Top 5 Professional Tips on Building a Successful Second Career as Retirement Approaches
Many of us planning for retirement also start thinking about “what do to next”? Advance planning can not only help you plan for a successful retirement and long-term care but to take something you love into a second career.
There are many valid reasons to seek out a second career right before retirement. Some people opt to take on a little more work to save a little more money. This money allows them to make payments towards their current mortgage or a put a down payment on a downsized home. Tying up financial loose ends is important before retirement.
Other people look for a second part-time career before retirement that they can use to taper themselves off of career life – they’ll stick with the second gig even after they’ve retired from their main career. Building a successful second career can be rewarding as you approach retirement. For some, this might involve starting a business. Every state has legal issues you should consider. For example, if you're considering setting up a company in the Sunshine State, navigating the legalities might seem intimidating. However, you can simplify matters by checking this guide on how to open an LLC in Florida. It breaks down the steps, making the process easier to understand and giving you more time to focus on your new entrepreneurial journey.
There are many important financial moves you should consider before you retire, and pursuing a second career might be one of them. No matter why you’ve chosen to pick up a second career, there are a few smart ways to help you get your foot in the door.
1. Go the Freelance Route
If your career involved a set of skills that can be used in a variety of ways, you can always take to freelancing. If you have decades of experience under your belt, people may be happy to hire you as a consultant. You can also make a freelance career out of proofreading or editing documents specific to the industry you have expertise in. The best part of freelancing is that you set your own rates and your own hours, so if you’re currently working a set schedule with your main career, you won’t need to worry about schedule conflicts.
2. Make Money Doing What You Love
Many people decide to monetize their hobbies in retirement. There are a wealth of ways to monetize hobbies. You can grow and sell herbs, produce, or flowers if you’re a gardener. You can sell woodworking crafts or creations you’ve sewn. It’s easy to set up a marketplace for your handmade goods on the internet. Many websites exist specifically for people who make their own goods to retail them safely and easily.
3. Build Something with Your Family
If you’ve always had a dream of starting your own business, you might feel like you’re running out of time. That feeling is disheartening, especially since retirement might be the only part of your life where you feel as though you’ve had enough freedom to start a business. If you have a family, you still can. You can become a part of launching the business you’ve always dreamed of if your family members are equally committed. After you retire, you can leave things in their capable hands. You can remain a chairperson and still receive income from the business long after you’ve stopped working.
4. Network Through Volunteer Work
The gift economy can create a perfect entryway into a new career opportunity. If you volunteer or give back to your community, you might be able to secure a paid position within the organization that facilitates or accepts that volunteer work. Many retirees find that positions like these are rewarding ways to spend their time after they’ve retired. Starting before retirement and continuing after retirement will keep you seamlessly active and involved in your community.
5. Look for Seasonal Opportunities
Seasonal jobs are excellent for retirees, especially if they don’t want to give up work entirely. It’s easy to find seasonal jobs on job boards. Retail opportunities spring up by the dozens between October and December. While they don’t pay remarkably well, they’re usually fairly simple jobs. If you can help customers complete transactions or stock shelves, you’re likely the perfect candidate for seasonal retail positions.
About the Author
Anna Ashmore is an avid careers, finance, and self-growth blogger. Interested in unique ways of becoming financially independent, Anna is currently writing on behalf of Brighter Finance, experts in the field of wealth management. She is often found online, sharing her tips and suggestions with others.
Anna Ashmore
Contributor since December 26th, 2018
Editor's Note
As you navigate the path toward retirement, it's vital to look beyond the horizon of leisure and travel and consider the realities of aging and long-term care. Chronic illnesses, mobility issues, accidents, and conditions like dementia can shift the landscape of your golden years, making daily tasks and self-care challenging. The cost of long-term care can be staggering, quickly eroding savings and investments you've dedicated a lifetime to accumulate.
You should integrate long-term care into your retirement plan, acknowledging that the need for assistance or supervision with everyday activities is not just a possibility but a common aspect of aging. Medicare may cover only a fraction of these expenses and only under specific conditions, leaving a significant financial gap. Planning ahead with options like Long-Term Care Insurance will safeguard your nest egg and provide the necessary support without overburdening your family or compromising your quality of life.
Consider this: the need for long-term care is often not a brief period at life's end but can span years. This care can be provided at home, in an assisted living facility, or in a nursing home, each with varying costs and considerations.
· LTC NEWS Cost of Care Calculator - Find Care Cost Where You Live
By addressing these needs in your retirement planning, you ensure that choices about your care remain in your hands, not dictated by circumstances. You have the power to access your choice of quality care in the setting you desire so you can shape your future comfort and dignity, but it requires action now—because when it comes to long-term care, hoping for the best without planning for it is a risky strategy.
Every insurance company has its specific underwriting standards that can vary widely - What Is Underwriting In Long-Term Care Insurance?
Your reasonably good health gives you the ability to plan effectively. Most people get coverage in their 40s or 50s, although if you have fairly good health, you can find options in your 60s and beyond.
Advantages of an LTC Insurance Specialist's Expertise
Navigating the landscape of Long-Term Care Insurance can be daunting, with many options and complex underwriting processes. This is where the expertise of a qualified Long-Term Care Insurance specialist becomes invaluable. They bring a nuanced understanding of how different insurance companies evaluate risk and set premiums, allowing them to tailor coverage that aligns with your unique needs—taking into account your age, health, and financial objectives.
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Furthermore, a Long-Term Care Insurance specialist offers benefits that a general insurance agent or financial advisor might not be equipped to provide. Here are key reasons why a specialist is the preferred choice for your Long-Term Care Insurance needs:
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Choosing a specialist who embodies this wealth of knowledge and experience will guide you toward making an informed decision, ensuring you receive the coverage when it matters most.
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Discover Long-Term Care Planning Tools at LTC NEWS Resource's Hub
At LTC NEWS, a wealth of tools and resources awaits to guide you through the intricacies of long-term care planning. You can access an array of helpful features, including the innovative Cost of Long-Term Care Calculator, which helps you estimate future long-term care expenses across different settings and regions.
Here are a few of the resources available on LTC NEWS:
- Top Insurers for Long-Term Care Insurance
- Long-Term Care Insurance Cost: Factors, Considerations and Price Ranges
- Who Needs Long-Term Care Insurance?
- What Are The Components Of A Long-Term Care Insurance Policy?
- How To Apply For Long-Term Care Insurance
Finding Quality Care for Mom or Dad
LTC NEWS offers help for you and your family in many ways. The LTC NEWS Caregiver Directory is an excellent resource where you can find the most comprehensive directory of all types of long-term care services no matter where your loved one lives - Long-Term Care Services Directory | Find Care Near You.
If your loved one has an LTC Insurance policy, that will open the door to many quality care options, as one of the first questions most home health agencies and long-term care facilities will ask you is if the care recipient has an LTC policy.
Be sure to use the benefits from a loved one's LTC policy; trying to save them for later is not a good approach since access to quality care improves a person's quality of life immediately.
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There is no cost or obligation for this service - Filing a Long-Term Care Insurance Claim.
If they don't have an LTC policy, Amada can still help develop a plan of care and provide you with many affordable in-home care options.
Learn more now - Find Quality In-Home Care.
These four LTC NEWS guides will assist you in trying to find appropriate long-term health care services for a loved one:
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- Adult Day Care Centers (ADCCs)
- Assisted Living and Memory Care Facilities
- Finding a Quality Nursing Home
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