Have you been dreaming of retiring early for years? You may be in your early fifties, and the idea is starting to take deeper roots by the day. Getting out of the daily grind is starting to sound like sweet relief. But your financial planner says it will take more work than you’d hoped.
However, it’s not an impossible dream. And with flexible work, early retirement might be more accessible than you think. Finding the right side hustle can help you save money and prepare for retirement while you’re working, or it can supplement your income after you retire. Explore how you can make your retirement dreams a reality.
Embracing Flexible Work for Your Retirement Goals
When you’re working, your retirement can seem like it’s at the end of a race you’re never going to finish. But flexible work can help you strategically get closer to that goal. One of the best ways to facilitate an early retirement is to have more money saved up.
If you’re at the top of the pay scale for your role, it doesn’t make sense to pursue a promotion. And if you’ve considered changing careers, but you’d rather not at this stage, what else is there? There are other options to supplement your income without giving up your work-life balance.
— Choose Flexible Work as Your Side Hustle
A side hustle is a great way to boost your retirement savings. There are plenty of ways to make money that don’t require you to give up your day job entirely. The key is to find something that works with your schedule and lifestyle.
Consider freelance writing jobs or web design jobs, for example. Or, maybe you’re more interested in interacting with others. Customer support and bookkeeping roles that can be done from your home office could be a better fit.
The key to finding a side gig that fits your lifestyle is to analyze how much free time you have and blend that with your skills and interests. For example, if you are a great cook and have nights free from your job, you can pick up catering jobs or start writing for a food and beverage website. If you’re passionate about education and have weekends off, consider online tutoring one day each weekend. It just takes some exploration to realize how many options are out there.
— Embrace Your Interests
As you analyze your options, consider whether or not you’re hoping to use this experience to boost your full-time career. If you’d like to change things up, now’s the time. Without having to worry about paying the bills, you have the freedom to pursue any of your passions. And on top of that, following your interests is a great way to stay energized for those long hours ahead.
Since you’re already working full-time, your perfect side hustle will fill you with creative energy and supplemental income, making it less of a chore to clock in for your second gig.
— Consider Flexing Your Full-Time Job
Can you maintain a side hustle along with your other obligations? Maybe it’s time to rethink your primary job. Consider the scheduling freedom you could find by swapping your rigid full-time gig for a flexible position. Have you ever genuinely analyzed how much time you could save working remotely? That time could be budgeted for your second job.
Perhaps you could bring in supplemental income without stretching your schedule as far as you thought. Not only that, but the money you’re saving by not commuting is a nice cushion to add to your bank account. You may have just discovered a winning strategy to reach your early retirement goal sooner.
— Deposit Your Side Hustle Income Into a Separate Account
While you’ll want to discuss your unique financial situation with an accountant or financial planner, know that it’s easy to spend that extra money. Try to avoid thinking of your second income as anything other than retirement funds.
Why not have your second paycheck deposited into a different account or go toward your mortgage? Whatever is standing between you and retiring early, ensure that your supplemental income goes there directly instead of blending in with your monthly finances.
Working a Flexible Job During Retirement
If you’re not in a position to work a side hustle leading up to retirement, or you’ve already retired and need to stretch your budget, flexible work can still help.
— Pursue a Second Career
There’s a lot to be said about having a second career in the later stages of your professional life. If you’re hoping to retire comfortably, a great strategy is to take on part-time, flexible work once you’ve retired.
Extra money coming in each month can help with unexpected expenses down the road and give you something productive to do if boredom strikes during early retirement.
— Discover Balance in Semi-Retirement
You’ve worked hard to reach this point in your life, so why not have some fun with it? Consider taking on a second career related to a hobby or passion.
The best part about flexible work is that you can be selective about the type of flex you choose. Then, you can choose when and where you work without sacrificing your leisure time. You’ll be able to balance your interests and find a job that keeps you active and up to date with technology.
Perhaps you still love what you did for your career. You can put those skills to use as a consultant or a freelancer. Your expertise adds exceptional value that can appeal to many companies.
If you decide to pursue freelance work, you’ll need to get into an entrepreneurial mindset to launch a successful freelance career. One of the best ways to succeed is by learning from someone who’s already faced the same challenges. With that in mind, consider working with a freelance mentor to get your second career up to speed.
— Utilize Your Network
Making the most of retirement involves figuring out the type of job you’d like to have if you still want to stay in the workforce. One of the best ways to discover new roles is to use your connections—after all, your vast network is one of the most significant assets of your career!
You may find that tapping into your contacts yields unexpected results as companies grow in new ways you haven’t experienced before. Be open about your ambitions and share your desire for flexible positions.
Reaching Early Retirement Goals With Flexible Work
Flexible work is a great way to reach your early retirement goals. Whether you use side hustles to supplement your income leading up to retirement or start a second career after you’ve retired from your first, there are many options to fit your lifestyle. With the right strategies and some creative thinking, it’s possible to retire ahead of schedule.
