Lately, I've been seeing depressing headlines about seniors opting out of retirement and instead continuing to work in the face of economic troubles. Government estimates have the over-65 crowd becoming the fasted growing segments in employment populations, rising to 18% from a low of 13%. This year, more than 7 million seniors are opting to continue working, instead of taking their unemployment.
These are the realities for many retiring people today. They face the benefits of a longer life span, but also see their retirement savings as being inadequate to the task.
So what are some other retirement options?
Here are just a few:
Start a Small Business
Though many advisors would not recommend you invest large sums of your retirement money into it, a small business can be an enjoyable source of additional income during your retirement. If you have years of experience in a particular field, consider becoming a consultant, writer or researcher for your industry. Like crafts? Why not sell them online? For more ideas, check out this article on more ideas: Home Business Magazine.
Work By Choice
Find work in a career you always wanted to explore. You may not be able to get a top spot, but you’ll be doing something you are passionate about, while you continue to earn.
Move to a Better State
Some states are worse financially for retirement than others. Take a look at this article on Retirement Life Matters to determine if you might want to escape your state and find somewhere more affordable.
Move to a Smaller Town
For a homey feel, lower cost of living and a safer environment, you can’t beat a small town. Robert Fowler sure thought so, he has dedicated himself to finding a small town that is right for his retirement living. Check Small Town Retirement for all his insights and suggestions.
For me personally, the quest to an affordable retirement went global. I love to travel and I want much more bang for my buck. So I researched several countries that had a cost of living under $1400/month. I’ve now fallen in love with Ecuador. So stay tuned for my upcoming video feeds on my experiences here.
Living in another country isn’t for everyone. But for the adventurous of spirit, who planned to travel internationally during retirement anyway, a retirement abroad can save you money and help you live more fully.
I’m sure there are other ways to help you have a more interesting and fulfilling retirement while meeting your financial needs. If you have any tips or tricks you are using, please feel free to add to the conversation by commenting below!