Work And Money Strategies For Seniors
When you finally hit the 50+ age category, time is no longer on your side when it comes to jobs and income. And other factors may begin to impact your earnings potential such as your health, the industry you work in, the type of job you have and where you physically live.
Even with good planning, you may find your income simply will not cover all your needs and wants. So what to do?
You could…
• look for a higher paying job
• get training and seek a new career
• find a suitable second job for additional income
• buy an existing business
• start a new business
• change your lifestyle expectations and manage spending Retirement
There is no perfect solution. You can find a better job or more money using any of the tactics outlined above but if you spend everything you make, you are still as vulnerable.
You need a plan. But you also need to be clear about the problem. Do you have a spending problem and the will to do what it takes to fix it? Are you under employed and training would solve the problem? Confront the hard questions in your personal situation.
As a senior, getting real honest about your situation and your motivations is imperative.
Most income or job solutions involve both spending control and new income/training unless you get lucky and win the lottery or implement a strategy that makes far more income than you can realistically spend.
If you want to keep your job, have some time flexibility but need some additional money, consider the following sources: Senior Services
Temporary employment agencies – Temp agencies may be a better choice for short-term income, but they can often lead to longer lasting income and new employment opportunities if you are a good fit for the temp employer.
Craigslist.com – Craigslist reaches local communities almost worldwide. Temp work and other job offerings are not uncommon. There is little to no cost doing this type of search.
Personal Networking – Talking with everyone you know is one of the most common sources for new income and new job opportunities. Good networking includes social networking sites such as Linkedin for expanding your contact network even when you don’t think you will need it.
Home Based Business – For many seniors, network marketing, direct sales or internet based businesses are low cost business pursuits for incremental money. And some find huge success with these business opportunities.
Be careful though. While the costs appear low, many seniors are lured into a game of cat and mouse, always chasing the next big deal and what began as limited expense turns into high cost speculative plays that never pay off.
Working from home in your own business or as a home based corporate employee is becoming more common. These methods may offer a slow planned entry, often have time flexibility, allows for income growth and then transitioning to full time when the business can support your personal needs.
Now What… Senior Living
Face your wants versus your needs with clarity. Evaluate the risks of job loss or downgrades in your company and the overall long term value of products/services in the industry you work and start preparing your response to various job and income change scenarios.
Create a plan that includes both spending and income objectives. Prepare for your retirement/income strategy before life forces you into it when you aren’t ready.
For more than 20 years, Karl Edmunds has been a noted author within the business and management consulting arena. As a senior, he now engages his curiosity and observations about life to write about key issues of importance to the growing community of seniors (Boomers), and the value of living life to the fullest every single day. Give me your comments and suggests at http://For-Seniors.org or http://plan-retirement.org