Most working women and men look forward to retirement the way a kid can’t wait for Christmas. Some people even count the days by X’ing them off on their calendar. And yet, once that day to officially retire comes, you suddenly realize you might not have enough savings and investments to keep up the lifestyle you’ve enjoyed for so long.
You have a choice here. You can either beg for your old job back or, if you’ve owned your home for a long time (decades), you can apply for a reverse mortgage. If you’re 62 or older, a reverse mortgage will allow you to tap into all that equity you’ve been building up for years. If approved, you can take your proceeds in one lump sum payment, or you can opt for monthly payments. You also don’t need to pay the loan back until you either decide to sell or you die.
Keep in mind, there are reverse mortgage pros and cons. For instance, while you won’t need to pay another mortgage payment for as long as you live, the closing costs of a reverse mortgage are said to be a lot higher than a traditional mortgage. Also, if you have children, once you die it will be their responsibility to make sure the loan gets paid.
So then, what are some other options for making some much needed cash after retirement? One excellent choice is to put all that knowledge you’ve accumulated during your professional years to work by starting your own home-based business. According to a news article, while many hard working people look forward to the restful days of retirement they simply aren’t ready to retire and/or have financial issues that will require them to remain in the workforce.
But working a full-time job in your mid to late 60s is not only unappealing to most seniors, it’s also very difficult to get hired at that age. That’s why a better option is to be your own boss by starting your own home-based business. Be it consulting or starting a blog, a home-based business allows for the freedom and flexibility you naturally crave after a long career in the 9-5 world.
That said, here are some home-based small business ideas that newly retired individuals can begin working on immediately with little or no overhead.
Consulting and Coaching
Maybe you’ve officially exited the workforce, but that doesn’t mean your knowledge and skillset has pulled an Elvis and left the building too. By starting a home-based consulting business, you can put all that knowledge and experience to work right from your kitchen table.
You can consult from home utilizing online conferencing tools like Skype and Zoom. Or, if you so choose, you can manage your home-based business from a home office and visit your clients on-site at their place of business or even a coffee shop.
Blogging and Writing
As more and more people rely on their smartphones for news and entertainment, the opportunities for would-be bloggers and writers is seemingly endless. If you’re able to create a blog with specific content people are craving, you can monetize it via affiliate marketing.
Also, if you possess interesting stories and information, interested readers will devour your posts. You can write about selling your home, retiring, or even purchasing a new Jeep Wrangler which you plan on using for a cross country adventure. Other people love living vicariously through other, more free-spirited individuals who also have the talent for writing about their adventures and misadventures.
You can write about travel, taxes, food, women’s fashion, or just about anything. In a word, when it comes to blogging, the possibilities are endless.
Service-Based Home Business
Just about any skill can be turned into a home-based small business. This is considered to be one of the quickest and least expensive ways for you to make extra money after retirement. Some of the tasks you can perform for others are bookkeeping, landscaping, writing, pet care, handyman, landscaper, and more.
You can either contact your old boss to see if he or she requires any of your services, or you can advertise your skills via social media.
Your Hobby Can Be Turned into a Business
If you no longer want to do the same type of work you did as a full-time professional then turn to your hobbies for making a quick buck. If you enjoy gardening, for instance, you can become a professional gardener while also maintaining a gardening blog. You can even create gardening courses and sell them on Teachable.
If you love taking photographs, become a professional photographer. If you play drums, join a wedding band. Just use your imagination and the possibilities for creating a home-based business will seem endless.