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More and more people opt to work during retirement, both for emotional and financial reasons. Indeed, a recent survey from the Transamerica Center for Retirement Studies showed that over 50% of today’s middle class plan to work once they retire.

For some, that’s because they don’t have as much as they’d like in their IRA or 401(k). Others want to stay active and keep their brains engaged. Whatever your goal, there are all kinds of jobs out there to suit your energy levels and needs.

1. If your retirement savings aren’t where you want them to be: Become a coach or a consultant

According to a recent AARP survey, over 60% of Americans over 50 are worried they won’t have enough cash to support them in retirement. Working longer is one way to ease the financial pressure. And if you can use all the skills and experience you’ve already accumulated, it will be easier to earn top dollar.

Coaching and consulting let you build on a career’s worth of knowledge. Do a skills audit to work out what you can offer, and research any gaps in the market. Think about how to best leverage your expertise and start talking to potential clients as early as possible — even before you retire.

Making your money work for you

As of 2020, there’s no age limit for making IRA contributions. If you work longer and pay tax taxes, you can still get tax breaks on your earnings. The same goes for 401(k)s, but those are employer-sponsored plans, which won’t apply to what’s essentially freelance work.

Click here to learn more about the best brokerages for IRAs. Depending on your tax bracket and which type of IRA you use, you could qualify for thousands of dollars a year in tax breaks.

2. If you want to earn passive income: Publish your own book

As a retiree, having multiple passive income streams — essentially money you don’t need to actively work for — can give you peace of mind. That might be through an investment portfolio that pays dividends or a property that generates rental payments.

But if you don’t have enough cash, there are other ways to build passive income sources. For example, if you’ve always dreamed of writing a book, now could be the time. It will take time and effort to write and market it. But the idea is that you’ll be able to receive regular payments with minimal effort once it’s all set up.

Self-publishing means it is easier than ever to share your words and ideas with the world. Research the demand for different types of books and look for any crossover with knowledge or passions that you bring to the table.

Making your money work for you

If you have cash to invest, think about how you can use it to generate passive income. For example, you might add dividend-paying stocks to your portfolio. Not all companies pay dividends. Focusing on those that do can generate regular payments as well as any appreciation in the value of the stock itself.

If you’re not comfortable picking individual stocks, think about adding dividend ETFs to your brokerage account.

3. If you want to work with people: Consider a role in healthcare

The healthcare industry continues to grow faster than average. If you want a role that involves being part of the community and helping people, a role in healthcare might be for you. You might need to do some training, but don’t need a medical degree to work in the industry.

Here are three jobs to consider:

• Patient advocate: This is someone who helps and supports patients and families as they navigate the health system. If you don’t have experience, you might start out as a volunteer.
• Medical assistant: In this role, you’d need to schedule appointments, talk to patients, and do some clinical tasks such as checking vital signs. You would likely need to do some training and get a certificate.
• Medical interpreter: If you speak more than one language, working as a medical interpreter could be rewarding. You’d be the linchpin between doctors and patients who don’t speak English.

Making your money work for you

There’s no right or wrong way to work in retirement and many retirees actively enjoy learning new skills. That said, if you have to pick up a lot of extra qualifications for your new role, it is worth crunching the numbers. If you have to spend a significant chunk of your nest egg to qualify, make sure you can afford it.

Bottom line

There are many jobs out there for retirees. Think about your motivation, energy levels, and financial needs, as these will play a big role in your post-work career choices.

If your main driver is earning more cash, look for something that’s going to pay well. But if you want to pursue a dream or passion, you might find a role that pays less or actually spend money to get new qualifications. Ultimately, there’s no right or wrong way to retire — it’s up to you how you enjoy your golden years.

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