If You Want to Earn Even After You Retire, Here’s What You Can Do

Baby boomers will be the next generation of retirees, which is why they are now having a dilemma over trusting social security as their income when they retire, or if they should find ways on what kind of work they would be doing after they retire.

Back in the day, a person would have a career most of their life not only to be able to provide for the family but also to save up for retirement. Then again nowadays, it is a totally different story.

More and more Americans are falling onto the misconceptions about social security

Living Off Of Social Security

For so many years now, it is known for a fact that Social Security is the key when it comes to the source of income of the retired citizens of the United States of America. What people don’t really understand is that Social Security only replace about 40 percent of the pre-retirement income of an average citizen, those who earn more even get less. So that basically means it is not ideal to live off of Social Security alone.

Most people often ask how much would be the ideal amount that an average person must aim for in retirement. Technically, there is no right or wrong answer for this since it would all depend on the kind of lifestyle you want to have when you retire.

If you want to live such a fabulous lifestyle wherein you would like to travel first class all the time and things like that, then you must make sure to have at least 80 percent of your former income. So obviously, less would be needed if you want to live a simple lifestyle when you retire.

Then again, your lifestyle must not be the only thing you would want to worry about when you retire. When someone reaches a certain age of adulthood, they may be prone to different types of illnesses so it is best to think of your healthcare income goal as well, and it must fall under the list together with your leisure.

According to the social security administration, the funds will likely be emptied by 2034

This is why it is ideal to save up for retirement as early as you can, citizens who are over 50 and are still working to be able to put about $5,000 every year to the IRA and $18,000 to their 401(k), may not be able to have as much as they wish they could have since maxing out a 401(k) is way too difficult for some.

Most people who decides to save up for their retirement in their late 40s and early 50s, often extend their career since they wouldn’t have enough.

Working In Retirement

Extending your career even if you are already a senior citizen may be something that you cannot change, since that what happens when you start to save late in retirement. However, there are those who chooses to work again even if they are already retired.

Baby boomers will be the next generation to retire, so most of them are thinking of finding another way to earn money after retirement. According to a survey that was conducted by Prudential Life in 2017, about 31 percent of baby boomers work within the “gig economy” or where there are now easy ways to earn money.

Since technology have literally taken over the world, there are now fast and easy ways of earning money and it is tempting people to want to work after they retire such as writing articles or blogs online, posting videos on YouTube, doing business on eBay, renting out your home through Airbnb, be a driver for Uber, and more. There are just tons of opportunities out there, but retirement is never meant to be that way.

Experts say that people may be tempted to have more money after their retirement and it is making them forget what retirement means. It should be a time where you must be able to just relax and spent time with family, do things you love or find a new hobby. It is not a bad thing to have a job after your retire, but if you do have enough money to be able to live the kind of life you want, why would you bother wanting more?

People who continue finding ways to earn money after retirement tend to have more strained relationships with their families

What most people nowadays do is try to live their lives doing something new or literally nothing once they retire, when they get bored, they find ways to earn money but not work as hard as if they are trying to make the ends meet.