Adding writing and self-publishing to your retirement planning could become an attractive side income stream
Depending on where you live, as you approach retirement at age 62 or age 65, there are many calculations to make. Our life expectancy has increased dramatically in the last few decades, so you need to get long-term financial information.
You will need to calculate your anticipated pension, 401 k plans, superannuation, retirement savings, social security benefits, health care costs and perhaps your income tax liabilities. For those in the US, even student loans need to be considered.
Financial planning of your retirement account should start early to see if you are setting aside enough in your nest egg.
But does your retirement planning include earning an extra income?
Blogging, content writing and self-publishing have all become popular pastimes, and they are all potential retirement income earners for many retirees, as they are perfectly adapted to their lifestyle.
It doesn’t matter where you live, so long as you have an Internet connection, writing in your retirement is an ideal and enjoyable home-based activity.
While some start after they begin their retirement, I would suggest to those who may be approaching this stage of life, to get a head start by planning ahead, and getting their writing or self-publishing ventures off the ground well before the time arrives.
For those totally new to writing and self-publishing, it can be a steep learning curve, so having a few years experience under your belt is a positive advantage, and will pay dividends when you have more time to invest.
Further reading: How To Make Money Writing And Self-Publishing
Writing and self-publishing are flexible retirement side businesses
Even for people a lot younger, writing as a hobby can always be ramped up if circumstances change.
For example, unemployment, illness or perhaps for the luckier ones, a one-year sabbatical.
I started writing and then self-publishing a long time ago now, and it has almost always been a hobby, or at most, a part-time side income activity for me. But now I can see that it will be my part-time job during retirement, which is approaching very soon.
Over the years I have had a few times here and there when bad luck struck and I was unable to work full-time, and writing and self-publishing filled a void for me.
Not only as a productive activity but also as an income earner.
My most profitable period, in so far as writing output and book sales is concerned, was a few years ago when I was ill for an extended period of time, and I invested my time almost 100% in writing, publishing and promoting.
Not only did I make a little money, but I really believe that my determination to keep active and working helped me back on my feet far sooner.
Self-publishing and writing have become popular with people of all ages, and from all walks of life, as it can be adapted to the aspirations of almost anyone.
But if you are thinking about writing or self-publishing as a small business, a side income or simply a pleasure, the most attractive benefit is that it can be slowed down, stopped, restarted or ramped up at any time.
This makes it a great fallback plan for anyone with a love of writing, and an ideal way to enjoy and profit from writing during your retirement.