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How to Make Working Later in Life Work for You

Filed under: Retirement, Supplemental Retirement Income

So you’re approaching retirement age and have come to the disappointing conclusion that the numbers don’t add up. You don’t have the savings for the financial stability you need to retire at your desired date. You’ll have to either work longer or work part time during retirement to reach your goals.

While the prospect of working past your desired retirement age may not be news you want to hear, it doesn’t have to be a total disappointment. By working until a later date or working part time in retirement, you may be able to shore up your financial reserves and live more comfortably when you finally do retire.

The real question is how you can continue to earn money while starting to pursue some of the retirement activities you’ve been planning. How can you take those vacations or spend more time baby-sitting grandchildren? What about that new hobby you wanted to pursue? Can you enjoy those activities while working? Possibly.

With some creative thinking and advanced planning, there’s no reason why you can’t continue to work and also start to enjoy some of the perks that come with retirement. Below are three tips to help you balance your need for income and your desire for more free time:


Think about a phased retirement.

Perhaps you need to keep working, but maybe you don’t need the same number of hours or the same level of responsibilities. Also, you may have skills, knowledge and insight that make you valuable to your employer.

If that’s the case, you could approach your employer about phasing your retirement. In a phased retirement, you gradually shift down your role and your responsibilities over several years rather than stopping work all at once. For instance, you could transition into a consultant role or even become a mentor for younger workers. Over time, your hours and tasks could shrink.

A phased retirement gives you the chance to continue earning income while you ease into retirement. Those few extra years of income could be enough to give you the stability you need.


Turn your passion into income.

Do you have a special skill or talent? Do you have a hobby that you are passionate about? If so, you may be able to turn it into an income stream. For instance, if you’re musically or artistically inclined, you may be able to teach lessons part time. If you love gardening, you could work at a local nursery or even help homeowners design their landscaping. If you’re a golf nut, you could work as a ranger at a local course.

This may require some creative thinking, but there are likely chances for you to turn your interests into work opportunities. If you’re internet-savvy, there may be a wide range of online opportunities to share your knowledge. Plus, if your work involves something you already love, it may be more bearable than continuing in your current career.


Reassess your retirement plans.

Are you absolutely certain that you have to delay retirement? Maybe you wouldn’t need to delay your retirement age if you cut some planned expenses. For instance, downsizing your home may save you money on taxes, maintenance, utilities and more. If you have substantial equity in your home, the sale could give you a large sum to fund your retirement.

You could look at sharing one car with your spouse and relying on public transportation some of the time. You might pare down your travel plans or spend more time cooking than eating out.

Develop a retirement budget and an income projection. With some creative adjustments, you may actually be more prepared for retirement than you think.

Are you looking for ways to fund your retirement? Contact us at Ambrose Financial & Insurance Services. We can help you analyze your needs and goals, and then develop a strategy. Let’s connect today and start the process.


CA Insurance License No. 0F95178

This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation. By providing your information, you give consent to be contacted about the possible sale of an insurance or annuity product. This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.

16112 – 2016/9/20