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Do you really have to work?

At some point you might ask yourself when you are approaching retirement time: “Do I really HAVE to work?”

You might be well off. Have enough money to do the stuff you want to do. So in that case, of course you don’t HAVE to work. In that case, you may WANT to work, or volunteer just to get out of the house. And really, the extra money you might earn might enable you to play more!

If you are just breaking even with your pension budget, you have to make some decisions. Before you do that, consider these tips:

Calculate the amount of money you really need.

Not what you would like to have to do all the things you want, but a reasonable budget for day-to-day living after retirement. Include any government income and see where you can cut down.

If you come short…. well…. then it is time to consider doing some sort of income-producing activity.

Look again at your housing situation.

You might see if you could release some funds by downsizing. Or simply selling, put the money into an income-producing instrument and rent. Yes, rent. Nothing wrong with renting when retired. You will save money. You are really not that interested in equity gain any more (or not much anyway).

You could talk to your employer..

Sometimes you could make a deal to come on a part-time basis, or as a consultant.

NOW – you think about some way to earn money while still in retirement mode.

There are basically two situations: employment and self-employment. This is what this site is about.

 

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