Depending on where you live, there are many calculations to make as you approach retirement at age 62 or age 65. Our life expectancy has increased a lot in the last few decades. So you need to make long-term financial plans.
You will need to calculate your anticipated pension and costs. It might be 401 k plans or superannuation. It could be savings or social security benefits.
Then there are health care costs and perhaps your income tax liabilities. For those in the US, you might even need to consider student loans.
Financial planning for your retirement account should start early. Check to see if you are setting aside enough in your nest egg. But have you considered writing for an income in your retirement?
Does your retirement planning include earning extra income?
Blogging, content writing and self-publishing have all become popular pastimes. They are all potential retirement income earners. All of them are perfectly suited to a retiree’s lifestyle.
It doesn’t matter where you live. All you need is an Internet connection. Writing for an income in your retirement is an ideal and enjoyable home-based activity.
Some start writing after they retire. But I would suggest to those who may be approaching this stage of life, to get a head start. Start planning ahead, and getting your 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.
It 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. 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. 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 for writing output and book sales was a few years ago. I was ill for an extended period of time, and I invested my time almost 100% in writing, publishing and promoting.
I made money too from my published books. I believe that my determination to keep active and working helped me back on my feet much sooner.
Self-publishing and writing have become popular with people of all ages, and from all walks of life. It can be adapted to the aspirations of almost anyone.
Perhaps you are thinking about writing or self-publishing as a small business. You can derive a side income or simply write for 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. It is an ideal way to enjoy and profit from writing during your retirement years.
Ways you can use writing to earn money
Your first thought might be that writing books when you retire is the best option.
For a lot of people who become new authors, it can prove to be successful. But selling books needs a lot of work after writing, editing and self-publishing.
If you have a flair for marketing and can leverage social media, you will have a big advantage.
Another option to become a professional writer is to write articles. Freelance writing is quite lucrative if you have good writing skills and a little knowledge about content marketing.
You can also think about starting a blog and learning how to monetize it with advertising and affiliate links.
One great article can provide a monthly return for months or even years. You can also accept guest posts on your blog to help add more content.
There are many ways to turn writing into an income. All you need to do is find a way that suits you and your retirement lifestyle.
You can always learn something new
You are never too young or too old to learn how to master new skills.
Technology gives you so many opportunities. You can take online courses, or take it on yourself to learn.
In my case, I am learning how to code in CSS and PHP. It sounds complicated, but I am making great progress.
All you need to do is spend time on a project and be motivated. You can always extend and improve your knowledge and skills.
Then, anything is possible for you.
More reading: Make A Passive Income From Your Writing