Many retirees plan to supplement their income with a part-time job. The decision to do so is not always an easy one, but it is one that can pay off in many ways. We’ve talked about the financial benefits of working in retirement, but there are other reasons to consider a part-time job. It’s not always about money!
Many retirees turn to part-time work because they need the money. It’s true that many part-time jobs pay well, but it’s also true that many don’t. Whether you’re looking for a part-time job to supplement your income or because you want to work in retirement, it’s important to consider the other benefits.
Working in retirement can be a great way to stay connected with friends and family. It can also be a great way to stay mentally sharp. If you’re looking for a part-time job, look at the whole picture before deciding whether it’s right for you.
Consider your options.
Before you take the plunge into the world of part-time employment, consider these eight things:
1. What is the goal of the part-time job during my retirement?
Are you looking for something that will help fill your days as you get older? Do you want to earn extra money? Do you want something that will give your life purpose and meaning? Once you figure out why, then you can start looking for the right job for yourself.
If you’re going to be working a part-time job, then it’s important that it be something that fulfills your needs and desires. Maybe you want a job where you can talk with people and make new friends. Or maybe there’s something else that would bring more fulfillment into your life. Whatever it may be, figure out what it is before jumping into the search for a part-time job. It’s much easier to find the right job if you know what kind of work interests you most.
There are many different types of jobs available for retirees who are looking for a part-time gig. Some of these jobs require very little time commitment while others require quite a bit more time and effort on your part. Before jumping into any search, think about how much time and energy (and money) you’re willing to commit on a weekly basis in order to find the right position for yourself.
Do you want to continue with a similar job that you had before? Or, do you want to try something completely new? What would make you happy? Is there a type of work that would interest you?
Would you prefer to work virtually from home and complete job tasks using a computer? What kind of work environment would be best for you? Are there any places where you wouldn’t mind working? Are there any specific places that might interest you?
Will it be better if your work hours are in the morning, or do you prefer to work later in the day or early evening? Are there certain days of the week that are better than others for your schedule? Are there days when you’re less busy at home and can work more hours if needed? If possible, it’s good to know how many hours per week are needed so that if the job is not full time, then extra hours can be worked.
This may seem like an obvious question, but knowing where the job will be located is very important. How far will you have to drive from home every day or week, or will it be possible to telecommute sometimes? Since COVID-19, remote work-from-home jobs have become more commonplace and accepted. Finding a part-time job located close to your home with minimal travel, or one where you can work entirely from the comfort of your home, is a smart decision as a senior. You may also want to be close enough to home so that family members and friends can easily visit during lunch breaks or after work hours.
Determine how much time you have to work, and how much money you need to make per month.
Once you’ve considered those questions, come up with an action plan for finding a part-time job that will fit your retirement lifestyle.
- Write down your job description. What do you want out of a part-time job? Are you looking for money, networking opportunities, or just a fun job? Consider the pros and cons of each type of job.
- Research part-time jobs. Look at the jobs in your area, and research what they pay and how much work experience is needed.
- Make a short list of the right jobs for you. Find one or two jobs that fit your job description, and you would like to do.
- Talk to people who do the job. Ask them what they like about it and how they got started.
- Apply for the position. Be honest in your application about your motivation for applying and don’t forget to include your previous work history and experience if it is relevant to the job.
The team at Pension Solutions Canada specializes in helping individuals prepare for retirement and protect their assets. If you’re unsure if you’ll have enough money when you retire, and whether or not taking a part-time job in retirement is necessary, give us a call. We can help! We’ll also assist you with estate planning, address tax minimization, and answer all of your retirement questions.
Call us at 1-888-554-6661 to get started. Our services are no cost to you.