Retirement is anything but cheap. 66% of Americans state that they’re likely to outlive their retirement savings, according to CNBC. Meanwhile, financial experts state that a minimum of $1 million is required for a comfortable retirement. So if you’re one of the 46 million individuals aged 65 or over in the country, working from home is the perfect way to boost your retirement fund. And, if you’re not yet convinced that starting a business from home is for you, these benefits should persuade you that no matter what your age, making an income is advantageous.
To pay off mortgage debt
Seniors aged 60 and over are three times more likely to have mortgage debt than in 1980. However, having a mortgage in later life shouldn’t stop you from retiring and enjoying your golden years. Instead, you can reap the benefits of earning cash as a retiree, alongside your well-deserved downtime by working from home. If you’re a gifted carpenter, consider making and selling unique pieces, such as bird boxes or made-to-order garden furniture to supplement your pension and to help you meet your mortgage payments. Or, for retirees with a keen eye for detail, sign up to become a proof-reader and take on as much or as little work as you desire.
Help with medical costs
Present day retirees are having to put 20% of their income towards health care expenses, despite having Medicare. In comparison to previous generations, that’s 8% more, according to CBS News. Therefore, bringing in additional cash by working from home to help cover this additional cost will ensure you have access to all the healthcare you require during your retirement. Becoming a home tutor is a great way to boost your finances and it allows you to share all the knowledge you’ve accumulated over the years with the next generation.
For your health
Working from home in any role keeps your brain active. From the age of 60, a significant decline in brain function is witnessed due to the brain shrinking in size, therefore it’s essential to exercise the mind as much as possible. Just like the rest of the body, when you work the brain it operates better. So, even if you only take on a casual part-time role filling in consumer surveys or writing the odd professional review, your brain and overall health will strengthen as a result.
As a retiree, working from home brings many benefits. One of the biggest advantages, though, is being able to earn extra cash to enable you to meet your monthly mortgage payments. Additionally, working from home will help to cover rising healthcare costs and will encourage better brain function and overall good health.