Financial Planning, Retirement Issues


Retire early: a second paycheck comes in handy

second paycheckMany people dream of retiring early and enjoying the good life. The reality is though that there are a number of reasons why people cannot retire early. For example they may not have sufficient savings, they may still have children going to university and college, they may not want to retire and in fact would prefer to continue working to maintain their social life.

The second paycheck comes in really handy and augments the family income. This same income can be used to enhance your savings and prepare for the quality of life that you would like to have during retirement. It also keeps your hand in the business and keep you current with what is going on in your career area. Many people will move from the regular career oriented job, into a new consultant type job for a number of years after they retire.

The question that many people ask themselves is what kind of a job should they consider after they retire. There are several schools of thought about these jobs. For example if you would like to continue in the same career that you’re in, there are many consulting type jobs that may be available within your industry.

Other people would prefer to try something brand-new and only work for several days or maybe 20 to 30 hours a week. This will give them time to pursue some of the other things they like to do that they could not do until they were retired. Either way they have income coming in.

What Second Paycheck or Job do You Want

While some of these jobs may not be as challenging and as interesting as the job they had during their career, it still gives them an opportunity to get out of the house and an opportunity to meet people as well. If you try something outside your career experience it is also a learning activity for you.

Many colleagues of ours have very specific requirements about getting a second job after they retire. Yes you want the money, but also there are some specific issues that they have concerns about.

For example many people want to get away from the office politics. They just want to do the job and leave when the job is finished. They don’t want to become an employee, preferring to work as a consultant with a specific start date to the contract and a specific end date to the contract.

Many other people would prefer to work in retail where they have specific hours that they work everyday and then are finished with no issues or politics to be be concerned about at the job. When they leave the store their finish for the day and don’t think about it again until they come back the next day or whenever the next shift is scheduled.

If you’re looking for a second paycheck we urge you to think about and plan the kinds of jobs that you would like to pursue to make sure that your objectives are being met, whether it’s additional income, a social life, something interesting and challenging to do or something just to fill the time that you now have available.

For more ideas about retirement income, click here.

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