How Partial Retirement Might Be Your Permanent Retirement Solution

Did you know that 74% of Americans are behind on their retirement savings and aren’t in any position to retire early? One-third of Americans have nothing saved for retirement and 23% have less than $10,000 in savings.

This can be caused by several different factors, but one thing is for sure: not having adequate retirement savings causes stress and if you’re quickly nearing retirement and realize that you’re not fully prepared.

Fortunately, Americans are now living longer than ever, and most people can work at least part-time past the age of 65. If you’re still healthy and able to work, partial retirement may be a great option for you.

The 5 Best Part-Time Jobs for Retirees

Partial retirement basically means you retire from your previous career but still work part-time in some other type of job. I like to call it your encore career. This allows you to draw less money from your retirement savings and work on a more flexible schedule.

If partial retirement interests you, here are five part-time jobs you might consider:

1. Teaching  

Many colleges need part-time instructors. If you’re interested in teaching an enrichment course, experience may be the only credential you need. Contact your local community center to see if there are any openings you might be a good fit for.

If working with children interests you, you can also consider tutoring students as a side-job. Your local school district should be able to point you in the right direction to get started. There are also several tutoring websites you can sign up for online to find students.

If you have any prior teaching experience, you could consider being a substitute teacher too. Whatever avenue you decide to pursue, teaching could be a great way for you to work on a part-time basis and contribute to your community in a way that is rewarding.

2. Work with a temp agency

If you aren’t interested in committing to something long-term, you might look for work through a temp agency. This is a great way to find temporary or seasonal work when you’re able.

Before I entered the insurance industry, I spent ten years working as an operations manager for a large temporary staffing firm here in Dallas/Fort Worth. Some of our favorite temps of all time were seniors. Why? Because they were reliable and seemed to have a better work ethic than their younger counterparts.

Temp agencies like the one I worked for offer a variety of types of work. There are office work positions like file clerks and administrative assistants. There were also healthcare jobs, assembly jobs and lots of short-term assignments filling in for people who were out on vacation.

One added bonus is that if you provide great performance on a temporary assignment, it could lead to a permanent position at some point if you’re interested in that.

3. Hosting at a restaurant

Everyone knows that being a server is a lot of work. But working as a host at a restaurant is far easier and can therefore be a great job for some seniors. It’s also a great way to get out of the house, socialize with other people, and work in a fun environment. You might even score some free meals.

Of course, if you decide to pursue this route, you’ll need to carefully consider the type of restaurant you want to work at and what the operating hours are. You may also want to choose shifts that are less busy and stressful.

Hosting does require a lot of time on your feet so you’ll want to make sure you’re physically healthy enough to take this on and can invest in some supportive shoes.

4. Housesitter

Many Americans hope to be able to travel the world once they retire. But traveling the world can cost a lot of money and most people don’t have the savings for it.

However, housesitting could be a great way to fund your travel plans in retirement. Being a housesitter involves taking care of someone else’s property in exchange for your stay.

There are many sites online which will pair potential housesitters with homeowners. These jobs can last from a few weeks to months at a time.

On a related note, you can also do house-sitting and pet-sitting right in your hometown. Try posting a notice on your local Nextdoor Neighborhood site to make your neighbors aware of your services.

 5. Freelancer or consultant

Increasingly, companies are hiring freelancers for individual projects. Companies find this less expensive than paying for a full-time employee. And this could be a great option for you if you have a lot of experience in a specific industry.

My stepfather retired from the steel industry and immediately returned to working contract for them. The great part is that he gets to choose his own assignments and can incorporate in plenty of time off for himself while adding to his retirement funds.

Finding clients is one of the biggest challenges of freelancing. However, you may be able to quickly find work by utilizing the network you built during your career.

The great thing about freelancing is that you can set your own rates, set your own schedule, and only take on the work you want.

Final Thoughts

Partial retirement is a great way to bring in a little extra money while still enjoying much of the freedom of retirement. Before you start your job search, spend some time thinking about what kind of schedule you would like to work.

Decide how much responsibility you’re looking to take on and how much you’re hoping to earn. And most importantly, look for work that is fun and sounds enjoyable.

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