Regardless of whether you’ll truly need $300,000 or $3 million, The cold, hard truth is that many baby boomers and pre-retirees simply will not save enough money to retire comfortably. Thus, retirement in the traditional sense is simply out of the question. If you’re one of those people, what choices do you have? Here are some options to consider.—Lynnette Khalfani-Cox
EMBRACE A NEW CAREER PATH
Invest in yourself so that you can start an entirely new career or finally pursue a long-held passion. If you’ve spent most of your life working at an unsatisfying job and always yearned to do something more, your retirement years may be a great time to start! Finding a new purpose and pursuing a passion could be just what you need to make the most of the years to come—and you could earn some serious money while doing so. Take classes, get the certificate or degree you need, and embark on a new career.
SHARE YOUR EXPERTISE BY TEACHING
You’ve accumulated a lifetime of real-world work experience and general life experiences. Why not share your expertise with the world by becoming a teacher? A part-time teaching job or instructor position could help you bring in a steady paycheck during your golden years or amid a period of semi-retirement. Teaching is also a great way to keep your mind stimulated and help you connect with others. By contributing to young people’s development, you’ll make a difference in the world beyond your own life. You may not get rich teaching part-time; but you will enjoy a richer life.