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Semi Retirement? What I Loved About My Scaled-Down Retirement Jobs

Financially Free, Retire Often, Working In Retirement,

Looking back over my early retirement there was a lot to love about my scaled-down retirement jobs. Right from the start of my journey to FIRE, my plan was to be open to paid work in early retirement. What some people refer to as semi retirement, I happily called what I was going to do “retiring early and often”.

For me it was all about being able to pursue interests. Interests that my long career wouldn’t allow me to do. That and shedding some of the stuff I didn’t like doing. I looked forward to accepting opportunities for just as long as I wanted to do it. That, and also gain the life flexibility I had sacrificed over the decades while serving the corporate world system. Basically, my paid work in retirement will be a rewarding adventure or it isn’t going to happen or continue. Here’s some of what I loved during my retirement work experiences. 

Semi Retirement? What I Loved About My Scaled-Down Retirement Jobs

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The Best Parts About Working Scaled-Down Retirement Jobs 

Done right, being open to taking on scaled-down retirement jobs has only upsides. Everyone will have to decide what “done right” looks like for them. I set my own working in retirement guidelines and stuck to them to leverage the work experience in my favor. Aside from getting to meet and work with some awesome people, here’s what I loved most:

Money wasn’t my motivation, it was learning and doing something I had interest in –

I had established my retirement funding to cover things regardless of my working. Anything I earned would be added to our overall net worth, not increasing our budget or spending. It freed me to purposely target opportunities based solely on interest. I could ask myself, if money was removed from accepting this position, would I still want to do it? There are some things, like herding cats (project management) that no amount of money could get me to do. 

This mindset also made it easy to decide when it was time to end the job experience. I retired early again without hesitation from an encore career that paid more than my first long career. This mindset provides empowerment. No longer shackled to unrewarding work, unreasonable management, or a toxic work environment because of the need for a paycheck.

It allowed me to experience work in a different way as a paid observer. I was only there to perform my duties and absorb all I could without the pressure of attempting advancement for monetary reasons. I was able to learn, experience different interests, be rightfully paid, and simply move on once the itch was scratched.

The ability to leave it at the end of the day and not take it home –

My long telecom engineer career included 24×7 on-call. But worse than that was having to continually think about it to stay ahead of problems or plan ahead for the next day. What I enjoyed most about my scaled-down retirement jobs was being able to leave it all there at work. It was no longer my job to take care of the world. That was left for the career driven go-getters who still needed to. 

The pleasure of having absolutely no pressure to over perform –

During my old career we had monthly accomplishment meetings with management. Where it was all about the question, how have you performed over the past 30 days? We had to prove our worth to keep our job and add to or subtract from our annual appraisal metrics for salary treatment. Make a measurable mistake or underperform in the last month of the year and they gladly erased all previous accomplishments that year. In fact, any poor performance month was used as a reason to withhold a raise. There was none of that pressure in my scaled-down retirement jobs. If there was, I wouldn’t have accepted the position. 

I vowed to be reliable, do my job, and learn all I could from the experience. No more sacrificing my personal life or covering for incompetence, outdated and overworked software/hardware/machinery, or doing more than I really wanted to do. When I did go above and beyond it was because I really wanted to help out. Not out of some obligation to do it or an attempt to avoid feeling the sting of management’s retribution.   

Being able to refuse accepting the thieves of personal life: On-call and overtime – 

Turning down every offer of taking an on-call duty, working a nonscheduled weekend or holiday, and any overtime was a whole different feeling of freedom. This also endeared me to my coworkers who were hungry to earn extra money and saw me as someone not competing against them for that. 

Free from legacy obligations – 

Being new on a job means everything now touched is fresh and new too. In my long career there were a lot of things touched and worked on. Management created a fix-it-fast culture where they didn’t care who was really responsible. That meant anything worked on over the decades that broke, even when it was outside current job responsibilities, it still ended up in your lap because nobody wanted to take the time to learn or own it. Losing and no longer bogged down with legacy work history was a refreshing aspect to my scaled-down retirement jobs. 

It wasn’t about money, but I still loved padding net worth while enjoying a retirement job –

Who wouldn’t love adding money to their portfolio while having fun working on their terms? Even my lowest paying retirement gig went towards our overall net worth. I had retired early with a modest mortgage that we had refinanced to get the lowest budget friendly payment possible. I was able to pay that off from my earnings over an 18 month retirement job stretch.

During one short contract I was able to divert almost all of my earnings to the 401k to approach that year’s federal maximum contribution allowance. It deferred taxes, reducing it to near zero on earnings other than Social Security/Medicare withholding during that earnings stretch.

It Wasn’t All Smooth Sailing, There Were Some Challenges To Retirement Job Bliss

Time off and vacation time offered, but with a catch –

After spending decades at the same company in my first career I was caught off guard by how my scaled-down retirement jobs managed employee time off. They didn’t. For all my corporate based retirement gigs it was put on the employee to make sure either the shift was covered or have a full backup person cover you. Difficult to do when everyone is already stretched to their limits with work.

We still traveled and vacationed while on these retirement gigs. I found it an intimidation strategy to get career driven employees to not take their vacation benefits. Getting time off under their rules was a challenge. I admit that because of my retirement work mindset where there was no financial fear of dismissal that I may have circumvented their time-off process a few times. 

Scheduled to work weekends and holidays –

I accepted that I may have to work weekends and holidays as long as it was fairly assigned. It was tough to be unavailable to be with family when they were off work whenever I was stuck fulfilling my duties. I did experience having to work an early morning Christmas shift for the first time in my life. It went by fast and I kind of enjoyed the quiet day. We had already planned Christmas with our kids and grand-kids later that day anyway.

Unfortunately that Christmas the entire next shift  of 2 called in sick (they weren’t) and I refused to work a double on Christmas. Somehow I was in more trouble than those fibbing illness. Turns out it disturbed my manager’s holiday. It was nice having that conversation with my boss the following day. Reminding him that I did my job duties and it wasn’t my job to make it easier for him to manage his people and the business. The joys of financial independence in all its full glory. 

Income taxes were a handful – 

To fund my early retirement in my pre age 59 ½ days I was living off of Sepp 72t IRA distributions. Something that I couldn’t turn off without IRS hassles. I then banked all work earnings, taking advantage of 401K opportunities when offered, use of IRAs, CDs, and a savings account. I had 10% federal taxes withheld from the 72t payments and I claimed Zero at the single higher rate on my work W4. With all of that I would still owe a big chunk at tax filing each year. 

The longer on the scaled-down retirement job, unwanted legacy work obligations creep in – 

The longer I worked a retirement gig, its own legacy work obligations that I had gladly moved beyond from began to show up again. There will always be some undesirable work that people will drag their feet doing. If you have proven success with it then management will pile it on you to make their life easier. It’s the nature of most jobs where excrement rolls down hill. It’s one of the reasons that added to my decision to end what I call my encore career. I wanted to learn and experience my interests, not carry operational BS because new or full time people didn’t want to do it and management just wanted it done without disturbing their own bliss. 

Management trying to add unwanted scope –

When I was hired for my scaled-down retirement jobs it was well detailed what I used to do. They even mentioned the “overqualified” issue. I selected opportunities based on what I wanted to experience. I made it clear what I was there to do because I wanted to do it. My retirement jobs were perfectly scoped based on my being rationally unreasonable about that. But they can’t help themselves but to try and change the scope or rules. Sadly that doesn’t work for them once you are happy to call the relationship over if pressured to accept it. I did have a 4 month stretch until my contract ended where a new manager was unable to accept this dynamic and created a slightly hostile environment. 

Turning down extra shifts, overtime, etc., on occasion caused some conflict with management – 

Most of the time there was a ready supply of work go-getters willing to snap up any opportunity to make more cash. But when there wasn’t, my response of “no thanks” to their requests was less than acceptable. I hate to admit it, but they paid the price for my pre-retirement decades of work abuse and my unrelenting desire for a balanced working-in-retirement lifestyle. My refusals were always done with a smile and soft tone.

My Retirement Gigs Didn’t Last Forever, Nor Meant To

The list of my paid retirement work isn’t vast. I retired early at the age of 51 from a traditional and ravaged Bell System company as a lead engineer. 

I took some months off and my desire to learn wireless technology guided me to a Wireless (Cellular) company Network Operations Technician position. 

My interests in cable technology and past experience led me to an opportunity to become a Video on Demand Systems Analyst. It’s what became what I consider my encore career. Even though it was going very well and paid more in salary than my first long engineering career I got all I wanted out of the experience and then retired again.

Months later I accepted a short Cable Telecom Systems Analyst contract. The recruitment came from some people I enjoyed working with before. It started as the best contract experience of my life. Once that project ended after 2 short months I was extended 4 more months for another project. It was a lesser experience but tolerable due to my set retirement job boundaries. 

Then one summer I worked as a Craft Beer bartender to help out in a small local coffee shop/Pub that I frequent. I worked during busy weekends and events. That was by far the most fun I have ever had while getting paid.

There were also some super short contracts that were more like paid tasks than anything else through the 11 years of my early retirement. 

Going forward?

I have no idea what I may try to do next or when I will do it. I’ve become extremely picky about work now that I have met my jobs bucket list goals. Maybe never, it doesn’t matter. But I do know I will frame any opportunity I do accept to be aligned exactly with what I want to do under the retirement freedom rules I created. 

I don’t consider what I do as semi-retirement. I believe that retirement is the absence of NEEDING to work, not the absence of working. What I consider “scaled-down retirement jobs” goes beyond having lesser responsibilities or salary. What it means to me is having a different mindset about it. Working on my terms, doing what I agreed and accepted that I would do, for as long as I want to without financial fear of losing the job or being forced into unrewarding situations.

I’ve had some fantastic and rewarding scaled-down retirement jobs over the years. They’re awesome because I set my own rules and I can leave before it can become a bad experience.

Because of this freedom to live this way, I’ve been simply retired since the first day I walked away from my long demanding career and during every one of my paid retirement opportunities since. 

Tips For Achieving Job Success

Career, Income Streams, Working In Retirement,

This post was contributed to Leisure Freak by the site Value of Stocks. The first step in reaching financial independence is earning income which requires having a level of job success. Here are some tips for effectively choosing how best to do that.

It is fairly easy to get lost in this life. Not knowing which path to take to reach your goals is fairly common. We all want to achieve some kind of success, probably in different areas. Wealth perhaps, or financial freedom. There are multiple ways to achieve your dreams and your goals. Not all of them are the same, but they require a solid foundation that is similar and independent from the path you choose to take. 

Tips For Achieving Job Success

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Think Of Job Success As More Than Money

Find Your Calling

This is perhaps the most important step to achieve success. I am not talking here about financial success but a successful craft in which you can specialize. Finding what you love to do is perhaps one of the most important steps to become happy and successful. No matter how much financial success you achieve, it isn’t worth doing something just for the money and the final outcome. You should focus on doing what you love, and doing it everyday. This is one of the keys to achieve your ultimate goals. Finding your calling is as important as finding the path to financial freedom. It is perhaps the most important step you should take. 

Although the numbers are debatable, it is estimated that 85% of all the people are not happy with their jobs. It is just foolish and masochist to spend your whole day doing something you don’t like, in order to get promoted and still do something you don’t enjoy. Just for the possibility of reaching a certain financial goal. It is rather important that you spend most of your time doing what brings you joy. This may certainly not be the most profitable job you have in the first place. But your love for that activity will ensure that you can constantly get better.

Working for Someone or Be Your Own Boss

It takes a special trait of character to go into business. Entrepreneurs are people that are willing to take a risk, working multiple hours for something that might ultimately fail. This should not discourage you at all. Most of the time entrepreneurs fail, but the lessons you can learn from failing are far greater than the ones, success might teach you. It also has to do with personality, some people like to have a fixed job, and are perfectly happy working for a company for a long time. I am not forcing you into any direction here, it should be a personal decision, and you must take that decision early on in life. Mainly because failing as a young entrepreneur is something uncomfortable but rather easy to overcome. When you reach a certain period in your life, where you have multiple responsibilities. Your family might even be dependent on you, there is very little room for failure. The sooner you start your entrepreneurial endeavour the better.

Start a Company

If you are starting a company there are three main ways to succeed. I will try to explain all of them so you get a better perspective.

1- Better Product/Service

One of the ways to succeed is to start a company which has a superior product or service. This is extremely difficult, because most of the time there are many other competitors trying to reach the same objective. Although it is not impossible it is still a far fetched idea, that might help you achieve this goal.

This is not by far the only way of achieving your goals. There are a number of ways to succeed without being an incredible innovator. Just look at Facebook as an example, at the time, there were numerous other social media platforms that were already up and running. This should also reinforce that no matter how good your idea for the product or service is, you have to execute it perfectly. Business success is much more about execution than the idea itself. Many people might have the same idea, but the execution is the key differentiating factor. This leads us to number two.

2- Better Way of Doing Things

This is the key for most of the business success. It is not about the idea itself it is all about execution. You will also find that some business opportunities lie in identifying a way some things can be done better. Let’s look at Walmart, there were retailers before them. What made them stand out, was their execution. There wasn’t any revolutionary product or service, just a much more efficient way of doing things. 

3- Cheaper Way of Doing Things

This leads us to number three. Executing with the lowest cost. This is another way that sets apart companies, solely based on their profitability. It is inherently tied to the execution part of the business and more specifically regarding efficiency. If for some reason you think there is a better, or more efficient way of conducting a certain business. And that translates into cheaper cost. You can pass that towards your consumers and it should allow you to grow over time.

Conclusion

I hope you were able to learn something from this. I would go even further and I expect you to find what you love doing, and spend the rest of your life doing it. Just like I love to write about finance, and try to help people think outside the box. Life is short and I wish you all the success and happiness you can achieve. Remember life is not about the material things, it is about doing what you love and meaningfully impacting the ones you like the most, family and friends. You won’t be in your deathbed missing all those hours spent doing something you hate, for that hefty paycheck or the large amounts of money you made. Focus on what is important and good luck.

This article was contributed to Leasure Freak by the site Value of Stocks. 

Author bio: Value of Stocks is an independent financial information provider. Focused on analyzing stocks with a value investing approach. Our main goal is to help investors make better investment decisions.

Passive Income Ideas for Retirees

Funding Retirement, Income Streams

Passive income is always a great way to supplement your main source of income and earn more money each month, and many people use it to retire early. That said, you don’t have to stop generating passive income after retiring. In fact, most retirees have even more time to spend managing alternative forms of income than they did while they were working.

This article will cover some of the best ways for retirees to earn substantial passive income and continue to make money throughout retirement. Once you take the time to set them up, these ideas offer a surprising amount of income and require very little ongoing work.

Passive Income Ideas for Retirees

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Renting Out Space

Renting out space is one of the simplest strategies for adding passive income, and many retirees have extra rooms in their homes. Depending on your location and the size of the space, you could earn hundreds of dollars per month by renting out a single room.

Websites like Airbnb are the most common way to rent out space as a secondary source of income, and they facilitate important aspects of the transaction like payment and vetting tenants. Even small rooms can be worth a lot of money if you live close to a major city.

Renting Out Storage

While most people think of short-term tenants when they think about renting out space, you can also earn money by renting out extra space for storage. Storage space typically doesn’t demand as much money, but there are a few reasons to consider this approach.

The most obvious benefit of renting out space for storage is that you don’t have to host visitors in your home. While the vast majority of guests are respectful, living with a stranger will likely impact your comfort at home. Some people are willing to give up some of the money they could have earned in order to maintain their lifestyle.

There are a growing number of services designed to connect renters with storage space, although demand and availability still vary widely from one location to another. Look into the options in your area if you’re interested in renting out extra space for storage.

Peer-to-Peer Lending

Most loans are provided by a bank that offers money upfront, but you can now earn money as a lender by contributing to a peer-to-peer lending fund. These solutions offer lower interest rates to borrowers relative to those available with most banks and credit unions, and they give lenders the opportunity to earn more in interest than they could with a savings account or certificate of deposit.

Lending obviously comes with certain risks that aren’t involved in other methods of saving and investing, but peer-to-peer lending services mitigate risk in a number of important ways. Like conventional lenders, they perform credit and background checks to ensure each applicant is a qualified borrower.

Depending on the service you use, you may be able to make offers on individual loans or contribute to a fund that’s used to cover a wider range of loans. As with any other investment, diversifying loans helps mitigate risk and prevent a single bad borrower from ruining your investment.

Similarly, you can target higher returns by bidding on loans with a higher level of perceived risk. More risky borrowers are more likely to default, but you’ll be compensated for that risk with a better interest rate. The right balance for you depends on your risk tolerance and whether you could afford to lose the money.

Peer-to-peer lending services often work with people who couldn’t qualify for traditional loans, so this form of passive income also provides an opportunity to help people in difficult financial situations. Of course, it’s up to you to determine which applicants you can trust to pay back the loan.

Investing in Real Estate

Investing in real estate is a common financial goal for people of all ages, but retirees are in the unique position to dedicate their time and resources to this kind of passive income. Real estate can be a time-consuming field, so it isn’t always easy to manage if you’re also working a full-time job.

If you’re new to real estate, consider starting with a rental property to start earning consistent income after making your initial investment. Keep in mind that you’ll need to budget for operating costs and other expenses, especially if you’re planning to manage multiple properties.

In addition to the money you earn in rent, real estate offers the potential to increase in value over time. Of course, these changes are dependent on the housing market in your area, so it’s important to understand market trends before investing.

It will likely take years to break even on your rental, but property is a worthwhile investment that will continue to hold value throughout the rest of your life and beyond. Properties are also relatively liquid, so you should be able to find a buyer if you ever change your mind.

Flipping Properties

While most new investors focus on rental properties, you can also make money by buying old or rundown properties, fixing them up, and selling them at a higher cost. Flipping homes involves a wide range of skills and knowledge, so it’s not right for everyone. That said, you could potentially earn a substantial amount of money if you’re able to identify good values.

If you’re new to flipping properties, consider working with someone who has firsthand experience on similar projects. They’ll probably be willing to work with you if you offer funding along with a cut of the profits, and their expertise will help you manage renovations while minimizing unnecessary costs.

People of all ages can pursue lucrative passive income projects, but retirees often have even more time to invest in a new source of income. These are just a few of the most effective ways to generate a reliable income without going returning to your career or taking a part-time job.

 

This informative post was contributed to Leisure Freak by Logan Allec at Money Done Right.

Logan is a CPA, personal finance expert, and founder of the finance blog Money Done Right, which he launched in July 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money.

Asked To Delay Retirement, Should You Accept An Offer To Stay? 

Non-financial Aspects of retirement, Retire Often, Working In Retirement,

It doesn’t happen to everyone, giving notice and being asked to delay retirement by your boss. What was once something limited to only those performing critical functions can now happen to anyone in today’s low unemployment environment. Then comes a big decision, should you accept an offer to stay longer? It isn’t always an easy question to answer. There’s a whole lot of financial and mental efforts to get to this celebrated moment of life called retirement. Only to find yourself on the spot questioning the right move to make. Here’s what I experienced and some of the things to consider before giving your answer.

Asked To Delay Retirement, Should You Accept An Offer To Stay? 

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Asked to Delay Retirement? What To Consider Before Accepting An Offer To Stay

My employer request to delay retirement moment came after my second early retirement.

I had always intended to retire early and often. Focusing on opportunities during retirement of interest using the skills I love using while shedding the skills and tasks I don’t. I was in early retirement number two for several months when the client mega-corp of my encore career specifically recruited me for a sweet 2 month project. It was the best working experience of my life. As my project was ending at the end of the year the manager asked that I delay returning to retirement. I was asked if I would accept a contract extension for some more project work. 

I was ready to return to retirement life. 

It was a great experience and I had a great time. The bonus was banking some good money to go towards other early retirement interests. The two months flew by painlessly and I had some things I was looking forward to doing in retirement freedom-mode again. But I enjoyed the short gig so much and I was treated well so I decided to accept a contract extension with conditions. I would stay for only a few months, only technical project work with a deliverable aligned with my departure date, no operational babysitting, and absolutely no project management responsibilities herding their cats. The deal was made for 4.5 months. I was happy to live with delaying my return to retirement under the negotiated terms and conditions until spring time.

Then it all went to hell with shifts in corporate management and funding. 

I returned to my desk January 2 to find all management in meetings and no project assignment. After a week of busywork I was notified that the manager I signed with was no longer calling the shots. The new manager called a staff meeting and spelled out her expectations, of which some critically crossed my set boundaries. I met with her and explained the agreement to my accepting the contract extension. She didn’t like it so I agreed to terminate immediately and return to retirement. She then said sit tight for a couple of days. Lets just say my conditions held but it was a hostile working relationship and an unpleasant working experience. I finished my project early and was happily back in retirement four months later, two weeks before the planned contract end. 

Things To Consider When The Boss Asks That You Delay Retirement And Stick Around 

Think hard and honestly about what percent of a decision to stay is about the money.

If the biggest reason to stay is money, then maybe you aren’t really ready to retire. Retirement means leaving paychecks behind. We should have figured out how we are going to pay for our retirement lifestyle before we retire. Extra money to spice up a retirement goal is one thing, but needing it to meet retirement financial needs is another. If that’s the case then there really isn’t a choice but to accept the offer to stay until financial confidence is reached, both literally and mentally. Otherwise, turning down the offer and leaving money on the table could result in retirement regret during times of financial worry. But you should still weigh in on the terms, even though you’re probably going to be more agreeable under this condition of financial need.

Delaying not only retirement but also delaying the ability to pursue passions and interests.

We set goals for our retirement. Is accepting an offer to stay worth trading your time for money when your heart is set on doing other things? Retirement is a major life milestone. Putting it off to stay in the grind needs careful thought. Leverage your freedom to your benefit. While some offers to stay can be mutually beneficial to both business and employee, always consider that the terms they are offering are more to their benefit than yours. Your retirement time has great value.

Determine what it would take to make the experience better than just the same job you are retiring from. If you really loved it so much you probably wouldn’t be retiring in the first place. Set work requirement boundaries. Would flexibility in schedule, required tasks, or number of hours worked make it mutually rewarding? If so, then negotiate for it. Then set the length of time you are agreeing to stay. If things work really well then extending longer can possibly be renegotiated. This way you can easily calm any retirement voice in your head that may come by knowing your exit date.

Know your place, you are not in the same position or the superhero you were.

Think of yourself as a consultant to help the staff going forward with a possible exit at any time. In most cases we delay retirement only temporarily. The cat is out of the bag and any decent management team is working to sidestep our sticking around because we are a known flight risk. Don’t start to believe this is more than what it is. Check your ego and keep your eye on the prize of your delayed hard earned retirement. 

You should have a say about the working terms.

Consider that retirement delay is worth more than your standard salary and negotiate with that mindset. Just because money isn’t the primary motivation to delay retirement doesn’t mean we have to be a sucker. If money is non-negotiable then use that as a bargaining chip to get better working terms to make a deal you really want to make.  

Be mentally prepared for workplace blowback.

I know very well how this works. When it’s obvious you received premium working conditions and/or more salary to delay retirement, then others will have certain feelings about it. There can be issues that need worked through. Just be honest. You’re delaying your retirement to help out with XYZ and will eventually leave. I found being honest about why I had what I had, my negotiated exit date, and being the most pleasant person in the office to work with softened resistance. Why wouldn’t we be the happiest person in the office? We set the perfect work conditions to stay. 

Be prepared to end the arrangement at any time.

You have to be ready to accept that things won’t work out. You may find yourself leaving sooner than expected for any reason within and beyond your control. That is unless there are specific contractual issues about ending the working arrangement early. Normally as a delayed retiree, cutting the arrangement short shouldn’t be an issue. After all, if you’re retirement ready, money isn’t the primary reason for sticking it out longer. 

In my delayed retirement experience, my saying “since the terms of my extension are no longer acceptable to management, I will be happy to end our arrangement right now” was met with disbelief. The manager was dumbfounded that I would walk away from a high paying gig like that over their insistence that I herd cats. In hindsight, I should have just left because they’re having to keep that contract extension condition was obviously a sore spot with the new management. It heavily tarnished what was a great working experience to that point for both of us. 

Turning down an offer to stay.

It’s best not to burn any bridges. You never know what will happen in the future where paths will cross. There’s always a possibility for new opportunities that align with your interests and passions coming your way. Whether your initial reaction to an offer to stay is to immediately say no thanks or you come to that decision after negotiations, be gracious when you decline an offer to stay. 

“I appreciate the offer, however at this time, I have made the decision to retire as initially planned. While I’ve enjoyed my career, the role I’ve played in the many accomplishments, and the opportunities that working here provided, I have already set my focus on the next chapter of my life. Thank you for the proposed offer.”

 

A decision to delay retirement and accept an offer to stay on the job can either be an easy NO or something requiring careful consideration. The thing to remember is that once you’ve properly announced your retirement intentions to your manager, you’re now in the driver’s seat. Where all lanes point to a life on your terms.

My Bill Murray Approach To Working In Retirement

optimism, ,

I decided a couple of years into my early retirement that Bill Murray has it figured out when it comes to working once you’ve made it. So I adopted a Bill Murray approach to working in retirement. I’m now headed towards 10 years of this early retirement adventure and it has served me well. As my email and telephone are getting more hits with opportunity pitches lately, it reminds me that I’m living the dream. Even though I am enthusiastically open to retirement work (retire early and often), I’ve earned the right to dictate the how, what, where, and with whom, if at all.

My Bill Murray Approach To Working In Retirement

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The Elements Of My Bill Murray Approach To Working In Retirement

Bill Murray is famously hard to reach. He bucks the entertainment system’s rules by refusing to have an agent. Instead he just has a toll free 1-800 number that goes directly to voicemail. Those who can get his number and call have 2 minutes to make their pitch. If he’s interested he will reply with a PO Box address to mail a script or other details to. Then you have to wait to hear back from him. There’s no schmoozing, stroking, or endless auditioning. No obligations, expectations, or pressures to jump into anything with anyone. He isn’t motivated by money and you never know if he’s in or out. That is until he lets you know one way or another. Nobody knows for sure whether he is retired or will ever retire which is also part of my working in retirement approach.

I’m kind of hard to find and reach

I haven’t had my resume posted online since late 2011, now over 7 years ago. I took it down when I decided that a Bill Murray approach to working in retirement was the way to go. Yet I still get opportunity pitches.

I stopped pursuing opportunities by way of an active online resume after I had gone through my opportunity bucket list of things that I wanted to learn and do. It’s now far more passive where I let recruiters find me through their contact referrals from past connections and my LinkedIn profile. I don’t famously have a 1-800# like Bill Murray. I’ve just kept the same landline phone number with an answering machine (so 1980s but great for screening calls) and the same email address for over 20 years. That means my old profile and resume contact info along with what ex-colleagues have is still valid. I actually scored my encore career by way of an unsolicited LinkedIn contact.

I still get a lot of pitches. Aside from my LinkedIn profile, they’re most likely from my resume having been picked up and stored in various employment databases during its short online visibility. That and from any of my conversations with recruiters long ago. Others are direct referrals and recommendations from ex-colleagues who pass on my name and contact info. I feel that by the time I’m contacted, I’ve been seen as a likely match for what the recruiter has to fill. It doesn’t bother me that some most likely have gone through all the easy low hanging fruit of active job searchers. If so, they’re now more likely willing to negotiate terms, not dictate them.

Good story and pitch – Clearing my first level working in retirement screening

They make their limited pitch and if they get my attention I may contact them. There has to be none of the triggers that turn me off and must have something there that makes me want to find out more about the opportunity. Otherwise it is ignored, unless it’s from someone I liked working with before. Then I will reply with a “no thank you at this time”.   

Peaked interest reply – Clearing my second level working in retirement screening

Many times there isn’t enough information shared in the pitch that’s aligned with what I consider interesting enough to engage. But if there is, I reply. I will ask for key missing details like what company, the location, the opportunity’s work scope, etc. Oh yes, the scope, exactly what it is they are looking for. I admit that I have boundary issues. They challenge today’s corporate world and limit what opportunities I will entertain.

They have to pass my what you see is what you get test – Clearing my third level working in retirement screening

Getting to this point means a lot had to be right to engage and accept interviewing. When I interview I offer no pretense or fluffery. Nor do I feel like I have to defend my employment gaps when asked. I refuse to let those gaps be represented as anything negative. Even though I am only at this interview stage because I am truly interested, I just deliver brutal honesty about what I know, did, and do. In my case I leave out any skills that I wish not to do anymore. I will also honestly tell them why I’m interested in the opportunity. All cards on the table. I don’t want to go into something where there is any misunderstanding nor put myself in a position I will regret.

If they balk or flinch then they failed the test. I enter into this phase knowing that even if everything goes well at this step, it doesn’t mean I will get an offer, nor that I will accept one. I’ve found it interesting that this step is often where I discover folks were misleading in regards to the scope breadth and therefore misrepresenting the opportunity, wasting both of our times.

Would I agree to do this if money was deemphasized? Clearing my fourth level working in retirement screening

Funny thing about financial independence and early retirement (FIRE), our relationship with money changes. What the opportunity pays does play a role, but it’s not an important part of the consideration to accept an offer. I ask myself if money was removed from the equation, would I do it for the fun, adventure, education, interesting project, or desired experience? There will need to be a yes somewhere in the answer. I can fake-it for money anywhere at anytime but don’t need to.

Trading my time for money isn’t a valid reason to accept a wrong opportunity that’s misaligned with what I want in life now. Our time is finite and I wish to not waste it. If I clear this final working in retirement screening step then I feel going in that it is as perfect of a fit as there can be. There should be no reason for regrets or misunderstandings with the employer/client or myself.

Missed opportunities? Sure, but so what…

My Bill Murray approach means I don’t get as many opportunities floated by me. But it also means I’m not wasting my time looking at every fart in the recruitment frying pan. A place where openings are shotgunned out to active online resumes whether they’re a decent fit or not. I prefer to let them find me in a limited fashion. Even then, very few pass the first 2 parts of my working in retirement screening.

I do believe there have been missed opportunities that would have been good fits. Even Bill Murray missed out on some awesome movie roles. That’s just the price of taking a picky approach to paid work and the projects, people, locations, companies, etc. to associate with. For myself, I see it as part of taking control of my time and life while at the same time limiting the amount of BS in it.  

Alright, what I do isn’t exactly what or how Bill Murray does it.

I’m no Bill Murray, not even close in talent, wealth, whit, or anything else. But his approach towards work inspired me to create my own limited contact and availability approach to working in retirement.

I did post my resume on job search portals after some months of celebrating my first early retirement. Sometimes I even proactively applied for online posted positions. I targeted opportunities that I had an interest and passion to pursue. It was 2010 and the employment situation was far different than it is today. Even as bad as the employment conditions were back then it worked for me. Those efforts continue to send working opportunities my way today, but….

Much of this is due to what I did in my previous life, Tech. It’s a certain kind of world. I’m sure there is a reason for how this works out as it does. There’s probably other career paths that work the same way.

My Bill Murray inspired approach does not just rely on recruiters finding me. If I was seriously interested in pursuing a new working adventure or project that I found out about, I would proactively reach out with my own efforts.

 

FIRE allows us to have a different mindset when it comes to paid work

After decades of our being conditioned to accept obligated labor to survive and be a productive member of society, FIRE allows us to flip the story. We get to exit that storyline and have the freedom to either participate in opportunities of choice or sit it out until the perfect storyline is presented. When we are in the story, we can be totally in the moment. We can then be a rewarded asset while at the same time enjoying what we are doing. If an accepted storyline takes an unfavorable turn then we can quickly exit on our terms. For me it starts with controlling how I make myself available to an employment world that believes it has all the power. FIRE allows me the freedom to happily challenge that belief.

Writing In Retirement: How To Prepare For Success

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Writing In Retirement: How To Prepare For Success

Image credit: Pexels

Retiring early and living a passion-driven lifestyle is everyone’s dream, isn’t it?

And the wonderful thing is, it’s not an unachievable goal either. It’s possible to gear yourself up for early retirement by thinking creatively, living frugally, and coming up with a solid pension plan.

 

There are also some solid options available for making money post-retirement too — such as writing. If you’re relatively creative and enjoy writing — whatever the subject — then you may have just found a fun way to keep yourself occupied at home while generating a bit of income.

 

In this post, we’ll be covering writing in retirement, and how you can prepare to ensure some level of success. Read on to find out more.

Start with a blog

Starting your own blog is one of the easiest ways you can experiment with your writing style and your topics. If you really enjoy writing, you might want to go onto something else after.

 

Creating a blog might sound complicated, but it doesn’t have to be at all. These days, there are all sorts of “drag and drop” website builders that will let you create a blog easily without the need for any in-depth knowledge of website-building or coding. Plus, there’s plenty of help available online in the form of guides and public forums.

 

So what are you going to base your blog on? The topic is up to you, but it’s normally a good idea to stick to something that you know plenty about. This could be food, traveling, the industry you spent your career working in, or maybe a hobby that you’ve dedicated lots of time to.

 

Once you’ve decided on your blog’s topic, you need to think about your written content. It’s not enough to write well; your blog posts need to be interesting and valuable to your audience. You need to reel in readers with catchy post titles and then keep them engaged with relevant, entertaining content.

 

You’ll also need to write frequently; this will draw more readers to your blog and create a larger audience. Luckily you’re retired, so at least you’ve got a bit of time to spend on this!

Write articles for local newspapers

If you’re the kind of person who enjoys collaborating with a team, working to deadlines and meeting new people, why don’t you start writing articles for local newspapers?

 

You may have to pitch some of your own ideas and writing skills to the editor to prove that you’ve got something to offer, but it’s a good way to get involved in something you’re passionate about.

 

You may find that you have to write for free (at least initially) but conversely, you may get paid per article you write, depending on the publication.

 

Writing for a local newspaper (either digital or printed) also gives you exposure to a wider audience and might even generate some new job opportunities for you. Plus, it’s a nice way to get out of the house and meet new people for the pieces you’re writing.

Self-publish a book on Amazon

You’re retired — now is the time to pen that novel that you’ve always wanted to write!

 

You might find writing a book intimidating initially, but it’s not the biggest leap to make if you’ve been keeping a blog or writing for a local newspaper.

 

Writing your own book and self-publishing is a good way to generate some retirement funds that keep on appearing long after you’ve written the book as people continue to buy it. But how do you publish your book once you’ve written it?

 

Enter Amazon self-publishing.

 

With the creation of Amazon Kindle publishing (KDP), publishing your novel no longer means having to send off hundreds of letters to publishing houses and receiving the same amount of rejection letters back. Self-publishing on Amazon is now easier than ever (though still a bit scary of course!) and far-reaching too — by using Amazon KDP, your work could reach a global audience.  

 

Whether it’s a fictional novel, short story, educational resource or how-to guide, writing a book is similar to writing a blog. Find a topic that you’re interested in and can write confidently on.

 

The audience you’ve gathered and the reputation you’ve built upon your blog will also stand you in good stead when you’re promoting and publishing your book. Your readership will help to support and promote your new venture, as well as purchase your novel based on your previous writing. It’s always good to have a team behind you.

Create a course

You’ve probably gathered a wealth of knowledge and experience in your specialist subject over the years. It seems like a shame to just shove all of that information into a mental compartment and lock it shut once you’ve retired.

 

If you fancy passing on your wisdom and learning to the next generation, then you should consider writing your own online course.

 

The course you create depends, of course, on where your knowledge lies. You could write a course on how to be successful in the industry you worked your way up. Or you could create a series of tutorials for more practical application, like DIY fixes. Maybe you’re a history buff — do a fun mini history course based on different periods. Get creative, and get personal — base the course on your unique skills and knowledge.

 

Once you have picked your topic, you can use an online course platform to build and launch your course. From there, you can promote the course, start charging students and making a nice little post-retirement bonus.

 

These are just some of the things you could do to write successfully in your retirement.

 

Writing in retirement can be a great way to give yourself purpose and add value to your post-work life. It also gives you the chance to share your knowledge and passion with others, express yourself, and make some money.

 

Follow these tips to start your journey to writing in retirement today.

This informative post was contributed to Leisure Freak by author Kayleigh Alexandra.

Kayleigh Alexandra is a content writer for Micro Startups — a site dedicated to giving through growth hacking. Visit the blog for your latest dose of startup, entrepreneur, and charity insights from top experts around the globe. Follow us on Twitter- getmicrostarted.

 

The Retirement Crisis I’m Not Worrying About

Retire Early, Retire Often, Retirement Business, Working In Retirement,

It’s a wonderful time for early retirees like myself. Those of us who believe that retirement isn’t the absence of working but the absence of needing to work should see even more attractive opportunities. Even though there is plenty of talk about a retirement crisis of financially unprepared retirees, the boomers are still retiring at a pace of 10,000 a day. That’s 10,000 every day! On top of that, the latest national unemployment rate just came in at 3.9% and there is a growing business gripe that they are having trouble finding qualified employees.

With the high number of boomer retirements, one can only logically see a different retirement crisis brewing. One where boomer retirements is going to be an increasing negative impact on employment numbers. That is certainly one retirement crisis I’m not worrying too much about. In fact, it may eventually make it even easier for people who are prepared financially to retire early and often.

 

The Retirement Crisis I'm Not Worrying About

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Seeing This Employment Retirement Crisis As An Advantage

I’ve had some great retirement gigs and even a sweet encore career. I took things as far as I wanted and then retired again. I haven’t been tempted to accept another opportunity for the simple reason that I now value time more than money. Most opportunities like I would be attracted to still insists on cheeks-in-seats 40 hours a week. But things will have to change to meet the hiring demands of business. Here’s what I think may be coming –

More Flexibility –

Some companies are already offering remote-report opportunities. But I think this will expand. Right now everything I have seen or been approached with still want a full-time commitment. That just isn’t aligned with what I value now. What would really draw me back is part-time or flex-time opportunities.

Consulting Expansion –

My encore career was working through a consulting company. I’m looking forward to seeing more short-term opportunities. Single project types where even though it requires 40 hours a week it would only be for a short period of time. Even part-time consulting opportunities may become more common.

Entrepreneurial Opportunities –

Starting my own specialized business to fill other companies needs may be easier to land steady client work. This is something I would be attracted to since I could better define my work offering.

Downsized Opportunities –

As others get promoted to fill more senior level positions because of retirements, there may be many lower level openings perfect for early retirees. Especially if offered with flexibility, open to consultants, or to entrepreneurs.

 

At some point business will realize that offering slight salary increases and tossing some benefits here and there won’t be enough to meet their needs. Although I haven’t personally seen evidence that business is ready to open up their employment alternatives to be more friendly to picky early retired folks like me, I believe it’s only a matter of time. The old employment model of their way or the highway isn’t going to fill job openings in the near future with ever dwindling available workers. And if my logical assumptions of transformed work opportunities never comes to pass, then great. I will happily stay retired and smirk when I hear or read about business complaints of not being able to find qualified employees.

How To Improve Your Financial Situation Today For A Better Future

Financial Independence, Frugal Living, Managing Debt, Retire Early, Retirement Plan, Saving Money, , , ,

Money is something that not everyone is comfortable talking about. Either you’re doing well and you don’t overly want to go into your situation or seem like your boasting, or you’re not doing so well and you don’t want to have to think about it. Despite which option applies most to you, you may find that you just don’t want to have to think too much about money. But if you want to be able to let your finances really flourish, you just have to. You have to be okay with thinking about money, coming up with ideas, and planning what you’re going to do for a better financial future. There’s no way around it. Because if you are going to enjoy a healthy financial future, you have to start putting the wheels in motion today. And this is something that not everybody realizes.

So, you want to enjoy your retirement or have a more comfortable standard of living in ten years time? Well, that all starts today. Today is the day that you really need to be okay with making changes to your current circumstances, habits, and actions. When you can work on making improvements now, you will find that you really turn things around. Even if you’re not struggling and you have your sights set on being in an incredible situation. If you want that to happen, you need to get real about it all today. If you’re not sure where to start, let’s take a look at some steps that can help you to do it.

How To Improve Your Financial Situation Today For A Better FutureImage source

 

1- Be Real About Your Financial Situation

 

When you’re looking to make any kind of change in life, the first thing you need to do is access where you are. So think about your current situation. Whether it’s negative or positive, you need to understand what position you’re in now, so that you can work out what it will take for the better future you want. From living frugally to investing in yourself more, there are so many solutions to consider. But first, you have to really get to grips with where you are.

 

2-Deal With Debts

 

One thing you absolutely have to address is any debts that you have. If you are debt-free, then move on to point three. But if you do have debts, no matter how big or small they may be, you’ll want to work on paying them off as soon as possible. So speak to your providers and see if you can work out a repayment plan that is going to be as favorable to you as possible – no matter how long it takes.

 

3- Ensure You Have The Funding Available For Now

 

From here, you will want to make sure that you have all the funds you need to live today. This means that you will need to know that you can pay your bills and afford food for the time being. If you are in a short-term financial bind you can consider borrowing money. This is easily done if your credit is decent. But, you can get a small loan for bad credit too.  Just something to consider as help to cover a short-term gap. By working out a rough budget that you can stick to for now, you should be able to cut back on things that aren’t necessary, so that you are always living within your means going forward.

Improve Your Financial Situation Today For A Better FutureImage Source

 

4- Increase Your Income

 

Now, you need to work on increasing the money you earn. These ideas to drastically increase your income are always worth considering. Yes, this is going to take work. But if you want to improve your future, it will always be worth it.

 

5- Get A Side Hustle

 

Another option is to get yourself a lucrative side hustle, as seen in that post. Sometimes, you won’t always be able to earn the money that you want from your job. But doing something on the side will allow you to get the extra income you need.

 

6- Save Today To Benefit Tomorrow

 

Now, you may struggle to cut back today, because you think you need all of those things in your life to live comfortably. But if you really want to be able to enjoy your future, you will want to make sure that you’re living frugally today, so that you can enjoy more tomorrow. This may be something you need to do for a few months or a few years, but if you’re serious about your future, this will always pay off.

 

7- Start A Savings Plan

 

To help you do exactly that, you’re going to want to come up with a savings plan. Think about the amount of money you have free to pay towards your goals for the future (more on this in point ten). When you create a plan, you should find it much easier to start putting money away automatically, rather than seeing it as difficult to part with the cash.

 

8- Think About Your Retirement

 

Now, a huge part of your future will be retirement. You’re likely here because you want to retire early. But how early are you talking? Do you know what age you’d like to retire and how you’re going to do that? Maybe it’s time to sit down and really plan out what you need to do with your career to make this happen.

 

9- Watch Your Money More Closely

 

To really help you to make this work, you have to keep an incredibly close eye on your financials at all times. Check in with your accounts daily, assess your spending daily, and make judgments going forward to help you to keep things in line.

 

10- Set Financial Goals

 

Lastly, you should find that it really helps you if you can set yourself some financial goals. Now, they don’t have to be huge, but you should ensure that you have some kind of guide in your mind about what you want to do with your money. This could be to save a set amount of money to go on a vacation or it could be to commit to a certain payment each month to a 401k. As long as you have goals in place, you should find that you can really improve things for the future.

The Part-Time Jobs All Retirees Should Consider

Funding Retirement, Retirement Business, Working In Retirement,

The Life Insurance and Market Research Association reports that 51% of the population retire between the ages of 61 and 65. Experts state that in order to enjoy your retirement, you should have $1.5 million in savings before you leave the workforce. Yet, individuals aged between 55 and 64, typically have just $120,000 squirreled away. Therefore, in order to pursue your early retirement dream, finding an enjoyable part-time job to keep your finances above board is the way to go.

The Part-Time Jobs All Retirees Should Consider

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3 Part-Time Jobs All Retirees Should Consider

Pet sitting

For retirees who love animals, becoming a pet sitter could be the perfect part-time job. The job isn’t too strenuous and you’ll get satisfaction from looking after various furry creatures. According to one survey, 40 million American pet owners opt to holiday at home each year rather than abroad due to inadequate pet care options. With 88% of owners stating their pet is happiest at home, your role as pet sitter will involve you regularly visiting the pet in their own home, providing fresh food and water, exercise where appropriate and of course some love and affection.

Cash in at Christmas

Many retirees don’t want a year-round job as it can hinder their retirement plans. If this sounds like you, then taking on a part-time role over Christmas could be the perfect compromise. Companies of all sizes hire thousands of extra staff over the holiday season, with the likes of UPS taking on 95,000 in the lead up to the big day last year. Other options include writing and sending Christmas cards for individuals who are too busy to take on the task themselves, working in a Santa’s grotto as an elf or even the big man himself. Retail jobs are also plentiful at this time year or you could work on a market stall selling your own festive goods.

Become a driver

If it is more regular work you’re after then becoming a driver could be just the job for you. By opting to buy your own van or minibus, you could help people move home or ferry people around to events. However, when you do set up your own business, it’s essential you take out the appropriate vehicle cover, including insurance. Alternatively, you could become a delivery driver for one of the country’s takeaway restaurants. As Statista reports that 10% of Americans use these delivery services once a week and with Cowen predicting that the delivery market will jump by 79% within the next four years, you’ll find there are plenty of places willing to hire a retiree for the role.

 

With millions of individuals retiring early, many don’t have the financial backing to support them through their retirement years. Therefore, taking on a part-time job is the perfect solution. Thankfully, there are a variety of jobs out there which will suit your new lifestyle, so ensure you consider all options before adopting a new role.

Why Your Greatest Business Competition is Your Grandpa

Retirement Business, Working In Retirement,

Seasoned entrepreneur: an entrepreneur aged 55+. Also known as the self-owned business professionals giving young entrepreneurs and established corporations a run for their money.

Despite common held beliefs to the contrary, retirees and those nearing traditional retirement age can have a significant advantage when beginning their own business. They have a stable base to launch successful ventures that provide satisfaction and a lasting legacy, and their numbers are increasing. Why?

Seasoned entrepreneurs have the knowledge

The fresh-from-university whippersnappers may have fresh ideas and what they need on paper to get started but they don’t have decades of practical experience. Unfortunately, young workers with degrees are sometimes favored for promotions and make mistakes the experienced workers wouldn’t have made. The business suffers and the older employees suffer. For this reason, many nearing retirement age start smarter, more streamlined competing businesses.

Seasoned entrepreneurs aren’t agonizing over the old sole proprietorship vs. LLC debate. They aren’t wondering how to handle their taxes. They’re not looking for mentors and wondering “who they are.”  They know this stuff, and they’re ready to put that knowledge to use.

Plus, the explosion of administrative technologies has given hesitant seasoned entrepreneurs unprecedented opportunities to run successful businesses without fear of day-to-day business tasks. Services like cloud-based organizational apps connecting smart devices, email services to automatically interact with customers, and cloud accounting software simplifies tracking your finances and business health. And the best part? Most of this software is free.

Seasoned entrepreneurs have a network

Seasoned owners have an established sales channel. It’s impossible to walk away from 20+ years in an industry without having accumulated a vast network of connections: suppliers, manufacturers, storefronts, etc. Most of these working relationships are also friendships, and the network wants to see the seasoned entrepreneurs succeed. It sure beats the cold-calling of young entrepreneurs.

Seasoned entrepreneurs have funding

The median retirement income for retirees age 55-64 in the U.S. was $62,802 in 2016, $47,432 for ages 65-74, and $30,635 for ages 75+.

To seasoned entrepreneurs who have eliminated debt and planned wisely for retirement, that income looks like more than white sand beaches–it looks like venture funding. Beginning a business or purchasing a franchise multiplies retirement income, providing more financial freedom and a legacy business to the seasoned entrepreneur’s family.

Seasoned entrepreneurs have time

Young entrepreneurs and workers have young families and college contending with their work time. Many people nearing 55+ are empty-nesters or have teenagers capable of seeing to their own needs. Depending on their choice of entrepreneurship, seasoned entrepreneurs can transition their current employment hours into their own business hours, or less.

Retirees face decades of free time. A part-time business, freelancing or consulting service, or a business run by a manager allow time for hobbies and travelling. Seasoned entrepreneurs don’t have to give up their retirement fantasies to start a business–they incorporate it instead.

Seasoned entrepreneurs have a long runway

Many “young” older workers still have decades more to give to their field or to try something new. Advances in medicine extending quality of life provide optimism and a winning attitude to retirees. Corporations using many technically legal tactics to force “young” older workers to retire can expect to hear more “I quit” speeches and see their underestimated employees launch competing businesses.

Seasoned entrepreneurs aren’t ready for quiet years of bird-watching and want to avoid the dangers of sedentary retirement. This attitude along with the other advantages of experience, time, funding, and helpful technologies are ushering entrepreneurships into a new era: your greatest competition are your wise mentors.

 

This informative article was contributed to Leisure Freak by Jaren Nichols.

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Seasoned entrepreneurs-Why Your Greatest Business Competition is Your GrandpaJaren Nichols is Chief Operating Officer at ZipBooks. Jaren was previously a Product Manager at Google and holds an MBA from Harvard Business School.