How To Make Money Once You Are Retired.
(Updated 1 March 2019)
This is a question people use often to find this site. “How can I make money once I am retired?”
There are many reasons people might ask this question. I’ll try to boil it down to two main concerns:
- They are scared they won’t have enough income in their retirement years.
- They realize that once they stop working “for the man” they’ll be BORED.
Scared you won’t Have Enough?
Now, reason 1, above, is a very common issue. I’ve written about it often and so have thousands and thousands of other, every year, every month, every day, every hour really. I’ve written about the subject often … Here are a couple of examples:
And Not Enough In Retirement Is Always In The News
Just go to your favorite news service and see what’ s being featured today.
Bet you a dollar to a doughnut there will several “scare” articles or videos about the coming demise of Social Security, how public and private pension plans are “doomed”, how the rich will get richer at the expense of the elderly and poor, living on a “fixed income.”
Even though many of these sources write in “Chicken Little” style, there is no denying that the coming issue of “month left over at the end of your money” is a real concern.
What can you do about it? Read on, I have a few suggestions.
Scared You’ll Be Bored To Tears?
Now, here, I think, is the second most common reason people search about their retirement income and land here.
“Are you kidding?” , many of you are saying. “I hate my job, I can’t wait until I retire and don’t have to commute, report in, answer to the boss, etc., etc.
When I retire I am going to play golf, relax, kick back on my porch, drink beer and never have to worry about any of the nagging annoyance of this hateful thing I call a job.”
It Won’t Be All Wine And Roses, I Guarantee.
I’ve been completely (formally, anyway) retired since May of 2003. Almost 16 years now. Ad do I miss anything about my job?
Yes, I do.
In my last job, I have numerous defense-related projects that I worked on. One program, I was actually leading when I retired.
Signing checks, briefing senior leadership, making trade-off decisions on what to buy, etc.
There were plenty of times I got angry about things, and certainly, the stress was wearing me down … a major factor in the retirement decision process.
But I never worried if I would have a job when I work up.
I woke up thinking about all the tasks that needed doing that day.
Then, One Day I became a Nobody
It was great. I didn’t have to wake up, drive through the snow and walk half a mile to the door of my building from my “lowly employee” parking lot.
I had no briefing to prepare to try to convince our “money manager” that I needed more dollars for my project.
No phone calls from installation locations on the other side of the globe complaining that the equipment to be installed didn’t fit.
No training courses or trade shows or professional education classes to apply for or make reservations for.
I could go on, but I think you get the idea. Retired life became a lot easier, but it was also “dead flat” as far as excitement or exercising my brain was concerned.
When You Have a Responsible Job, Even Phone Calls Asking You To Solve Problems Have a Certain Appeal.
Once you become a “nobody”, the phone never rings.
You can only play so many hours of golf every week before it takes on the trappings of a task rather than an enjoyable activity.
You can only burn so many hours of wasting time on Facebook before you get really bored with all the insults and trolls that populate so many groups.
You Don’t Really Need A Job, But You Need A Purpose
And if that “purpose” has a profit component, helping to alleviate that “fear of running out of money”, well so much the better.
So How Did You Come Across This Article?
Comments welcome in the comments section below.
And now that you are here, let me tell you my proposed answer to both of those concerns.
Start A Business. More Specifically, An Online Business
Follow me through here. I have some rules in mind:
- No Investment: This is not one of those sales pitches where I try to convince you to sell soap to your friends and family and eventually get rich by “Building Your Downline”. If you are new to this idea, RUB, do not walk away from anyone who aske=s you to invest.
- No Selling: Unless you want to, that is. There are dozens, if not hundreds or thousands of safe, legitimate ways you can earn online by helping people with the knowledge you already have.
- No Travel: Again, unless you want to … you can make money out of a motor home or from a cruise ship if you want o. But you can also succeed being relatively incognito inside the confines of your own back bedroom. (I want to explore that cruise ship idea more and soon, I’ve got kind of a bon voyage sort of feeling going on right now.)
- No Employees: Unless you really want to scale things u and take on help. If you do, it’s usually very easy to do, again, online, and no issues of extra taxes, providing health insurance and other benefits and all the other trappings of being an employer that has been dragging you down over the years.
- No “Rocket Science” Skill Sets Required: One of the things that chase away so many people from the success they could attain online is the perception that you have to be some sort of computer whiz, able to spit out computer-language code before breakfast. Nothing could be farther from the truth.
You Already Have The Skills
And depending upon the particular business plan you choose, the technology can be easily “tamed”.
Also, for those of you like me, looking quite a ways back now to the 70th birthday (I was born in 1945), there’s another big advantage to establishing yourself in an online business.
Nobody knows for sure when such devastating problems like Alzheimer’s disease will strike. The thought scares me, personally.
But we do now from a lot of recent and major research that learning new things and keeping your brain active solving problems and frequently changing your “mental” scenery has a positive effect in delaying or minimizing brain diseases.
If your doctor tells you to get busy and do physical cardio exercises regularly, why wouldn’t you also want to do regular “brain” exercises? Makes sense to me.
So will you join me on the quest to learn How To Make Money Once You Are Retired?