Have you considered avenues for staying busy in your golden years? Self-directed investing could be the perfect way to avoid idle hands and keep making money even after you wave goodbye to your primary occupation. You’re certainly not alone if a hands-on approach to retirement speaks to you.
A recent survey conducted by AARP, as cited in an article by the Center for Retirement Research at Boston College, found that a higher percentage of current and future retirees plan to continue working in some capacity even after they reach age 62. This is the earliest eligible age to collect social security benefits, but according to the survey, fewer than 40% of new retirees elect to cash in following their 62nd birthdays. Furthermore, 32% of surveyed retirees claim to either currently work or have worked during retirement, while 52% of working individuals age 50 and above anticipate finding a supplemental job once they reach retirement. An immediate need for money, a projected need for money down the road, and the common psychological need for people to remain useful and productive have reportedly contributed to this uptrend.
If you find yourself subject to one or all of these circumstances, staying the course with your self-directed investments even after you’ve retired could be the answer. Let’s examine three key ways this could be possible: