Will You Continue Earning Income During Retirement?
Retirement doesn’t have to be the “end all, be all” of earning a steady paycheck. In fact, retirement could be the start of doing something that you’ve always wanted to do and now, get paid for doing it. While some people continue to work because they need the income to cover rising expenses in retirement, others work longer simply because they want to. They enjoy the social interaction or they want to continue to feel like a productive member of society. And still, others work longer out of both need and want.
There are many part-time and full-time opportunities for older individuals, however, figuring out what professional path to pursue can feel daunting. And, for those who don’t want the stress of working full-time, what’s the best way to find a good-paying part-time job? Here are some tips on how to help find rewarding work later in life so that you can continue earning income during retirement:
- Determine your skills, interests, and values. Connect your aptitude and abilities with your values and interests; consider taking a self-assessment test to learn more about your strengths, values, and personality type.
- Tap into your network. Connect with friends, relatives, and other connections to find job opportunities.
- Think about self-employment. Consider building a business that accommodates other priorities in life, and also reflects the hours that you want to work.
- Turn your hobbies into a career. If you know you excel at what you love to do, why not make money from it?
Whether you define a successful retirement as having a full agenda scheduled, or just taking it day by day, it all comes down to the preparation and planning you do ahead of time. Request a meeting with us to start planning for retirement as you envision it.
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Neither the named representative nor the named Broker/Dealer or Investment Advisor gives tax or legal advice.
Fixed index annuities are designed to meet long-term needs for retirement income. Early withdrawals may result in loss of principal and credited interest due to surrender charges. Distributions may be subject to ordinary income tax and, if taken prior to age 59 ½, an additional 10% federal tax. An income rider or benefit (sometimes called Guaranteed Lifetime Withdrawal Benefits, or GLWB) is an additional feature available with some annuities and generally optional and come with additional cost. Income benefits are designed to provide income options above and beyond the standard annuitization or free withdrawal features in annuities. All contract gains beyond the CAP rate are surrendered to the insurance company to pay for the expense of the product.
The views expressed are not necessarily the opinion of Royal Alliance Associates Inc, and should not be construed directly or indirectly, as an offer to buy or sell any securities mentioned herein. Individual circumstances vary. Investing is subject to risks including loss of principal invested. No strategy can assure a profit against loss.