Are You Considering Part-Time Work in Retirement? Here Are 8 Key Factors | The Limitless Retirement Podcast

Danny (00:22.61) retired looking for a low stress part-time job that could earn you around $20,000 a year? If so, you’re not alone. Many retirees are seeking fulfilling work that fits their lifestyle. In this video, we’ll explore the best part-time job options for retirees and provide you with practical tips to help you find the perfect fit. Today, I’m excited to share with you the top eight things you should consider when thinking about a part-time job, along with some interesting examples of potential part-time jobs that I’ve discovered. But before we dive in, let me introduce myself. My name is Danny Goodorf, and I’m a financial planner and owner of Goodorf Financial Group, where we help individuals and families over 50 plan for a limitless retirement. All right, let’s jump into the eight key factors to think about when planning and looking for a part-time job in retirement. When considering a part-time job in retirement, it’s crucial to find a balance between mental engagement and stress that comes along with that part-time job. After decades of working in a stressful career, you’ll likely want a job that stimulates your mind without being mentally taxing. you don’t want to bring that work-related stress back home with you in retirement.

Danny (02:25.592) Similarly, you should avoid physically demanding jobs that could take a toll on your body. While it’s beneficial to keep a job that keeps you active and moving, you don’t want to risk injuring yourself, especially if you have plans to travel or engage in other physical activities during retirement. Some examples of mentally engaging jobs include teaching online classes at a local college. or maybe creating an online course or tutoring or even substitute teaching. These roles allow you to share your expertise and interact with students without the added stress of a full-time position. On the other hand, if you prefer a more physical activity,

Danny (03:31.872) On the other hand, if you prefer a more physically active job, consider options that aren’t too strenuous. For instance, working at a nursery or a garden center can provide you with the opportunity to be outdoors and move around without putting excess strain on your body. The key though is to find a job that strikes a balance between mental stimulation and physical activity while avoiding that excess stress.

Danny (04:10.668) The next thing I want to talk to you about is what are your skills and experiences? When searching for a part-time job, you have two primary approaches to consider. One is building upon your existing skill sets and experience or using.

Danny (04:33.862) One is building upon your existing skills. And two is to experience or use the opportunity to gain a new skill. For those who want to leverage their current expertise, options like part-time bookkeeping, seasonal tax work, or consulting in the industry that you’ve been working in can be excellent choices. These roles allow you to continue utilizing the skills you’ve developed throughout your career while providing a sense of familiarity and confidence. Alternatively, though, some retirees view part-time work as a chance to explore new interests and acquire new skills. For example, if you have a passion for wine, you might consider working as a pourer at a tasting room or maybe obtaining a position at a wine store. This approach enables you to immerse yourself in a new field and learn about something you enjoy and potentially turn it into a hobby or even a larger source of income. Another example is for music enthusiasts who’ve always wanted to learn and interest

Danny (05:56.472) who’ve always wanted to learn an instrument. Working as a part-time at a local music store or conservatory can provide a unique opportunity to be surrounded by music, take lessons, and gain exposure to the industry. The beauty of part-time work in retirement is that it allows you to either build upon your existing skills or venture into that new area of interest. Consider what you gain from the experience and let that guide you on your job search. Number three is social interaction. The level of social interaction you desire in a part time job is going to be a personal preference and that can vary greatly among retirees. Some individuals are particularly introverts who have had extensive social interaction throughout their careers. They may prefer a job with minimal social demands. They might enjoy the solitude and the opportunity to work independently in retirement. On the other hand, many retirees miss the camaraderie and the sense of belonging that comes with being part of a team. For them, a part-time job involves social interaction and collaboration that can be incredibly fulfilling. It provides a way to connect with others and build new relationships and combat the potential loneliness that can come to some retirees in retirement. One client I spoke with chose to become a barista, not because of a deep passion for coffee, but because he loved engaging in conversations with customers each morning. The social aspect of the job was the primary draw for him. In contrast, another client opted to become a part-time tax preparer, capitalizing on their math skills and their preference for working independently. They both found satisfaction in their jobs.

Danny (08:31.768) They found satisfaction in the solitary nature of the work and the opportunity to use their strengths. When considering a part-time job, reflect on your social needs and preferences. Do you thrive on interaction and collaboration, or do you prefer a more solitary work environment? Understanding your social requirements can help you identify job opportunities that align with your personal style. and contribute to your overall well-being in retirement. Number four is gonna be the financial support and benefits. For some retirees, the primary motivation for seeking part-time work is the need for financial support. If this is the case, it’s essential to consider that the job you choose provides sufficient income to meet your needs. Take time to assess your financial situation and determine the level of income that you desire for your part-time job in retirement.

Danny (09:47.842) However, financial support isn’t the only consideration. When it comes to part-time work, benefits can also play a significant role, particularly for those who retire early and may not yet be eligible for Medicare. In such cases, finding a job that offers health benefits can be a top priority for many retirees. Beyond healthcare, Other benefits like employee discounts or access to certain perks may be attractive incentives for some retirees.

Danny (10:26.36) For example, one individual I spoke with took a part-time job at a local outdoor gear store because of his love for fishing. The employee discount on fishing gear and the opportunity to stay current on the latest technology and equipment were significant draws for him.

Danny (10:50.092) When evaluating part-time job opportunities, consider both the financial compensation and any additional benefits that may be important to you. Reflect on your personal priorities and how a particular job aligns with your needs and your interests. Even though it may not seem like it, having a part-time income in the first five years of retirement, even if it’s substantially less than your current full-time job, can make a major difference in the success of your retirement and how much you can spend. This additional income can help bridge the gap between your working years and your full retirement, allowing your retirement savings to grow and reduce the need to withdraw large lump sums early on in retirement. To help you take control of your retirement planning, we’ve created the Retire Ready Toolkit. This free resource includes templates and fill-in-the-blank guides to help you chart out your financial future, making it easier to assess your income needs, set your retirement goals, and create a plan that works for you. Whether you’re just starting to explore part-time work, or looking to refine your retirement strategy, the toolkit offers practical tools to guide you every step of the way. You can download your free retire ready toolkit by visiting the link in the description. All right, let’s dive in to number five here. That is gonna be location and commute. The location of your part-time job and the associated commute are important. factors to consider as they can significantly impact your overall job satisfaction and quality of life. While preferences may vary, I strongly recommend seeking employment close to home to minimize the time that you spend on the road and the stress associated with commuting.

Danny (13:13.61) Numerous studies have highlighted the detrimental effects of long commutes. Spending excessive time traveling to and from work can lead to increased stress and decreased productivity and a reduced sense of work-life balance. As you embark on this next chapter in retirement, it’s crucial to prioritize your personal well-being and minimize these unnecessary stressors. While assessing potential job opportunities, consider the proximity to your home and the ease of getting there. Ideally, look for positions that are in with walking distance or even biking distance to easily accessible via public transportation. Note, only does this

Danny (14:10.102) Not only does this reduce the environmental impact, but it also allows you to incorporate physical activity in your daily routine and avoid the frustrations of traffic. Ultimately, the goal to find a part-time job that enhances your retirement lifestyle rather than detract from it by prioritizing a convenient location and manageable commute. You can maximize your job satisfaction and maintain a healthy work-life balance in this new phase of retirement. Topic number six we want to talk about is going to be volunteer opportunities. For retirees who don’t necessarily need the financial benefits of a part-time job, volunteering can be a rewarding alternative. Engaging in volunteer work allows you to give back to your community and connect with others who share your values and find a sense of purpose and fulfillment.

Danny (15:16.45) There are countless volunteer opportunities available catering to a wide range of interests and skills. Whether you have a passion for animals or desire to support your local library or a commitment to helping those in need, there’s likely a volunteer role that aligns with your goals. One example is volunteering at a local animal shelter. If you have a love for animals and a desire to make a difference in their lives, dedicating your time to caring for shelter animals can be increasingly rewarding. From walking dogs to socializing with cats, your preference and compassion.

Danny (16:11.502) From walking dogs to socializing with cats, your presence and compassion can have a profound impact on the wellbeing of these animals. Another option is volunteering at a local hospital or healthcare facility. Hospitals often have volunteer programs that welcome individuals to provide support and companionship to patients, assist with administrative tasks, or even contribute to specialize skills like music therapy or art therapy.

Danny (16:48.844) By giving your time and energy to those in need, you can make a meaningful difference in the lives of others.

Danny (17:03.872) Another example would be if you have a love for books and desire to promote your local library, consider volunteering there.

Danny (17:18.282) Many libraries rely on the support of dedicated volunteers to help with tasks such as shelving books, assisting customers, or even organizing special events or programs. When exploring volunteer opportunities, consider your passions and skills and the impact we hope to make. Reach out to organizations that align with your values and inquire about available volunteer roles. Many organizations have a structured volunteer program and can help match you with a position that suits your interest and your availability in retirement.

Danny (18:08.748) Remember, volunteering not only benefits the organization and those they serve, but also provides a sense of fulfillment and purpose for the volunteer. By giving back to your community and engaging in meaningful work, you can enhance your own wellbeing and create a lasting connection in this new chapter of your life.

Danny (18:39.286) All right, topic number seven is going to be flexibility. One of the most crucial factors to consider when seeking a part-time job in retirement is flexibility. As you can imagine, when you enter this new phase of your life, you’re likely to have a vision of how you want to spend your time. Whether it’s pursuing traveling or pursuing hobbies or spending quality time with family and friends, it’s essential to find a job that provides this flexibility to accommodate your new retirement lifestyle. When evaluating potential job opportunities, pay close attention to the level of flexibility they offer. Look for positions that allow you to set your own schedule, work remotely, or have the ability to take time off when needed. The last thing you want to do is have a job that feels like a burden or restricts your ability to enjoy your retirement to the fullest. For some retirees, seasonal work can be an ideal option. Many industries such as retail or tourism have peak seasons where they require additional staff. By taking a seasonal job, you can work during specific times of the year while still having the freedom to travel and pursue other interests during the off season.

Danny (20:09.728) If you plan to have extensive travels, be upfront with your potential employers about your intentions, discuss your anticipated time off, and ensure that the job can accommodate your specific travel schedule. Some employers may be willing to work around your plans, especially if you’re upfront about the needs from the beginning. It’s important to recognize that while part-time jobs can provide extra income and a sense of purpose, It should never come at the cost of your overall enjoyment in retirement.

Danny (21:13.494) All right, our final part-time job tip is going to be about your personal interest and passions.

Danny (21:23.712) One of the most exciting aspects of seeking part-time job in retirement is the opportunity to explore your personal interest and passions. This is a chance to engage in work that truly resonates with you, regardless of whether it lines with your previous career path or not. Take some time to reflect on the activities, the hobbies, and the subjects that bring you joy and fulfillment. Consider how you translate those interests into a part-time job and not only provide income, but it’ll also allow you to immerse yourself in something you love.

Danny (22:45.684) Ultimately, the key to finding a fulfilling part-time job in retirement is to approach the process with an open mind and a clear understanding of your priorities and a willingness to explore new possibilities. By doing so, you can enhance your retirement experience and maintain a sense of purpose and continue to grow and thrive in this exciting new chapter of your life. Well, I’m Danny Gudorf, the owner of Gudorf financial group, and I appreciate you joining me for today’s topic. If you’re ready to learn and discover how we can help you make the most of your retirement, visit goodorffinancial.com forward slash get started. There you can easily schedule a 20 minute introductory call with our team to kickstart your free retirement assessment and start the planning. for the future you deserve. Have a great day.