8 part-time business ventures for retirees
You may have left the working world behind, but that doesn't mean you can’t continue to pursue your business goals. In fact, many retirees who’ve spent their careers reporting to a chain of bosses are excited at the thought of building a business they’ve always dreamed of, or working for a company that holds meaning to them. Others may wish to generate income to add to their retirement savings or fund major projects such as an “aging in place” home renovation.
Whatever the reason you may be contemplating a new business venture after retirement, here are a few bright ideas to get you started:
When you pair previous job skills with wisdom and experience, you may find you’re in a great position to start a consulting business. Focus on opportunities that leverage your existing knowledge and know-how as you brainstorm ways to share your insights or coach newbies in your field.
Do you have handyman/woman skills to put to good use? Maybe you're a retired teacher looking to start a tutoring business, or help seniors by providing in-home cooking and housekeeping services? There’s an opportunity for nearly every skillset.
Direct sales representative
The direct selling industry gives you the flexibility to create your own hours and set your own income goals. And there are literally hundreds of companies to choose from — many that are members of the direct selling association — offering everything from skincare to jewelry to gourmet foods. While most require the purchase of a starter kit to kick off your business, they offer resources and coaching to help you recoup your funds and start making a profit.
Why not start a business catering to the younger generation of entrepreneurs? Whether it’s serving as a bookkeeper or strategizing a marketing plan, you can help budding business owners handle all the tasks that are needed to keep their companies humming.
If you like engaging with new people and there’s a tourist spot in your area, a tour guide or docent may be the perfect part-time job post retirement. A good tour guide has a knack for making things interesting and worth remembering, so if this sounds like something you can do, it may be a fun way to stay active during your retirement years.
Helping young school children get to school each morning can be a rewarding job — and it also can provide you with part-time hours, extra cash and summers off. Search via your city’s website or contact the local school board for openings in your neighborhood.
In the property management industry, you’d typically work on-site overseeing the daily operations of a residential or commercial property. In addition to a salary, the property owner may even offer rent-free living and/or utilities. From dealing with tenant issues to ensuring property upkeep, this can be a good option for anyone looking to get their feet wet in real estate.
Funding your post-retirement lifestyle
Taking on a post-retirement job can be a great way to keep active, stay connected and earn extra money. If you’re looking for more significant funds, tapping into your home equity via a reverse mortgage may be a smart option.
“For many Americans, their home equity is their life savings,” says Jamie Hopkins, associate professor of taxation at The American College of Financial Services. “Reverse mortgages can be an effective way to improve a retiree’s overall retirement security, and not inconsequentially, their peace of mind.”
To educate yourself on the reverse mortgage process, the first step is to speak with an experienced reverse mortgage specialist. Call Reverse Mortgage Funding, LLC (RMF) at 877-485-1359 to connect with one today.
SEE WHAT FUNDS YOU MAY HAVE AVAILABLE
If you have equity in your home and believe you meet the eligibility requirements, a HECM may be the option that could help you retire smart.
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