For many, retirement is the coveted goal post at the end of a rewarding career.
It allots more time to spend with family and in the comforts of home. Though it represents the end of full-time work, it does not always mean never working another day.
The 2022 Spending in Retirement Survey examined the spending habits and income of 2,000 American retirees, ages 62-75. The survey found that 7 in 10 retirees depend on Social Security as the major source of their income. The survey also revealed that 1 in 3 of those individuals spends between $2,000 and $3,999 on living expenses monthly.
Many of those surveyed, 9 out of 10, cited inflation as the reason for decreases in their spending. If the inflating costs of food, gas, and living expenses have taken a hit to your income, consider these 3 ways to turn your lifelong work experience into profitable, work-from-home jobs.
Writing and editing
If you have an eye for grammatical errors and a love for the written word, the possibilities are endless for contract roles as an editor or writer. Connecting with marketing agencies, publications or other entities in need of a proofreader or writer can be the gateway to monetizing those skills. It is important to note that it might not be lucrative right away, but writing and editing could pay off in the long run, Steve Vernon, president of retirement advising firm Rest-of-Life Communications told Annuity.org.
“You might not make income right away. Maybe you’re volunteering or you’re offering your services at a low cost to get in the door,” he said.
On average, a professional editor can make $30 an hour and a writer’s median is $32 per hour, according to U.S. News & World Report.
Consulting offers a lucrative way to share career expertise on an as-needed basis for companies and individuals, according to Annuity.org. If your previous line of work was nonprofit leadership, for instance, consulting for board development or fund development at a small nonprofit could be a consulting option. Whatever your line of work was prior to retirement, having success at virtual or remote consulting requires marketing yourself, networking, setting competitive rates and knowing when to take on clients or let them go.
The national average for consultant jobs is $42 per hour, according to ZipRecruiter.
Bookkeepers manage business aspects such as financial accounts and payroll for companies. Providing that service part-time from home would be fitting for retirees who worked regularly with bookkeeping programs.
“Bookkeepers are excellent with organized and detailed work and math and computer programs like Excel, QuickBooks and other accounting software,” Brie Reynolds, a career coach at FlexJobs career, told U.S. News & World Report. Those with previous experience can typically make a median of $20 an hour as a bookkeeper.
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