Best of the Week
Most Popular
1. Gold vs Cash in a Financial Crisis - Richard_Mills
2.Current Stock Market Rally Similarities To 1999 - Chris_Vermeulen
3.America See You On The Dark Side Of The Moon - Part2 - James_Quinn
4.Stock Market Trend Forecast Outlook for 2020 - Nadeem_Walayat
5.Who Said Stock Market Traders and Investor are Emotional Right Now? - Chris_Vermeulen
6.Gold Upswing and Lessons from Gold Tops - P_Radomski_CFA
7.Economic Tribulation is Coming, and Here is Why - Michael_Pento
8.What to Expect in Our Next Recession/Depression? - Raymond_Matison
9.The Fed Celebrates While Americans Drown in Financial Despair - John_Mauldin
10.Hi-yo Silver Away! - Richard_Mills
Last 7 days
JOHNSON & JOHNSON (JNJ) Big Pharama AI Mega-trend Investing 2020 - 25th Jan 20
Experts See Opportunity in Ratios of Gold to Silver and Platinum - 25th Jan 20
Gold/Silver Ratio, SPX, Yield Curve and a Story to Tell - 25th Jan 20
Germany Starts War on Gold  - 25th Jan 20
Gold Mining Stocks Valuations - 25th Jan 20
Three Upside and One Downside Risk for Gold - 25th Jan 20
A Lesson About Gold – How Bullish Can It Be? - 24th Jan 20
Stock Market January 2018 Repeats in 2020 – Yikes! - 24th Jan 20
Gold Report from the Two Besieged Cities - 24th Jan 20
Stock Market Elliott Waves Trend Forecast 2020 - Video - 24th Jan 20
AMD Multi-cores vs INTEL Turbo Cores - Best Gaming CPUs 2020 - 3900x, 3950x, 9900K, or 9900KS - 24th Jan 20
Choosing the Best Garage Floor Containment Mats - 23rd Jan 20
Understanding the Benefits of Cannabis Tea - 23rd Jan 20
The Next Catalyst for Gold - 23rd Jan 20
5 Cyber-security considerations for 2020 - 23rd Jan 20
Car insurance: what the latest modifications could mean for your premiums - 23rd Jan 20
Junior Gold Mining Stocks Setting Up For Another Rally - 22nd Jan 20
Debt the Only 'Bubble' That Counts, Buy Gold and Silver! - 22nd Jan 20
AMAZON (AMZN) - Primary AI Tech Stock Investing 2020 and Beyond - Video - 21st Jan 20
What Do Fresh U.S. Economic Reports Imply for Gold? - 21st Jan 20
Corporate Earnings Setup Rally To Stock Market Peak - 21st Jan 20
Gold Price Trend Forecast 2020 - Part1 - 21st Jan 20
How to Write a Good Finance College Essay  - 21st Jan 20
Risks to Global Economy is Balanced: Stock Market upside limited short term - 20th Jan 20
How Digital Technology is Changing the Sports Betting Industry - 20th Jan 20
Is CEOs Reputation Management Essential? All You Must Know - 20th Jan 20
APPLE (AAPL) AI Tech Stocks Investing 2020 - 20th Jan 20
FOMO or FOPA or Au? - 20th Jan 20
Stock Market SP500 Kitchin Cycle Review - 20th Jan 20
Why Intel i7-4790k Devils Canyon CPU is STILL GOOD in 2020! - 20th Jan 20
Stock Market Final Thrust Review - 19th Jan 20
Gold Trade Usage & Price Effect - 19th Jan 20
Stock Market Trend Forecast 2020 - Trend Analysis - Video - 19th Jan 20
Stock Trade-of-the-Week: Dorchester Minerals (DMLP) - 19th Jan 20
INTEL (INTC) Stock Investing in AI Machine Intelligence Mega-trend 2020 and Beyond - 18th Jan 20
Gold Stocks Wavering - 18th Jan 20
Best Amazon iPhone Case Fits 6s, 7, 8 by Toovren Review - 18th Jan 20

Market Oracle FREE Newsletter

Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Are You Really Retired Just Because You Stopped Working?

Personal_Finance / Pensions & Retirement Sep 12, 2013 - 06:22 PM GMT

By: Don_Miller

Personal_Finance

From the time I took my first job washing cars at age 15 to the day I retired, working kept money flowing into my bank account. I needed money, and so I had to work (no silver spoon here). A few weeks back, I penned an article highlighting how most older folks . Several readers suggested that continuing to work as long as possible is the best way to quell that fear. Could the solution be that simple?


One of the most successful executives I have ever worked with is a friend of mine named fear running out of money more than deathJohn. A few months ago, he announced that he had "flunked" retirement and was back at work, doing consulting on his own terms. He certainly does not need the money, but retirement bored him. He felt like he had a lot of tread left and plans to keep working as long as it's still fun.

I have another friend, Nate, who was also very successful in his first career and retired relatively young. Sailing was his lifelong passion, and he immediately became a sailing instructor. Now he delivers boats all over the world, and says things to his "first mate" like, "Honey, do you feel like going on a cruise to Trinidad?" She can say "yes" or suggest he take one of his other retired buddies with him on the job.

My wife Jo and I bought a new motorhome when we first retired. There are several motorhome manufacturers in the Pacific Northwest that hire retirees to deliver their products from the factory to customers all over the country. Some folks make the delivery and fly home. Others tow their car behind the motorhome, bring their spouse, and take a leisurely drive back. The driver who delivered our motorhome to Tampa plans a trip with his wife every other month around his "job," and they love it.

In all three of these instances, retirees are setting their own schedules, and they only choose the jobs they want to do. On top of that, these folks really enjoy their work. Job stress is virtually nonexistent, and their projects pay pretty well to boot.

Plug the Money Leak

Folks on either side of the retirement cusp fall into a few different groups:

  • People who have saved too little to retire and likely must keep working in order to survive.
  • People who have retired but are spending at a much faster pace than they anticipated.
  • People who saved money and spend modestly, but are still not sure their nest egg will last.
  • People who are retired and have enough money, but are just plain bored.
  • People who have hobbies that could be turned into moneymakers.

As my regular readers know, I am adamant that retirees are all money managers. Our primary job is to tend our nest egg and continue to learn about investing. The time and money invested in a financial education will pay off a hundredfold compared to what one could earn from a low-paying job.

A second job at Walmart is not the most efficient route to financial freedom. If you're earning minimum wage but your retirement account is leaking because of mismanagement, your time could be spent more effectively by focusing on your financial education. However, if you can work part-time at a job you actually like, why not do both?

The Ideal Second Act

For most folks, the ideal post-retirement job:

  • Has flexible hours
  • Is fun
  • Is something your spouse can easily support
  • Promotes longevity as opposed to detracting from it
  • Brings emotional rewards
  • Allows time to still look after your nest egg
  • Makes money

Working during retirement can be fulfilling, as the examples of my friends Nate and John show. But they are working on their own terms, and money is not their primary motivation. I have been officially retired for several years now, and while I put more time in to our weekly and monthly publications than I could have ever imagined, it hardly feels like work.

Our first careers were hard work, and now we have to work to stay on top of our retirement finances. That's probably why you're reading this article today: you know you have to continually teach yourself how to be your own money manager.

Some of my Money Forever subscribers are already retired, and some are a few years out. In either case, they have committed themselves to putting aside the time to become their own money managers: to continually educate themselves on handling their money. Remember: no one has more of a vested interest in you getting this right than you do.

From the very first issue of Money Forever our goal—my mission—has been to help those who truly want to take control of their retirement finances. I aim to give folks who have accumulated wealth a deeper understanding of how to create an income-producing portfolio. Our subscribers do not have to fear they won't have enough, whether retired or a few years out.

With that in mind, I'd like to invite you to give Money Forever a try. The current subscription rate is affordable—it's less than that of a typical morning newspaper, and a whole lot better for your portfolio. The best part is you can take advantage of our 90-day, no-risk offer. You can cancel for any reason or even no reason at all, no questions asked within the first 90 days and receive a full, immediate refund. As you might expect, our cancellation rates are very low, and we aim to keep it that way. Click here to find out more.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Casey Research Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules