Part-Time Work in Retirement? 8 Essential Things to Consider

[00:00:01] Hey, welcome to another episode of Retirement Made Simple, a podcast dedicated to helping a million people retire without worry.

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[00:01:30] I was talking to a new client a few years ago and she said something along the lines of, I wish that retired earlier and worked a part-time job, something low stress for maybe I earned $20,000 a year.

[00:01:42] Which back kind of intrigued me but then she said something else that really captured my attention.

[00:01:46] She said if only there had been a guide to give me some instructions on what to consider when I was looking for a part-time job.

[00:01:54] And so based on that conversation, I decided to take this task upon myself.

[00:01:58] So I'm really excited about this video because I've been compiling a list of things you should consider over the past few years as you think about a part-time job.

[00:02:06] And I've been compiling a list of possible part-time jobs.

[00:02:10] I've scoured reddit boards, I've read news articles, I've talked to clients, I've got all kinds of different resources and I've kind of compiled all them together.

[00:02:18] And today I'm going to go over the top eight things you should consider when you're thinking about a part-time job.

[00:02:24] But first my name's Kevin Lum, I'm a certified financial planner and this channel is dedicated to helping a million people retire without worry.

[00:02:32] Now before we dive in, I should warn you, this is not a guide to how to write a resume or how to search on job boards or anything like that.

[00:02:40] If just things you should consider as you're looking for a part-time job and also some potential part-time jobs that I have found,

[00:02:48] And I think are really interesting.

[00:02:50] In fact at the end, I give some examples of part-time jobs that I thought, this is brilliant.

[00:02:54] I wish I'd thought of that on my own.

[00:02:56] And so anyway, I wanted to give you that caveat before I dive in.

[00:02:58] So first, you don't want to consider a job that is too mentally or physically exhausted, right?

[00:03:04] So on the one hand, you don't want to job where you're going to take the stress from your job home with you.

[00:03:10] You've had 30 or 40 years of working a stressful job.

[00:03:14] You want something that's both mentally engaging but not mentally taxing.

[00:03:18] At the same time, you also don't want a physically taxing job.

[00:03:22] Maybe it can be physically engaging so it keeps you active moving around, you know, one person I talk to,

[00:03:26] Orpe.de a nursery season only at a nursery and they love the fact they could be outdoors and moving around.

[00:03:32] But you don't want something to beat up your body.

[00:03:35] So I talk to one person and say, you know, I'm thinking about getting some seasonal work working as a UPS driver.

[00:03:40] My initial reaction is a terrible idea.

[00:03:42] Why? Because I've talked to people who've worked at UPS and they'll talk about how physically taxing the job is.

[00:03:48] And so you don't want something that is so mentally and physically taxing that it completely exhaust you.

[00:03:54] But yet you still want something that is mentally engaging.

[00:03:57] You don't want something that's completely mind-numbing that you dread going to.

[00:04:01] And then also depending on your goals, you also might want something that's a bit physically and vigourating.

[00:04:06] So not physically taxing. You don't want to destroy your body at the very time you're hoping to travel and hike and do all these other fun things.

[00:04:13] And then right at the start of your retirement, you blow out your knees because you're, I don't know what you're doing to blow your knees out.

[00:04:18] But whatever that thing is, make sure the job that you choose is not too mentally stressful.

[00:04:22] You want to be able to leave that stress at work and also not too physically taxing.

[00:04:27] Well, at the same time not be mind-numbingly boring or something where you're completely sedentary if you want to be able to move a bit.

[00:04:35] So for example, some jobs that people have recommended to me that are more mentally engaging is one person teaches online classes at a local college.

[00:04:43] And what I really thought was interesting is he pre-requorts the videos and then he can upload him so he doesn't have to be any place to particular time.

[00:04:51] And then he can log in on his schedule, log in and answer questions from students and engage on the message board. Somebody else.

[00:04:59] She actually created her own online course. She had an expertise and she created an online course.

[00:05:06] You know pre-recorded all the videos. I think she used this platform called Cajabi.

[00:05:10] She pre-recorded the videos and then she was signed in every so often and engaged with the students and her course.

[00:05:16] Somebody else I talked to was a tutor. There's all kinds of topics that you can tutor. You can use your expertise to tutor somebody else and they found that really rewarding.

[00:05:26] Somebody else mentioned they substituted taught and they really enjoyed it. A few other people have gone to the substituting route and have found it less enjoyable.

[00:05:34] But just remember as you're considering a job think about is this going to be really mentally taxing and it is going to be really physically taxing.

[00:05:42] And on the inverse side think is this going to be my numbingly boring or something where I'm completely sedentary if you want to be more physically act.

[00:05:51] So that's the first thing to think about. The second thing you want to think about is skills and experience and there's two ways to approach this.

[00:05:58] For some view you might want to look for a part-time job that builds on your current skills and experience.

[00:06:04] So some people I know who have a background in math had become part-time bookkeepers or maybe they do seasonal tax work or maybe build on their current skills.

[00:06:14] Some people go into consulting in their industry but other people have said actually this is a time in life.

[00:06:20] I'm going to use this part-time job to gain new skills. A couple of my favorite examples of this are a couple different people have talked to who are really into wine and so one person got a job as a poor.

[00:06:33] I think that's the right word. I have no idea. As a poor at a tasting room somebody else got a job working at total wine and spirits.

[00:06:41] But what I found really unique about this is they use this opportunity of some part-time work. They brought in some extra income. They had some social interaction but at the same time they were learning a new skill.

[00:06:51] Another example of this, let's say you're interested in music and you've always wanted to learn a musical instrument. You might look at getting a part-time job at maybe your local music store or your local music conservatory.

[00:07:03] So for example, my daughter goes to music conservatory near our house and every time we go when they're when she goes into take her piano lessons there's a retiree by the front door.

[00:07:12] He's a part-time guard, there's some characters in the neighborhood and he's a part-time greeter. Every time she goes to music class she looks forward to seeing him.

[00:07:51] I could go down this rabbit hole. But just kind of think about is there a part-time job that builds upon a current skill where is there maybe a new skill that you want to develop that that part-time job can help you either gain those skills or possibly at least put you in proximity to people who have that skill and maybe by us.

[00:08:09] Most of this are just being around the energy of that particular industry you can begin to learn and grow in that area as well.

[00:08:16] Next you want to think about social interaction. Now this is going to be different for different people. Some of you, you've had social interaction your whole life, you are a hermit, you're an introvert and the last thing you want to do in retirement is be around people all the time.

[00:08:29] So you might want to find a job where maybe you have a little less social interaction.

[00:08:34] Others of you though, one of the challenges of being retired is that you missed a camaraderie and being a part of a team at work. You want to be around people.

[00:08:43] And so you might want to look for a part-time job where there's some social interaction. Maybe you get to be a part of a team.

[00:08:49] One person I talked to chose to become a brista and retiree. And I said, why did you choose to become a brista? You really into coffee and he's like, no, I'm not really that into coffee

[00:08:57] but I love getting to have conversations with people when they come into the coffee shop in the morning, right? He wanted that interaction.

[00:09:03] Somebody else I talked to chose to become a bookkeeper part-time bookkeeper. Interesting note and bookkeepers.

[00:09:09] I've read a statistic like 50% of bookkeeper jobs are part-time. So it could be a great job, but he chose to become a bookkeeper.

[00:09:16] And I was like, why did you choose to become a bookkeeper? He's like, well, I'm good at math and I don't have to be around people.

[00:09:21] I was like, okay, I get it. So think about, do you want social interaction? Is that something you're looking for in the job or do you want something where you can kind of do it on your own?

[00:09:29] And you don't have to interact with other people. The next thing you want to think about is, are you doing this job solely to develop a new skill or just keep yourself busy or because you want social interaction?

[00:09:40] Or are you doing this job because you need some financial support? And if that's you then you want to make sure that the job you choose provides enough financial support.

[00:09:48] Now for others of you, it might not be as much about the financial support but about the benefits. If you're retiring early, it might be healthcare.

[00:09:56] One guy I talked to, he loved being outdoors and he loved going fishing and so he got a job at a local RRI so he could get discounts and just so he could talk about fishing and being outdoors all day. He loved that job.

[00:10:10] Right, and so for him he wasn't as much about the money he earned but he loved the discounts and just getting to be up on all the latest fishing gear and tack.

[00:10:18] And so that's something else to think about right? Am I doing this just for money?

[00:10:22] Or am I doing this maybe for some sort of fringe benefit or if you're really into fitness if you've got a part time job at a local gym, does that give you a chance to work out?

[00:10:30] I don't know what it is, but just think about the financial implications. Like, is there a fringe benefit you're looking for healthcare or are you really interested in the paycheck?

[00:10:39] Next, you want to think about location and commute. Now I am letting my own personal preferences spill over into this point but I would highly recommend finding something that's close to home that doesn't require a long commute.

[00:10:52] There are just so many studies that show that long commute have a detrimental effect on your well-being.

[00:10:59] My wife loves to drive. She cannot understand why I don't want to drive long distances. She said, you know, her drive to work when she used to drive to work.

[00:11:08] She's like, that was the more peaceful and relaxing moment of the day. If I have a 30 minute commute, I'm going to lose my mind. I would much rather be able to walk or to bike to work.

[00:11:17] And so one of the things you need to think about is the location where you're going to work, maybe you're fine with a commute but think about is it worth the drive.

[00:11:24] And for some of you as you age, you may not be able to drive quite as well or you don't want to drive at night or whatever the thing might be. So just think about is this a job that you could walk to or ride your bike to

[00:11:35] Or take public transportation or the bus to just think about is the commute worth the job because that is something else.

[00:11:43] Even if you love the job, if you have a continuous commute to and from that may take from some of the enjoyment that you receive from the job.

[00:11:50] Next, you might want to consider if money is not the main driver of why you're taking a part time job.

[00:11:56] You might want to consider volunteer work. There are incredible ways that you can give back to the community and be around people and maybe engage in something you really care about.

[00:12:07] So whether that's working at a local animal shelter or volunteering at a local hospital or volunteering at a local library.

[00:12:14] Our local library has a volunteer who puts on a scavenger hunt. They create this gigantic scavenger hunt in the library every month that's a new scavenger hunt and they hide things all around the library.

[00:12:24] My daughter loves to go to the library, less about the books and more about the scavenger hunt.

[00:12:30] And so this person who volunteers their tie has created so much joy for so many kids.

[00:12:35] And so if you don't need the financial benefit, then maybe consider is there a way that you could volunteer and give back some people volunteered at the church.

[00:12:44] Some people volunteer, part full part of time jobs, 20 to 30 hours a week working at their local church because they wanted to give back.

[00:12:52] There may be some real roles that you could do on a volunteer basis and a local organization where you could get the social interaction, but you could also give back.

[00:13:01] Next, if I was going to put it asterisk by one thing that's the most important might be this, you want to job that provides flexibility.

[00:13:09] So as you move into retirement or if you're working a part time job in a retirement, you don't want anything that's going to tie you down or become a derudgery.

[00:13:18] You want the flexibility to do the things that you want to be able to do in a retirement.

[00:13:23] So what are those things? Do you want to go visit your grandkids? Do you want to travel the world?

[00:13:28] What are the things that you want to do? Make sure that the job provides the flexibility to allow you to do those things.

[00:13:35] So for some of you that might mean getting seasonal work, we're talking to the employer ahead of time and saying hey, I just want to make sure like I'm going to be gone to your for three months in the summer.

[00:13:45] Is that going to be okay? So making sure that you find a job that offers you the flexibility to enjoy your retirement because if it's just another job, and even if you're only working 10, 15 hours a week, if you were tied down.

[00:13:59] You can't travel and do the things you dreamed of doing a retirement.

[00:14:03] It's really probably not worth whatever extra income you're making.

[00:14:07] So consider like does the job have flexible hours? Does that have a flexible schedule? Is it remote? Is it something you can do on your own schedule?

[00:14:15] These are some things to think about. And I would say that unless you absolutely positively have to work a job to make your retirement work,

[00:14:24] It's simply not worth taking a job that's going to tie you down that's not going to allow you to pursue the other things that you want to do,

[00:14:32] simply to have a little bit of extra income. So just think about what is the trade-offs and how much flexibility are you going to have in your job?

[00:14:40] And finally, I've saved my favorite for last but does this job, this part time job, allow you to potentially explore some of your personal interest and passions.

[00:14:50] I've already touched on this a bit right at your interest in music.

[00:14:53] You could volunteer to music conservatory, but this is where I've seen some of the coolest things.

[00:14:59] People in retirement have found jobs that have really allowed them to explore the personal passions.

[00:15:05] So as I already mentioned, you know, one person got really interested in wine and so they got a job at a taste, you know,

[00:15:11] a local winery, you know, someone else worked at a music conservatory,

[00:15:15] a couple other really cool jobs that I've seen people do.

[00:15:18] One person I talked to was a porter at a car dealership, they loved cars and they particularly loved a certain type of car.

[00:15:25] And so in retirement, they didn't even need the money, but they loved being around people and they loved being around cars that they really liked.

[00:15:32] And a lot of car dealerships will hire someone to drive a car from one dealership to another or deliver it to a customer,

[00:15:39] and often it can be an overnight drive. Like it's a long drive. So he loved cars,

[00:15:44] and you want to be around new cars and unique cars.

[00:15:47] Maybe see if you can get a job as a car porter.

[00:15:50] I honestly think that's what it's called. I'm not even quite sure what you would call it.

[00:15:53] But see if maybe you could get a job delivering cars,

[00:15:56] but I've also talked to other retirees who've done very similar things.

[00:15:59] If they're really into music or really into sports, you can often get a job at a local stadium or a local music venue,

[00:16:05] helping us your people, help them find their seats, greeting, whatever the...

[00:16:09] There's all kinds of different jobs standing at the door passing our programs.

[00:16:12] But it'll often allow you to get to be around music or be around sports or whatever the venue is

[00:16:18] and you make a little extra money. So you get to pursue your passion

[00:16:22] and you get to make a little of the extra money.

[00:16:24] So think about like are there any fun environment environments you enjoy being around

[00:16:28] or maybe you could also get a part-time job working at that venue?

[00:16:32] So that brings us to the end of my list. And just a minute, I've got a list of some part-time jobs that people told me

[00:16:37] that I've jotted down and I'll run over with you.

[00:16:39] But when I hope you walk away from this video, remember because at a part-time job is not just about extra income.

[00:16:44] It can provide some extra income,

[00:16:46] but honestly, it can really help strengthen your retirement plan.

[00:16:49] But it can also be a way to provide some social ability. It allows you to kind of ease your transition into retirement.

[00:16:55] You know if you've been going to work every day and then all sudden the stop can be jarring for some people.

[00:16:59] So it can allow you to ease your way in retirement. But for other people,

[00:17:02] it can be a way to allow you to explore some of your interests and passions

[00:17:06] and maybe even get paid to do that thing.

[00:17:09] So here are just a few other jobs that people have that I've jotted down from people.

[00:17:13] This is fun. One person I talked to, they got a job driving the omnisch

[00:17:17] and another person got a job just doing game work.

[00:17:20] They would drive Uber, part someone else delivered instant card because they liked it

[00:17:26] because it allowed them to have flexibility. One guy told me he loves listening to podcast

[00:17:30] and so just gave an ability to listen to podcasts while he drove around delivering groceries.

[00:17:35] I don't know how physically taxing that job is.

[00:17:38] Another person mentioned being a school bus driver, about 75% of school bus drivers are part-time employees

[00:17:46] so you could think about that. Somebody else worked as a car shuttle driver

[00:17:50] at a, like they shuddled cars relocation to location for a rental car company.

[00:17:54] Somebody else worked at a funeral home as an assistant.

[00:17:58] Somebody else worked at a local garden center.

[00:18:00] Another person worked as a handyman and they found most of their work through task grab.

[00:18:06] So I don't know if you know task grab it but it's kind of like an Uber for odd jobs.

[00:18:10] And so if you have some skills, you might be able to put yourself on task grab it

[00:18:14] and often hearing L.A. people tend to get 50 to 75 dollars an hour just for doing some odd jobs.

[00:18:20] And the great thing is it's a very flexible schedule.

[00:18:24] Somebody else was a seasonal housekeeper.

[00:18:26] I think I already mentioned bookkeeper seasonal retail, right?

[00:18:30] So doors will often kind of scale up the workforce during the holiday season.

[00:18:34] And so you might go to get discount on holiday gifts or gifts for yourself and also make a little extra money.

[00:18:40] And then the other one and I just thought this last minute, but potentially work for a financial advisor.

[00:18:45] A lot of financial advisors hire part-time people.

[00:18:48] If you're watching this channel often you are a DIYer.

[00:18:52] You love tinkering with things and you've got your spreadsheet to figure out and figure out

[00:18:56] about investments.

[00:18:57] Maybe work, see if you could get a part-time job working in a financial advisor firm because it might be a way for you to get to

[00:19:02] be around something you've always been kind of interested in and kind of get a glimpse of it from the other side.

[00:19:07] So that was just something of pop-up in my head.

[00:19:09] So my question for you is what are your thoughts about working a part-time job in a retirement?

[00:19:14] And then what are some of the coolest part-time jobs that you've seen?

[00:19:17] You do me a favor and leave those in the comments below so other people can see them.

[00:19:22] Maybe it's something you've done or something a friend of yours has done.

[00:19:25] Just to kind of give people an idea of the type of work that you can do.

[00:19:29] And then if you think there's something I left out, something you should consider that I didn't touch on,

[00:19:33] go ahead and leave that in the comments below.

[00:19:36] Hey, thanks for listening and if you were looking for a financial advisor I would be honored if you would consider working with me.

[00:19:42] You can go to foundryfinancial.org.

[00:19:44] It's foundryfinancial.org and click the big button in the top right-hand corner that says free assessment

[00:19:50] and that kind of gives you an overview of how the process works.

[00:19:54] So if you're looking for a financial advisor I would love the opportunity to work with you.

[00:19:58] Thanks again for listening.