Finding Alternatives to Retirement

What are your plans when it comes to retirement? Some have held on to the lifelong dream of doing whatever they want once they are ready to retire, yet others have other plans. Instead of traditional retirement dreams and goals, many boomers are turning to retirement alternatives, some which will enable them to retire “part-time,” while continuing to work. Whether this is a choice of a workaholic, or a need of someone whose retirement was affected by the Great Recession, there are alternatives available to boomers.

Are there other alternatives to retirement that you can suggest?

1. Working Part-Time: Working part-time is an alternative route that boomers can take in lieu of retirement. If their current workplace allows them too, they may be able to cut their hours in order to get the best of both worlds; the opportunity to have free time and to still work. This option can have many benefits, such as health care benefits (if their job carries the option), the opportunity to socialize and the ability to continue to retain stable income.

2. Freelance Work: Boomers are turning to freelance work to continue to monetize off their skills and knowledge and according to studies, as many as 33% of freelancers are baby boomers. Freelance work allows them to work on their own time and the ability to control how much work they want to carry on. With all the experience gained and perfected throughout their careers, boomers can continue to receive income and have the flexibility of working independently.

3. Starting a New Business: What makes a boomer a great candidate for becoming a successful entrepreneur? Boomers are more likely to have the financial resources, accessibility to contacts and the knowledge to start and run a new business. Instead of simply retiring, boomers are looking into reinventing themselves through a second career. One of the latest trends in tech start-ups are the growing number of boomers who are getting involved.

If you are looking for a non-traditional way to supplement your retirement, reverse mortgages can be a great option for those who are 62 years and older. Because there are no income requirements to doing a reverse mortgage, you are still able to qualify even if you are working. To learn more about reverse mortgages, speak with a Senior Advisor at 1-888-808-8486.

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