won’t be in your deathbed missing all those hours spent doing something you hate, for that hefty paycheck or the large amounts of money you made. Focus on what is important and good luck.

This article was contributed to Leasure Freak by the site Value of Stocks. 

Author bio: Value of Stocks is an independent financial information provider. Focused on analyzing stocks with a value investing approach. Our main goal is to help investors make better investment decisions.

Is Taking A New Job Without Mentioning Retirement Plans Dishonest?

Non-financial Aspects of retirement, Retire Often, Working In Retirement,

The Financial Independence Retire Early (FIRE) journey can be tricky. It’s necessary to maximize earnings, increase savings, and also land in the optimum lifestyle that we desire to live. Having these goals can come into conflict with what others either fairly or unfairly expect of us. So, is it dishonest to take a new job without mentioning retirement plans? Being honest during new opportunity interviews served me very well in the last years of my first long career and all of my retirement jobs. It’s a major reason for my FIRE success. Here’s why it’s not dishonest to withhold retirement goals.

Is Taking A New Job Without Mentioning Your Retirement Plans Dishonest?

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Why Mentioning Retirement Plans Isn’t Necessary In The Pursuit Of Opportunity

A prospective employer’s thoughts don’t usually fish around retirement related questions during an interview when we’re young. It’s more a subtle issue once we stroll into the age 50+ ballpark. Younger FIRE aficionados probably seldom encounter this issue. But it’s a good idea to be prepared for the possible ethical dilemma of whether mentioning retirement plans is necessary. There’s a cost for businesses to onboard a new employee. They have a right to feel they will get their money’s worth. But we also have the right to have our own goals in mind. 

Many people will have no problem with this issue. 

There is an understood truth that we are all at-will employees and nobody owes anyone anything. Unless of course there is a legally binding contract which isn’t usually an issue except at the executive level. But for a lot of people there is a hope that the new opportunity is a chance for a mutually rewarding relationship. Otherwise, why even do it in the first place? We shouldn’t start off intentionally disloyal or dishonest in the relationship right from the start. I know I don’t ever want to feel like a ruthless jackhole. I have to live with myself. 

My early retirement plan was to reach employment liberation by age 50. But that didn’t stop me from wanting to pursue opportunities up to and after the big day of freedom. Navigating around the issue isn’t that complex, you just need to be prepared. 

They Don’t Ask, You Don’t Tell

It would be a rare thing for a prospective employer to come right out and directly ask about our future retirement plans. If it comes it will be in the way they discuss their employment longevity desires. This could be a discussion about how their workforce has low turnover and people stay for many years. Or that they are looking for someone who is a great fit and will be a lifer with the company. There’s no deception in keeping your retirement plans to yourself. Just say how wonderful that sounds and how you would welcome working in that kind of environment. 

Before my first early retirement there was an internal promotion opportunity in another group. Something that would bring in more earnings to go toward my financial goals and a chance to learn and do something I had great interest in. I always embrace both flexibility and adventure. I saw it as a “let’s see what happens” opportunity. They didn’t ask about my retirement plans and I didn’t tell them. In the end, my job offer was first presented to my director by the hiring manager as a courtesy. My director decided that I would be marked as a kind of department franchise player and he killed the offer. I was brought in to be told about it, I baulked, and he offered me a raise to silence the issue.

I doubt I would have received that raise had they known of my coming retirement plans. He didn’t ask about any of my retirement plans and there was no dishonesty in not telling him.

Where Do You See Yourself In Five Years?

A lot of interviewers like to throw the where you see yourself question out or its numerous variants. There is a right way and a wrong way to answer what’s your future career plans question. It’s definitely ill advised to say it’s to retire in an xyz timeframe living the life of leisure. They aren’t concerned with that and are looking for answers related to career aspirations that will be an asset to them as it relates to the presented opportunity and their business. Obviously, focusing on the real reasons we are excited to go through the hassle of interviewing for a new opportunity is an honest answer. 

This issue along with dealing with the overqualified roadblock came up in my first stepped down retirement job. It was during the recession and I had retired as a legacy network telecom engineer and was applying for a cellular telecom tech job near my home. I’m sure they initially assumed I was laid off like so many others and would jump at a chance to return to a like titled job as soon as one came up. I had always wanted to learn about the wireless industry and all of my answers were truthful around that. Not that I was financially independent and flight risk at any time by retiring again. As long as the gig was rewarding I honestly planned on being there. 

Open Ended vs Fixed Commitment

Some opportunities are open ended, like we want someone to stay for a long time with us as mentioned above. Others have a fixed component. As in, we need someone to commit to finish this XX month or year project. In that case the ethical dilemma isn’t about spilling your retirement plans. But instead whether you can honestly commit to the timeframe regardless of any retirement plans

This was the issue I encountered when interviewing for my encore career. It was another opportunity of interest and passion. I was to support a huge video project at a major cable company with a specific minimum project time frame. My accepting the position without explaining my retirement status was far from the equation. I simply made the decision to accept the timeframe commitment. It was the best and most rewarding working experience of my life. After the project and another contract extension I ended up retiring again with no hard or dishonest feelings.

If It’s Heaven You May Change Your Retirement Plans, If It’s Hell Too

One of the things that I always thought about when taking a new job and not mentioning my retirement plans or status is that a lot can happen in the time there. Both good and bad. We can’t see into the future. The relationship and rewards can be so great that retirement will be gladly put off. Or it can go wrong and become obvious that the relationship has spoiled and needs to end. 

Nearly two years into my first retirement stepped down gig I had an opportunity to advance. I had actually done the job in my past and it was a step up from where I was there. Everything went great and the offer was discussed but as I was later told they decided to give it to a younger applicant because at my age of 53 I was seen as a flight risk. Nobody asked, nobody told, but the employer made their own assumptions. They were right. I left a couple of months later. But I will always wonder if I would have stayed there a lot longer had they not done that. I really liked working there but it made the decision very easy to leave and accept a new opportunity that came my way. 

Always Be Open To New Opportunities

Nobody ethically believes that people should never be open to new and better opportunities in their life. That shouldn’t end just because there’s a near retirement date in our plans or we are already retired and want to work. There is nothing dishonest in this. 

Retirement is the absence of needing to work, not the absence of working. Sure, it screws up the system of employment that depends on a financially desperate working class. But there are no ethical issues of honesty with our winning at their game. If directly asked about retirement plans then truthfully answer you hope to one day retire just like almost everyone else does. But right now I am totally excited about and focused on this opportunity. 

 

This issue is something I had to think about because I had always intended on retiring early and often. It was bound to come up. I created a lot of retirement opportunity boundaries to make sure any paid work I took on would be rewarding. The odds were already tilted in my favor because I didn’t need to work. I also didn’t need to have dishonesty be any part of it. In the end there is no legal obligation to mentioning your retirement plans. But we should still consider whether we are acting ethically and honestly. Not for them, but for ourselves.

Sacrifice And Return To Work To Save The Country? This Old FIRE Fart Refuses

Working In Retirement

Nothing is more welcome than a good laugh while social distancing and sheltering in place during a pandemic. I especially love to laugh at morons who go out of their way to influence folks to do corrupt, reckless, or even dangerous things so they gain from their demise. A bunch of “do as I say not as I do” wealthy old men who mean their advice for everyone else, not them or theirs.

What am I talking about? It’s the laughable new feeble attempts to fool or shame older folks to return to work and sacrifice themselves to save the country.  The other line is to accept that older Americans should be willing to sacrifice themselves to COVID-19 with a reopened economy for their grand-kids. I shouldn’t be surprised that this attempt of shaming the age 50+ comes from conservative influencers. Well I have news for them, it isn’t working. I know they weren’t specifically directing their BS at the early retired or the regular retired. Nevertheless, now this old FIRE fart refuses to work or freely spend money even more. But please keep the laughs coming. 

Sacrifice And Return To Work To Save The Country? This Old FIRE Fart Refuses
Ralph Illustrates How To Safely Dress For Grocery Delivery During Pandemic. Obviously Joking

Now This Old FIRE Fart Refuses To Work Or Spend, Thanks For My New Purpose

I have always been open to work in my early retirement. I’ve always worked because I wanted to, never needed to. But this new line being puked on conservative media has me thinking differently. It’s hard to think now that I would accept returning to work or freely reopening my wallet for any reason until there is a COVID-19 vaccine or antidotal treatment. I owe this new purpose all to conservative influencers, but please, anyone who wants to go right ahead. This old FIRE fart will  be keeping my distance. 

I stopped allowing people to tell me what I should or I will do when I FIRE’d and retired early. Big news flash, shaming didn’t work on me then and now as an old FIRE fart won’t work today. It’s just laughable and I only even go through the trouble of this post to mock this new line of tying love for country to the economy. I mean, just ditching the rat race is an audacious act in itself which makes me economically defiant to the system. I sure as hell won’t be shamed by any political influencer or politician. 

Here’s the most recent list of *#*$!# conservative influencers in just the last two days that I can thank for the laughs and for shaping my new FIRE attitude:

Texas Lt Gov Dan Patrick- Grandparents would be willing to die to save the economy for their grandchildren. Save the America that we all love for the grandchildren. 

Glen Beck– Older Americans should return to work: Even if we all get sick, I would rather die than kill the country.

Brit Hume- Putting lives of old people at risk to save the economy: It’s ‘entirely reasonable

My Moderate Views Has Me Politically Unaffiliated

Before anyone thinks I’m just a left wing socialist let me say that I have no political affiliation. I just don’t have the fear and grievance to buy what’s constantly being sold. Instead I have values that I live by and vote by. 

I do want a better country for my grand kids. But I choose to concentrate on supporting climate change. The same far right conservatives talk about older Americans sacrificing themselves for a better country for their offspring but refuse to put climate over dollars for their grand-kids. I am not surprised that for them lives are easily sacrificed for dollars too.

These full on pro-life folk for the unborn where every life is precious have no problem beginning their messages for older folks to just let go and see what happens. The message that risking death for the economy as patriotic is hypocritical to say the least. 

I think it’s best to listen to the medical professionals. Not politicians, political media influencers, or their worshipers. What the medical professionals say is the direction we should all go for a better outcome. I mean, for two months before this all got real, all we heard from the non-medical professionals was this was a hoax and a plan to politically hurt the president. Pathetic! So no, I won’t be influenced by anything they say now.

When I hear that the economy is the country I hear nothing but greed and power being challenged. I think that’s wonderful so keep it up. I believe the country is its people and I will only spend on necessities and at small local businesses I have always supported. 

Final Thoughts

When these far right conservatives put themselves out there at risk first then talk to the rest of us about the sacrifice for the country and patriotism. It’s like a draft dodger trying to convince us to go fight a war. How stupid is that? Talking about opening up the country for the economy and country’s sake before they themselves are back in full-on political rally mode and attending intimate country club fund raisers is laughable. Do as you say first before expecting any of us to follow. But please, please keep bringing the laughs. 

If you hate this old FIRE fart for refusing to accept the new conservative pandemic talking points then all I can say is I would rather lose all of my portfolio than give up the life of my elderly mother. So go ahead and hate, it seems to come easy to many far right conservatives. I didn’t FIRE for the economy, but to enjoy LIFE and spend as much time as I can with those I love. Not risk my life for an economy. This country is its people, not money. 

Update 4/29/20: Anyone who experiences job loss due to the pandemic can check a new estimated stimulus unemployment benefit calculator. Zippia analyzed each state’s unemployment policies to determine how much unemployed workers can expect to receive under the coronavirus stimulus by state and salary. Remember, in addition to state level benefits, unemployed workers now receive an additional $600 a week for the next 4 months regardless of income. (The calculator is not a paid or sponsored link)

Asked To Delay Retirement, Should You Accept An Offer To Stay? 

Non-financial Aspects of retirement, Retire Often, Working In Retirement,

It doesn’t happen to everyone, giving notice and being asked to delay retirement by your boss. What was once something limited to only those performing critical functions can now happen to anyone in today’s low unemployment environment. Then comes a big decision, should you accept an offer to stay longer? It isn’t always an easy question to answer. There’s a whole lot of financial and mental efforts to get to this celebrated moment of life called retirement. Only to find yourself on the spot questioning the right move to make. Here’s what I experienced and some of the things to consider before giving your answer.

Asked To Delay Retirement, Should You Accept An Offer To Stay? 

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Asked to Delay Retirement? What To Consider Before Accepting An Offer To Stay

My employer request to delay retirement moment came after my second early retirement.

I had always intended to retire early and often. Focusing on opportunities during retirement of interest using the skills I love using while shedding the skills and tasks I don’t. I was in early retirement number two for several months when the client mega-corp of my encore career specifically recruited me for a sweet 2 month project. It was the best working experience of my life. As my project was ending at the end of the year the manager asked that I delay returning to retirement. I was asked if I would accept a contract extension for some more project work. 

I was ready to return to retirement life. 

It was a great experience and I had a great time. The bonus was banking some good money to go towards other early retirement interests. The two months flew by painlessly and I had some things I was looking forward to doing in retirement freedom-mode again. But I enjoyed the short gig so much and I was treated well so I decided to accept a contract extension with conditions. I would stay for only a few months, only technical project work with a deliverable aligned with my departure date, no operational babysitting, and absolutely no project management responsibilities herding their cats. The deal was made for 4.5 months. I was happy to live with delaying my return to retirement under the negotiated terms and conditions until spring time.

Then it all went to hell with shifts in corporate management and funding. 

I returned to my desk January 2 to find all management in meetings and no project assignment. After a week of busywork I was notified that the manager I signed with was no longer calling the shots. The new manager called a staff meeting and spelled out her expectations, of which some critically crossed my set boundaries. I met with her and explained the agreement to my accepting the contract extension. She didn’t like it so I agreed to terminate immediately and return to retirement. She then said sit tight for a couple of days. Lets just say my conditions held but it was a hostile working relationship and an unpleasant working experience. I finished my project early and was happily back in retirement four months later, two weeks before the planned contract end. 

Things To Consider When The Boss Asks That You Delay Retirement And Stick Around 

Think hard and honestly about what percent of a decision to stay is about the money.

If the biggest reason to stay is money, then maybe you aren’t really ready to retire. Retirement means leaving paychecks behind. We should have figured out how we are going to pay for our retirement lifestyle before we retire. Extra money to spice up a retirement goal is one thing, but needing it to meet retirement financial needs is another. If that’s the case then there really isn’t a choice but to accept the offer to stay until financial confidence is reached, both literally and mentally. Otherwise, turning down the offer and leaving money on the table could result in retirement regret during times of financial worry. But you should still weigh in on the terms, even though you’re probably going to be more agreeable under this condition of financial need.

Delaying not only retirement but also delaying the ability to pursue passions and interests.

We set goals for our retirement. Is accepting an offer to stay worth trading your time for money when your heart is set on doing other things? Retirement is a major life milestone. Putting it off to stay in the grind needs careful thought. Leverage your freedom to your benefit. While some offers to stay can be mutually beneficial to both business and employee, always consider that the terms they are offering are more to their benefit than yours. Your retirement time has great value.

Determine what it would take to make the experience better than just the same job you are retiring from. If you really loved it so much you probably wouldn’t be retiring in the first place. Set work requirement boundaries. Would flexibility in schedule, required tasks, or number of hours worked make it mutually rewarding? If so, then negotiate for it. Then set the length of time you are agreeing to stay. If things work really well then extending longer can possibly be renegotiated. This way you can easily calm any retirement voice in your head that may come by knowing your exit date.

Know your place, you are not in the same position or the superhero you were.

Think of yourself as a consultant to help the staff going forward with a possible exit at any time. In most cases we delay retirement only temporarily. The cat is out of the bag and any decent management team is working to sidestep our sticking around because we are a known flight risk. Don’t start to believe this is more than what it is. Check your ego and keep your eye on the prize of your delayed hard earned retirement. 

You should have a say about the working terms.

Consider that retirement delay is worth more than your standard salary and negotiate with that mindset. Just because money isn’t the primary motivation to delay retirement doesn’t mean we have to be a sucker. If money is non-negotiable then use that as a bargaining chip to get better working terms to make a deal you really want to make.  

Be mentally prepared for workplace blowback.

I know very well how this works. When it’s obvious you received premium working conditions and/or more salary to delay retirement, then others will have certain feelings about it. There can be issues that need worked through. Just be honest. You’re delaying your retirement to help out with XYZ and will eventually leave. I found being honest about why I had what I had, my negotiated exit date, and being the most pleasant person in the office to work with softened resistance. Why wouldn’t we be the happiest person in the office? We set the perfect work conditions to stay. 

Be prepared to end the arrangement at any time.

You have to be ready to accept that things won’t work out. You may find yourself leaving sooner than expected for any reason within and beyond your control. That is unless there are specific contractual issues about ending the working arrangement early. Normally as a delayed retiree, cutting the arrangement short shouldn’t be an issue. After all, if you’re retirement ready, money isn’t the primary reason for sticking it out longer. 

In my delayed retirement experience, my saying “since the terms of my extension are no longer acceptable to management, I will be happy to end our arrangement right now” was met with disbelief. The manager was dumbfounded that I would walk away from a high paying gig like that over their insistence that I herd cats. In hindsight, I should have just left because they’re having to keep that contract extension condition was obviously a sore spot with the new management. It heavily tarnished what was a great working experience to that point for both of us. 

Turning down an offer to stay.

It’s best not to burn any bridges. You never know what will happen in the future where paths will cross. There’s always a possibility for new opportunities that align with your interests and passions coming your way. Whether your initial reaction to an offer to stay is to immediately say no thanks or you come to that decision after negotiations, be gracious when you decline an offer to stay. 

“I appreciate the offer, however at this time, I have made the decision to retire as initially planned. While I’ve enjoyed my career, the role I’ve played in the many accomplishments, and the opportunities that working here provided, I have already set my focus on the next chapter of my life. Thank you for the proposed offer.”

 

A decision to delay retirement and accept an offer to stay on the job can either be an easy NO or something requiring careful consideration. The thing to remember is that once you’ve properly announced your retirement intentions to your manager, you’re now in the driver’s seat. Where all lanes point to a life on your terms.

The Retirement Crisis I’m Not Worrying About

Retire Early, Retire Often, Retirement Business, Working In Retirement,

It’s a wonderful time for early retirees like myself. Those of us who believe that retirement isn’t the absence of working but the absence of needing to work should see even more attractive opportunities. Even though there is plenty of talk about a retirement crisis of financially unprepared retirees, the boomers are still retiring at a pace of 10,000 a day. That’s 10,000 every day! On top of that, the latest national unemployment rate just came in at 3.9% and there is a growing business gripe that they are having trouble finding qualified employees.

With the high number of boomer retirements, one can only logically see a different retirement crisis brewing. One where boomer retirements is going to be an increasing negative impact on employment numbers. That is certainly one retirement crisis I’m not worrying too much about. In fact, it may eventually make it even easier for people who are prepared financially to retire early and often.

 

The Retirement Crisis I'm Not Worrying About

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Seeing This Employment Retirement Crisis As An Advantage

I’ve had some great retirement gigs and even a sweet encore career. I took things as far as I wanted and then retired again. I haven’t been tempted to accept another opportunity for the simple reason that I now value time more than money. Most opportunities like I would be attracted to still insists on cheeks-in-seats 40 hours a week. But things will have to change to meet the hiring demands of business. Here’s what I think may be coming –

More Flexibility –

Some companies are already offering remote-report opportunities. But I think this will expand. Right now everything I have seen or been approached with still want a full-time commitment. That just isn’t aligned with what I value now. What would really draw me back is part-time or flex-time opportunities.

Consulting Expansion –

My encore career was working through a consulting company. I’m looking forward to seeing more short-term opportunities. Single project types where even though it requires 40 hours a week it would only be for a short period of time. Even part-time consulting opportunities may become more common.

Entrepreneurial Opportunities –

Starting my own specialized business to fill other companies needs may be easier to land steady client work. This is something I would be attracted to since I could better define my work offering.

Downsized Opportunities –

As others get promoted to fill more senior level positions because of retirements, there may be many lower level openings perfect for early retirees. Especially if offered with flexibility, open to consultants, or to entrepreneurs.

 

At some point business will realize that offering slight salary increases and tossing some benefits here and there won’t be enough to meet their needs. Although I haven’t personally seen evidence that business is ready to open up their employment alternatives to be more friendly to picky early retired folks like me, I believe it’s only a matter of time. The old employment model of their way or the highway isn’t going to fill job openings in the near future with ever dwindling available workers. And if my logical assumptions of transformed work opportunities never comes to pass, then great. I will happily stay retired and smirk when I hear or read about business complaints of not being able to find qualified employees.

The Part-Time Jobs All Retirees Should Consider

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The Life Insurance and Market Research Association reports that 51% of the population retire between the ages of 61 and 65. Experts state that in order to enjoy your retirement, you should have $1.5 million in savings before you leave the workforce. Yet, individuals aged between 55 and 64, typically have just $120,000 squirreled away. Therefore, in order to pursue your early retirement dream, finding an enjoyable part-time job to keep your finances above board is the way to go.

The Part-Time Jobs All Retirees Should Consider

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3 Part-Time Jobs All Retirees Should Consider

Pet sitting

For retirees who love animals, becoming a pet sitter could be the perfect part-time job. The job isn’t too strenuous and you’ll get satisfaction from looking after various furry creatures. According to one survey, 40 million American pet owners opt to holiday at home each year rather than abroad due to inadequate pet care options. With 88% of owners stating their pet is happiest at home, your role as pet sitter will involve you regularly visiting the pet in their own home, providing fresh food and water, exercise where appropriate and of course some love and affection.

Cash in at Christmas

Many retirees don’t want a year-round job as it can hinder their retirement plans. If this sounds like you, then taking on a part-time role over Christmas could be the perfect compromise. Companies of all sizes hire thousands of extra staff over the holiday season, with the likes of UPS taking on 95,000 in the lead up to the big day last year. Other options include writing and sending Christmas cards for individuals who are too busy to take on the task themselves, working in a Santa’s grotto as an elf or even the big man himself. Retail jobs are also plentiful at this time year or you could work on a market stall selling your own festive goods.

Become a driver

If it is more regular work you’re after then becoming a driver could be just the job for you. By opting to buy your own van or minibus, you could help people move home or ferry people around to events. However, when you do set up your own business, it’s essential you take out the appropriate vehicle cover, including insurance. Alternatively, you could become a delivery driver for one of the country’s takeaway restaurants. As Statista reports that 10% of Americans use these delivery services once a week and with Cowen predicting that the delivery market will jump by 79% within the next four years, you’ll find there are plenty of places willing to hire a retiree for the role.

 

With millions of individuals retiring early, many don’t have the financial backing to support them through their retirement years. Therefore, taking on a part-time job is the perfect solution. Thankfully, there are a variety of jobs out there which will suit your new lifestyle, so ensure you consider all options before adopting a new role.

Why Your Greatest Business Competition is Your Grandpa

Retirement Business, Working In Retirement,

Seasoned entrepreneur: an entrepreneur aged 55+. Also known as the self-owned business professionals giving young entrepreneurs and established corporations a run for their money.

Despite common held beliefs to the contrary, retirees and those nearing traditional retirement age can have a significant advantage when beginning their own business. They have a stable base to launch successful ventures that provide satisfaction and a lasting legacy, and their numbers are increasing. Why?

Seasoned entrepreneurs have the knowledge

The fresh-from-university whippersnappers may have fresh ideas and what they need on paper to get started but they don’t have decades of practical experience. Unfortunately, young workers with degrees are sometimes favored for promotions and make mistakes the experienced workers wouldn’t have made. The business suffers and the older employees suffer. For this reason, many nearing retirement age start smarter, more streamlined competing businesses.

Seasoned entrepreneurs aren’t agonizing over the old sole proprietorship vs. LLC debate. They aren’t wondering how to handle their taxes. They’re not looking for mentors and wondering “who they are.”  They know this stuff, and they’re ready to put that knowledge to use.

Plus, the explosion of administrative technologies has given hesitant seasoned entrepreneurs unprecedented opportunities to run successful businesses without fear of day-to-day business tasks. Services like cloud-based organizational apps connecting smart devices, email services to automatically interact with customers, and cloud accounting software simplifies tracking your finances and business health. And the best part? Most of this software is free.

Seasoned entrepreneurs have a network

Seasoned owners have an established sales channel. It’s impossible to walk away from 20+ years in an industry without having accumulated a vast network of connections: suppliers, manufacturers, storefronts, etc. Most of these working relationships are also friendships, and the network wants to see the seasoned entrepreneurs succeed. It sure beats the cold-calling of young entrepreneurs.

Seasoned entrepreneurs have funding

The median retirement income for retirees age 55-64 in the U.S. was $62,802 in 2016, $47,432 for ages 65-74, and $30,635 for ages 75+.

To seasoned entrepreneurs who have eliminated debt and planned wisely for retirement, that income looks like more than white sand beaches–it looks like venture funding. Beginning a business or purchasing a franchise multiplies retirement income, providing more financial freedom and a legacy business to the seasoned entrepreneur’s family.

Seasoned entrepreneurs have time

Young entrepreneurs and workers have young families and college contending with their work time. Many people nearing 55+ are empty-nesters or have teenagers capable of seeing to their own needs. Depending on their choice of entrepreneurship, seasoned entrepreneurs can transition their current employment hours into their own business hours, or less.

Retirees face decades of free time. A part-time business, freelancing or consulting service, or a business run by a manager allow time for hobbies and travelling. Seasoned entrepreneurs don’t have to give up their retirement fantasies to start a business–they incorporate it instead.

Seasoned entrepreneurs have a long runway

Many “young” older workers still have decades more to give to their field or to try something new. Advances in medicine extending quality of life provide optimism and a winning attitude to retirees. Corporations using many technically legal tactics to force “young” older workers to retire can expect to hear more “I quit” speeches and see their underestimated employees launch competing businesses.

Seasoned entrepreneurs aren’t ready for quiet years of bird-watching and want to avoid the dangers of sedentary retirement. This attitude along with the other advantages of experience, time, funding, and helpful technologies are ushering entrepreneurships into a new era: your greatest competition are your wise mentors.

 

This informative article was contributed to Leisure Freak by Jaren Nichols.

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Seasoned entrepreneurs-Why Your Greatest Business Competition is Your GrandpaJaren Nichols is Chief Operating Officer at ZipBooks. Jaren was previously a Product Manager at Google and holds an MBA from Harvard Business School.