Why are so many people searching for this common source of retirement income right now?
The reasons are varied. Many are realizing — as they reach the end of their working years — that having a financial plan for retirement is essential, especially now as people’s finances have eroded over the two years of the pandemic.
For many, working longer is a necessity. For others, it’s a choice.
Working in retirement has increased dramatically in recent years, accounting for up to 40% of some folks’ retirement income sources. The numbers of people working in retirement are set to increase even more after the pandemic, with almost half of Americans surveyed saying they would continue to work.
However, it’s not all doom and gloom. Lots of people like the idea of not retiring. For them, the thought of not working can be daunting. Our self-identity is often closely aligned with our job. Our social lives can revolve around our workplace too. Retiring can be a challenge, making you feel isolated, lonely or bored out of your mind.
The good news? You don’t have to continue doing the same old job if you don’t love it or you can’t carry on for any reason. There’s a rewarding and life-changing alternative for you and it’s becoming a more common source of retirement income.
Why You Need To Know About This Newer Common Source Of Retirement Income
Most people have several sources of retirement income apart from their pension funds. Many have property or investments, while others continue in part-time jobs.
There are all kinds of side hustles people do in retirement. Some may work online as virtual assistants or freelancers. Others might make things and sell them at local markets.
There are problems with many of these jobs, however:
- you might still be working for someone else
- you have no control over your hours
- you have deadlines
- it might not pay well
- the job is too physically demanding past retirement age or when working with chronic illness
What if I told you that there’s a new and now more common source of retirement income? One that will give you:
- flexibility to work when you like
- freedom to travel and take vacations when you like
- freedom to visit family and grandchildren
- total control over your own work.
Sound too good to be true? Not at all. I’ve done it, and I know many others who’ve done it and achieved great results. Let me tell you more about the solution I’m suggesting…
Build an Online Business to Generate a Retirement Income Stream
An increasingly common source of retirement income is starting and running a hobby or interest website that can become an online business in retirement. This is what I did, and it’s working fantastically.
If you’re wondering what your topic or niche might be, just browse the internet. There are content-based websites about absolutely everything.
For some inspiration, listen to the Motorhome Hobos and their online business story.
Think outside the box and choose something you’re good at and that you love. Even dare to do something that your family and friends might consider crazy… like I did:
“Last year, after the death of my partner, I sold my house and set off to drive 3000 kms in my campervan. I had no plan. I just knew I needed to get away, have some “me” time and heal.
The only reason I could do that was because I was already semi-retired, having built myself an online business that was bringing in a steady income.
Now I’m 60, I only work when I feel like it, while my content-based website brings in a passive income whether I do anything or not. I won’t lie. I did put in a lot of work over a few years to build up the website.
The good thing is that you can start anytime and work on it slowly in your spare time until it can pretty much look after itself.
My online business has enabled me to live a healthy retirement, see the world, and work out where I want to be for the rest of my life.
My site helps people with grief. It gives me enormous satisfaction that I have created something that not only supports me, but gives comfort to so many. It keeps my brain ticking over, and it connects me to people all over the world.
After travelling for six months, I landed in the tropics and now live two minutes from an incredible beach in Far North Queensland, Australia.”
This life-changing source of retirement income is becoming popular. Over 5,000 people have signed up for the free retirement business income course offered by Solo Build It!, the community where I learned how to build my website and online business.
What makes having your own retirement business all the more enjoyable is that you can base it around something you love and feel passionate about.
Chase Landre, for example, built her website business around the plants in her home of South Florida. In this video, she explains how continuing to work in retirement on something she loves “feeds my soul and gives me a purpose in life.”
It’s common knowledge these days that keeping your body and brain active is good for your health. The stimulation and satisfaction that you get from working on something you love is priceless – and can give you financial security.
Research has even shown that working into your retirement years can decrease your risk of dementia.
You might carry on doing what you were doing in your working life like Lorelie Carvey, who turned her career of baking wedding cakes into an online business. Or you might start something brand new based around your hobby. Either way, you can be sure that it will add to your quality of life well into your twilight years.
How to Make Money From Your Online Business – The New Common Source of Retirement Income
“But how do I make money from a content-based website?”
There are many ways to generate income from your content, both in passive and more active ways. I use a mix of monetization methods, including advertising, digital products, eBooks and affiliate marketing.
Some are more passive than others, so you can pick what suits you and your niche best. There are many more ways to monetize your website or blog and boost your retirement income.
An online business can become your primary source of income in retirement, or at least supplement your savings and help you maintain the lifestyle you prefer.
My best piece of advice: Tap into your creativity and start your online business early, while you’re still working. This way, you can reap its full benefits once you retire.