MAXIMISE YOUR MONEY
5-DAY CHALLENGE
SORTED MONEY MONTH
1 – 31 AUGUST 2023
Maximise your money in your 50s and 60s: 21 – 25 August
Day 4: Creating additional income streams in retirement
Retirement is a significant milestone, often associated with leisure, relaxation, and pursuing long-awaited passions. However, the traditional notion of full retirement is evolving, with many individuals opting for part-time work or phased retirement. These flexible options offer a range of benefits beyond financial security, providing opportunities to maintain social connections, stay mentally engaged, and enjoy a more fulfilling retirement journey.
Challenge yourself to embrace part-time work opportunities with this top tip from Katrina Shanks, CEO of Financial Advice New Zealand:
Consider part-time work or phased retirement that ignites your interest and brings a sense of purpose to your life
Part-time work and phased retirement have become increasingly popular choices for those approaching their retirement years. While full retirement might be the ultimate goal for some, others prefer a gradual transition to retirement, where work still plays a role in their lives.
Boost your retirement income with an additional income stream
One significant advantage of part-time work is the additional income stream it provides. For retirees who wish to bolster their financial security or pursue certain activities that require extra funds, part-time work can be an excellent solution. Furthermore, it allows individuals to continue contributing to their savings and investments, easing financial concerns during retirement.
When considering part-time work or phased retirement, the key to a fulfilling and financially secure retirement lies in embracing work opportunities that resonate with your passions and skills. Rather than viewing retirement work as a mere source of income, seek roles that ignite your interests and bring a sense of purpose to your life.
Choose part-time work that brings you joy
By leveraging your expertise and pursuing activities that align with your hobbies, you can enjoy a more gratifying retirement journey. Whether it’s mentoring, consulting, or turning your creative pursuits into a business venture, choosing retirement work that brings you joy will not only enrich your retirement experience but also keep you mentally engaged and socially connected.
Remember, retirement is a chance to explore new horizons and embrace the opportunities that align with your deepest passions. By doing what you love, you can truly maximize your retirement years and create a fulfilling and purpose-driven chapter of life.
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