For some wealthy seniors, 2020 and 2021 have turned out to be years of financial prosperity. They spent less than normal years because they weren’t traveling, eating out, paying for expensive theater tickets and excursions, and those who are invested in the stock market have seen their wallets explode. However, the years at home were difficult for the elderly who were not prepared for a sudden loss of income. Many in the latter group hoped to bolster their retirement funds a bit more in their 60s or 60s, but the Covid years have resulted in reduced hours or even a total loss of income. Some even found themselves in the position of having to help adult children and their families through an income crisis, thus depleting the savings they had already accumulated.
A to study found that more baby boomers “retired” in 2020 than in any year on record. In the third quarter of 2020, 28.6 million people in the baby boomer cohort reported being retired. That’s 3.2 million more than in the third quarter of 2019. This brings the total number of retired baby boomers to 40% of this population cohort.
However, these numbers are a measure of two things: 1) the Labor Department’s calculations that reflect the individuals who are on a payroll, and 2) the data that is pulled from the Census Bureau in person and over the phone. surveys which reflect non-traditional work a little better. Forty percent appears to be a very high unemployment rate among those aged 58 to 75 (boomers), but regardless of whether this number really reflects the number of baby boomers who are not earning an income, it is a clear indication that there are a significant number of people who either want or need to earn more money before they can say they have enough to eat, clothe and house for the rest of their lives.
Being employed and earning a salary may be the traditional way to earn an income, but it is certainly not the only way, especially at the 21st century. Anyone over the age of 50 who has worked regularly in something has the right to call themselves “qualified” or “veteran” of that company. There are opportunities to apply these skills, sometimes in less obvious places:
- Teach what you know. Discover opportunities to teach or mentor students at a junior college
- Many high school students are struggling to regain ground in the wake of the Covid. Mentors and tutors are sought after. Check with a nearby school or through a professional tutoring organization such as University tutors.
- Submit your knowledge / skills online through sites such as Job Monkey and Upwork.
- Use social media. Make sure your LinkedIn your profile is up to date so recruiters can find you. If you don’t have a LinkedIn account, you can easily create one. The things you need to access on LinkedIn are all in the âfreeâ version, so it won’t cost you a dime. You can also search for companies that hire people with your skills through LinkedIn’s search feature.
If you’d rather do something completely different from what you’ve been doing for the past 20+ years, consider some of the following:
Start a micro-business. The examples are endless; Here are just a few:
- Walk the dog
- Sewing and alterations
- Preparing meals
- Personal assistant
- Landscaping and gardening work
Turn a hobby or interest into income.
- Interested in houses? Get your real estate license and start as a paid apprentice with an established real estate agent
- You like flowers ? Being hired as a flower arranger in a supermarket
- Do you like to cook? Do cooking demonstrations for food companies
- Do you like children? Coach a little league team, get hired as a brigadier, work in a municipal playground
- Do you like to stay in shape? Become a personal trainer or work out in a gym
Work at home:
- Online tutor
- Write, blog, edit or manage a website. If you have skills in this area, people will pay you to do these tasks
- Take an online course in medical billing and recording, then work from home at these jobs. They are in demand.
- Are you fluent in a second language? Being an online translator
- Pet care at your home
- Make and sell jewelry, paintings, clothing, or other crafts online. Sites like Etsy to make easy.
Besides working for money, there may be other ways to find money later in life:
Touch your house. Your home, if you own it, is a key asset in your retirement portfolio. If you live in an area that has experienced a healthy rate of growth in property values, you may be able to purchase a small mortgage and use it to pay bills or drugs. Or, depending on your situation, you might consider a reverse mortgage.
Evaluate your life insurance. Your policy is part of your equity. According to research by Coventry Direct, each year, seniors miss out on $ 100 billion in life insurance policies. If the original reason for purchasing the policy has diminished or no longer exists, you may consider cashing it now. Your policy might be worth more to you now than you think.
Sell ââstuff. Many older people are already worried about what to do with everything they have accumulated in their lifetime. Ebay, NextDoor, Facebook, and other online sites are great places to advertise and sell what you don’t need or want anymore. Cleaning up, preparing, rating and uploading the items, then interacting with potential buyers and sending the items on their way can be a full-time job in itself!