The COVID-19 pandemic resulted in economic shutdowns and created an evident negative effect on the economy. The Bureau of Economic Analysis (BEA) of the U.S. Department of Commerce released its first preliminary estimation of the second quarter Gross Domestic Product (GDP), and it was devastating.
The BEA declared the Real GDP decreased at an annual rate of 32.9%, while a second estimate will be issued later this month.
This condition hasn’t gone disregarded by retirees. A recent survey shows a change in attitudes.
The SimplyWise July 2020 Retirement Confidence Index discloses the following:
- 72% of today’s Americans have a plan to work in retirement. (An increase from 67% in May)
- 1 in 5 Americans in their 60s has been laid off due to COVID-19.
- 37% of Americans think they will not have enough money set when they retire.
According to Sandra Hurley, the Operations Manager at Hayden Girls in Los Angeles, the bottom line is: “Unless you’ve done extremely well for yourself, you can probably always use a little extra income for those extra expenses. Whether it’s a vacation, a nicer car, or a club membership, it helps to earn some cash.”
Aside from this, there may be more reasons than just getting by, which might persuade you to look for a side hustle in retirement.
Mainly, the primary objective of a part-time job in retirement is to add a little more cash to the financial reserves. It can cover the lack of revenue from some fixed-income investments.
Although some feel secure in retirement, you must not take things for granted. WorldWise Tutoring LLC’s Founder and CEO in Chicago, Lindsey Wander, said, “With the unpredictable political and economic environment, everyone should be planning for a more stable financial future.” She added that “Retirees could supplement their retirement income with money earned doing something fun and rewarding. Plus, when ‘you rest, you rust, ‘keeping an active mind slows down aging.”
It can be more rewarding when you pass your years of collective experience, primarily if it generates income to pay those never-ending bills. With the COVID-19 situation, you may have provided just the opportunity to utilize your skills and knowledge.
Ryan Shuchman, the Partner of Cornerstone Financial Services in Southfield, Michigan, said, “One major change that COVID-19 has brought is an increased focus in online learning.” He also reckoned that “Retirees can consider reaching back to their professional expertise and perhaps teach or tutor in a virtual environment.”
“With so much free time that can’t be spent on much else, this is one of the many positive things you can do to contribute and be recognized for it,” the Founder of Dotcom Dollar in Sheridan, Wyoming, Allan Borch stated. “One of the things you can provide to the home-based educational model is your attention and free time, coupled with the experiences you’ve had along the line.”
As a retiree, you may be living in the perfect timing of circumstances. You might expect your career is over, but a true calling has appeared right before you amidst the pandemic.