If you ask ten different people for their opinion on how to best offset boomer and senior retirement living costs, you will undoubtedly receive ten different answers. Of course, there are many different avenues you can travel to help offset boomer and senior retirement living costs, ranging from practical to, for some retirees, unobtainable. Some of these avenues include:
Some retirees have the savings to pay off their consumer debts before or during retirement. Some find that despite potential risks, an equity surplus allows a reverse mortgage agreement to work in their favor. However, the constantly shifting economic landscape means other retirees are forced to downsize, including selling their homes and relocating with family or friends.
Part Time Jobs in Retirement
We are of the mindset that if you are physically and mentally able, you can effectively help offset retirement living costs by rejoining the job market in a temporary or part time capacity. Part time jobs in retirement are a great way to bolster your retirement income. They are also a wonderful way to be able to generate income doing something you have always been passionate about. For example, if you always enjoyed woodworking or decorating in your spare time, then a part time job in the carpentry or floral industries (or even a retail position helping other people in these regards) might be the perfect way to increase your retirement income, while having fun doing it. Part time jobs in retirement are also great ways to stay socially active, not to mention wonderful for keeping your mental faculties sharp. If you would like to learn more about why part time jobs in retirement might be a great idea for you, please visit our Working in Retirement page.