Retirement Tips

Yesterday we starting discussing getting your dream retirement job or maybe we should call it your dream job in retirement.

Many of us have dreaming of a certain job. Maybe we wanted to be a writer or a painter or take photos to sell at craft fairs. Waiting for retirement was a great excuse for not taking final step earlier. But what excuse do you have now?

“I have to get a part time job. We need the money to make ends meet.”

OK. So get the part time job. That still leaves you with a lot of extra time you didn’t have before. And your business could bring in more money, too. What’s your excuse now?

“I can’t afford it. I don’t have my former level of income any more.”

Yeah. What’s your point? You already knew that would happen. You knew it while you were working. What’s different now?

Face it. The only thing keeping many of you from finally trying is you.

There’s nothing wrong with wishful thinking. Of talking about doing something you know you’ll never do. Or, perhaps more important, admitting that you’ll never do it. Heck, I’ve recently talked with friends about my never-to-be-achieved dreams…and they’ve shared theirs with me, happy to know that it’s OK to finally admit to them.

But…fear shouldn’t keep you from trying to do something you’re perfectly capable of at least attempting.

There’s a big difference between knowing you’ll never really go skydiving, even though you’ve always thought it would be the coolest thing in the world to do, because you’re terrified of heights and have artificial knees…and not making the slightest effort to actually write the book you’ve always talked about writing. Or have you been too afraid to call anyone to offer your services as a private consultant, even though your experience is second to none? Maybe you figured that no one would really be interested in your silly little invention, even though it just might change the world. Now’s the time to find out.

The way to get your dream retirement job is to stop dreaming…and to take action. Taking that first step may be the hardest thing you’ve ever done…but it could very well be the most rewarding.

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Yesterday we talked about getting a job after you retire, whether it’s because you want to keep active or because you could use some extra money. Today we’ll look at a couple of resources.

One place you can start looking is at your old employer. Where I work, some of white-collar folks retire and register with the local temporary labor company. Yes, this company does provide warehouse workers and day laborers, but they have developed a very close working relationship with the large company where I work. Our company goes to them for skilled white-collar professionals to help out when we have the need.

It’s not unusual for someone to retire one week from our company and be back the next week as a “Kelly Boy” in the same department. Now of course our company’s rules prevent us from using these temporary employees to replace a permanent employee. Instead they are used in true temporary assignments of one to three months. This is fine with us, since these short-time assignments don’t threaten the full-timers, and it helps us out during crunch times.

If your pre-retirement employer is not a possibility for this, that doesn’t mean you don’t have skills that businesses will pay for. Or that your years of experience won’t be invaluable to them. However, retirees often can’t recognize those skills or be able to articulate them either on a resume or in an interview. Nor do they always know how to prepare themselves for that old bugaboo “we’re afraid you’re overqualified” and be able to handle it effortlessly in the job interview or earlier in their cover letter.

Fortunately there are many resources available to retirees looking for employment.

One resource is your state Department of Aging. The folks there can provide you with a list of services and contact information for appropriate employment resources in your area. If you are looking for work because you are a low-income retiree, there are additional resources available to you.

Another free government resource is your local One-Stop Workforce Center or whatever it’s called in your state. They can provide you with assistance in your job search.

Don’t overlook a temp agency, even if you don’t have the situation we have with my current employer. You may have discounted temp agencies in the past because you needed a full-time job, but not only do temp jobs often lead to permanent offers, but there’s nothing wrong with temp positions being your part time job.

Perhaps even more important, temp agencies (as well as One-Stop Workforce Centers) can work with you on updating your resume to reflect your strengths (not your age), help you practice your interview skills, and work on all those other intangibles that can make or break your retirement job search.

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Unlike my old friend who retired as a millionaire, got bored, and so went back to work, many of us feel we actually need a job in retirement. Maybe our retirement investing plan didn’t work out quite like we had planned. Maybe it’s because our retirement investments didn’t quite work out - Enron? Perhaps it’s because we want to have a few luxuries and our pension won’t stretch quite that far. It could be for the health benefits or to stay active. Or it may very well be that we simply need the extra money just to pay the bills.

Whatever the reason, more and more retirees have jobs…and more and more people expect to have jobs when they retire.

I know that a lot of retirees worry about their opportunities. After all, we’ve heard for years about age discrimination. And who really wants to be a Wal-Mart greeter?

Fortunately, the vast majority of retirees are looking for part time jobs, as that’s generally what they need to make a difference. And finding a part time job is a lot easier than hunting for a fulltime job when you’re older and not yet ready to retire.

Another good thing is that, as the population ages and more people retire, businesses are already finding that they still need new workers, but that demographics aren’t helping. If you have 3 people retire, but only 1 young worker to replace them…well, you do the math. As a result, the opportunities for older workers interested in working part time keep increasing.

Certainly, you may not be able to do the same job you did before you retired. But, so what? A growing number of businesses are becoming amendable to retirees reducing their hours to part time, by the way. Have you asked your employer about this possibility?

Tomorrow we’ll look at a couple of resources for finding jobs, full or part-time, after you retire.

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When we think about retirement investing, many of us initially dream of having enough money to spend the rest of our lives in a retirement lifestyle straight out of Fantasy Island. I went to high school with someone whose ultimate goal was to be a millionaire by the time he was 40, then retire and cruise the Caribbean on his own yacht. I ran into him at our 25th reunion and, you know what? He’d done it. And 2 years later, he had become so bored he couldn’t stand it…so he is working again. So much for the fantasy retirement lifestyle.

Now, granted, 42 is pretty young to be looking for a retirement job. But his situation does point out something many of us are going to be facing one of these days…when we retire, what are we going to do with all that free time?

I know, I know. You’re thinking you have all kinds of things to keep you busy. But do you truly have enough to last for 15 years? Or more?

If you’re one of the lucky ones, you have a passion that will, indeed, keep you busy. Something you’ve always loved to do which now fills up your time.

But the rest of us, unless we’ve always been couch potatoes, are going to need to do something or go stir crazy. Or, worse, die younger than we have to.

(And, yes, there are always going to be people who need to work after they retire because they need the money, but that’s an entirely different issue.)

The great thing about looking for a retirement job if you don’t need the money is…you don’t need the job because you need the money!

That opens up all kinds of possibilities. Oh, sure, you could volunteer somewhere. Volunteer opportunities are everywhere, but lots of us already do that. I’m talking about doing something new in our lives that we get paid for because what we do is worth getting paid for. After all, money has been a measure of how good we are or how much of a contribution we are making for most of our working lives, so it’s nice to know that we’re still worth something. Plus, working for free isn’t always what it’s cracked up to be.

But there are lots of jobs out there that could be just perfect for those of us who are retired from our previous jobs, but not retired from life. Even the Social Security laws are made so that we can continue to work and make a certain amount of money without affecting our benefits.

For example, seasonal jobs like park rangers are a great opportunity for retirees who don’t want to work all year round but love the outdoors. Or consider becoming a temp…taking work only when you feel like you want to work doing what you feel like doing. How about becoming a substitute teacher? You don’t need a degree in education to be a substitute teacher and to make a difference in young people’s lives.

Retirement doesn’t mean you have to putter around the house. Getting a new job can be a great way to spend your retirement!

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So far we’ve discussed 4 reasons borrowing from your 401k account might be a good idea and 2 reasons to reconsider. Today we’ll finish out the 8 things to consider with 2 more reasons you might not want to borrow:

7. A home equity loan may be a better solution from your particular situation. Most states, with the notable exception of Texas, where I live, have made setting up a home equity line of credit simple. If you have enough equity in your house, and you have a good credit rating, you should consider a home equity loan. Unlike a loan from your retirement account, the interest you pay on a home equity loan is usually tax deductible.

8. There may also be special deals available that are better than a loan from your 401k account or a home equity loan. For example, at the time this is being written, several car companies are offering 0% financing for up to 60 months. If you qualify, this is a much better way to finance a new car that borrowing from your 401k account or using a home equity line of credit to buy a new car.

In conclusion, everyone’s situation is a little different. When you’re talking about $1,000’s of dollars and the impact of tax laws, it’s always best to get professional advice from an accountant or tax attorney. It may cost you $100 to $200 for a simple consultation, but it will be money well spent to find out what’s right for you and your situation.

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