Keep Your Mind Sharp and Your Wallet Fat With a Retirement Income Gig

Steve McDonald By Steve McDonald, Bond Strategist, The Oxford Club

Two-Minute

Transcript:

If you’re planning to work in retirement, today’s Two-Minute Retirement Solution is for you. You need to spend some time getting to know the “gig economy.”

The gig economy includes jobs that don’t come with a formal employment agreement, benefits or a set schedule. In many cases, you work when you want.

All this flexibility works great for retired people who want to stay active, earn a little money to help out with the bills, and who don’t want to be tied down in a traditional nine-to-five job.

But gig economy jobs don’t provide traditional benefits and insurance or guaranteed, salaried income.

That shouldn’t be a problem, though, because most retirees aren’t looking for those things…

Gigs may be the perfect fit for most of us – and the answer to the growing number of boomers who have to work in retirement.

In fact, 25% of those working gig economy jobs today are 55 or older.


Most of these jobs involve working online from home. This means more exposure to technology, but believe me, we aren’t talking about brain surgery.

The required technology can be understood by just about anyone who’s willing to try. God knows we have overcome bigger obstacles in our lives!

There are also opportunities that don’t require any special skills, like dog walking (Rover) and pet sitting (DogVacay).

House sitting, especially in snowbird communities along Florida’s retirement belt, is another big one. You can also get paid to do shopping for other people (InstaCart and TaskRabbit), deliver food (PostMates and OrderUp) or provide helping-hand services (Handy and Thumbtack).

And another field that’s seeing an increasing number of older workers is the online marketplace for crafts and goods on platforms like Etsy and Craftsy.

The e-commerce component is a little more cutting edge, but the goods and services are areas most of us should feel comfortable in.

A lot of boomers out there want to work in retirement. And that means there will be fewer traditional opportunities to go around.

So get going, and find your place in this gig economy.

It’ll take some adjustments, and you’ll face a bit of a learning curve… but heck, with no set schedule and no boss hanging over you, what are you waiting for?

I wish I had heard about this years ago!

If you’ve had success supplementing your retirement income with a gig economy job, I’d like to hear from you. Leave a comment with your story.

Good investing,

Steve