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Retirement Income Options

Pre-retirees or those already retired have numerous retirement income options in which to investigate or participate. Two large categories of options are:
  1. Work outside the home

  2. A home-based work environment
If one decides to work outside the home, one might want to consider continuing in the same line of work that he/she retired from, and work part-time or as a consultant. Many industries and firms are “hiring back” their former employees in a consultant status because of their vast experience and social skills, especially to mentor their younger employees. If one really enjoyed their career, this is a viable option. One may decide to work outside the home in positions requiring less expertise, or perhaps pursuing additional education to change a career path. Some with entrepreneurial tendencies may want to try additional approaches such as starting a new business unrelated to their old profession. This type of approach may take a considerable amount of capital and risk, but is attractive to some, especially if they succeed! Working outside the home has a number of disadvantages including: you are not generally working for yourself and at your own timetable, you may not generate the income you wish, and there is considerable time spent in getting prepared just to go to work and the travel time involved.

A home-based business environment is another retirement income option. Some of the advantages of a home-based business include: in general, a dress-down code, options for your own timetable for income production, and the lack of the outside workplace hassle factors. Examples of a home-based business would include developing a hobby into a business, such a woodworking or collectibles. Another ideal objective of a home-based business is the use of network marketing where residual income is generated by the work and passion of numerous individuals creating a potential of almost unlimited earnings. Many pre-retirees have been able to transition into full retirement through the development of their network marketing expertise. Your involvement in network marketing will take time and considerable effort and focus to learn and make it worthwhile; it has been often said that most people quit just before they could be successful in network marketing. Working in a home-based environment isn’t for everyone, especially if they need the social interaction of co-workers, but it seems to offer the best opportunities for a significant amount of residual income.

One, of course, could combine a satisfying part-time job with one at home depending on time considerations, desire, and needs. Options for leisure activities are inversely related to how much time you expend in your retirement income options, so it is wise and healthy to keep a balanced approach.

(For those interested in examining a good review of financial investment income options for retirement, check out the following website.)

Ruth Ann Hall is a mother, grandmother, and nearing retirement age. She was raised on a farm in west central Illinois, but calls Chicago home.

Her personal website: RookieMarketing.com is about her association with Ann Sieg Consulting and using the “consultative approach to marketing.” More information? Yes! Click Here.

Her latest project, this website, is intended to provide information for those looking to make a good decision on working from home.