Tips for Retiring as a Freelancer

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Back in the day, you got a job at a single company. From there, you signed up for their 401(k) package, had predictable Social Security benefits, and may have even had a pension to boot.

Over time, these luxuries have slowly been stripped from the modern employee. Pensions are a thing of the past. Social Security is anything but certain over the long-term. And 401(k)s are still common perks — for full-time employees, that is. However, the meteoric rise of the gig economy has created a massive pool of tens of millions of self-employed individuals who lack even this basic retirement staple as an option for their financial future. [Read more…]

Best Retirement Plan Options for Freelancers

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There are plenty of perks that come with being your own boss: flexible hours, picking your projects and more control over work-life balance. But one thing you’ll miss out on is an employer retirement benefit.

When you freelance, building your own retirement nest egg, including choosing the right plan, falls entirely on your shoulders. You can set up a retirement account at an online brokerage or robo-advisor. But first, you should know the best options for you. [Read more…]

How to Start Writing in Retirement

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Editor’s note: This post was written by Jennifer Parris, career writer at FlexJobs, the award-winning site for telecommuting and flexible job listings. FlexJobs lists thousands of pre-screened, legitimate, and professional-level work-from-home jobs and other types of flexibility like part-time positions, freelancing, and flexible schedules. Jennifer provides career and job search advice through the FlexJobs Blog and social media. Learn more at www.FlexJobs.com.

After years of working in other industries, you’ve made the decision to look into pursuing a writing career. Writing is truly one of those fulfilling careers that is attainable if you know how to go about it. If you are thinking how to start writing in retirement, this article is for you.

How to start writing in retirement

Jump-start your writing career during your Golden Years with these tips!

Decide what you want to write.

You know that you want to write. But what exactly do you want to write about? You might have a passion for fishing or want to write service stories about how grandparents can connect with their grandchildren on a deeper level. Unlike some other careers, writing is the type of job that you should feel passionate about in order to write compelling copy. So determine what it is that you love, and then write about that subject.

Think outside the “book.”

Back in the day, writers didn’t have many options as to whom they could work for—and get paid to boot. They either wrote for newspapers or magazines, or they were novelists. Today, writing jobs are available in almost every career field, from accounting to zoology, and in various mediums, too.

You might love non-profit work as much as you love writing and combine your two loves to write newsletters for non-profits. Or you might believe in a company’s mission and write its press releases. You may love connecting with an audience via blogging, or decide to try your hand at working for traditional newspapers and magazines—but as an online writer. 

Consider your needs.

start a novel

Before you begin putting pen to paper—or whipping out your laptop to type out the next Great American Novel—you need to figure out what you want to get out of a writing job. Do you want to make it into a full-time career, or something you do part-time when you’re not spending time with your family and friends?

If you’re looking to supplement your income with writing jobs, take a look at how much you would need to earn and then compare it with the types of paid writing jobs that are out there. Do you want to work in an office, or do you want to work from home? Once you figure out why you want to write, how often, and where, you can begin your job search!

Use niche job boards.

Once you realize that you want to write, well, you’ll want to write right away! So you won’t want to waste a lot of time clicking through job postings in order to find the perfect position. That’s why it’s important to use niche job boards (such as FlexJobs and Freelance Writing Job Board) to help expedite your job search. You’ll avoid job scams, which are common in the world of remote work, and find a job that you’ll love, too.

Get social.

If you haven’t already worked as a writer, you’ll need some help in order to launch your writing career. Talk to friends and family about this next phase in your career and get them on board to help you. You should also get on social media sites such as Facebook, Twitter, and Google+.

Your LinkedIn profile should be up to date and include in your bio that you’re currently looking for writing work. And, of course, you should have your resume and cover letter designed to spotlight any previous writing work you’ve done (volunteer, freelance, and unpaid work all counts!).

You can write your way to a fun and exciting writing job! Take the time to prepare yourself for this next step in your career, and you can write yourself a happily-ever-after ending!

A Guide to Part Time Working in Retirement

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Looking back just a few decades, by the time most of us reached the state-designated retirement age, we were more than ready to put our feet up and relax with a cup of tea.

Today, however, we’re more active, healthy and raring to go than ever before, and we’re not quite ready to hang up our work clothes just yet. The Advisory, Conciliation and Arbitration Service reports that there are now more than one million workers in the UK aged 65 or over – will you be one of them?

working in retirement

Is it Legal?

Absolutely! Just because you’re drawing a pension, either a private pension or a state pension, doesn’t mean you can’t work if you want to.

Working part time during retirement is completely above board, although there are laws that both you and your employer will need to adhere to. For retirees, any payments received through the supply of products or offering of services need to be logged with HM Revenue & Customs, even if you’re earning below the tax threshold. The exception is if you’re completing casual work such as online surveys, as payments from these count as ‘rewards’ rather than payment for services.

On the employer side, companies have an obligation to pay all workers, including retired part time workers, in accordance with the minimum wage guidelines – currently £6.31 per hour for anyone aged 21 or over.

What Sort of Work Can I Do?

working in retirement

There are more opportunities for part time workers in retirement than you may think, ranging from more casual work right through to formal contracts. Anything from delivering leaflets and cleaning homes through to administrative duties and accountancy.

The Office of National Statistics reports that nearly one third of retirees are self employed, which provides a good combination of the freedom that comes with retirement and a steady income. Opting to go self employed opens up unlimited opportunities. Some cake and sell cakes at local farmers’ markets, some sell paintings, some knit or crochet clothing and toys, some blog from home… if you’ve got a skill, then someone, somewhere, is willing to pay for it!

Why Would Anyone Hire Me?

The question is – why wouldn’t they? There are many benefits for employers when hiring older workers, and the Department for Work and Pensions reports that employment of those aged 65 and over has almost doubled since 2001.

With no dependents, older workers can offer more flexible working hours, taking on tasks that those with childcare commitments are sometimes unable to, and older workers also have much more working knowledge than those coming straight out of school. Providing you’re reliable and professional, and your skills match the job in question, there is no reason why age should have any influence over an employer’s decision.

Will I Need to Pay Tax?

working in retirement

This depends upon how much pension you’re drawing, and how much income you’re generating through your part time work.

All pensions, whether private or state, are taxable, as are any payments relating to part time work. You’ll need to add up these incomes, along with anything else you receive that is taxable, such as rent payments from properties, or some benefits such as Carer’s Allowance.

The annual tax-free income ranges from £9440 to £10,660 depending on when you were born. If your taxable income totals more than this amount, you will need to pay tax. On the plus side, you won’t need to make National Insurance contributions!

Are There Financial Implications?

Part time work during retirement is an excellent way to either delay your drawing of a pension fund, or bring in a little extra pocket money for luxuries. Overall, if you have the ability and inclination to work after you retire, then financially it makes sense.

However, there may be some minor financial implications if you have previously been receiving benefits related to living in a low income household. If you begin earning, you may no longer be eligible for benefits such as pension credit, council tax reductions, or housing benefit. It’s worth weighing up the pros and cons of losing out on this sort of financial assistance before taking on any work in retirement so ensure you’re doing what’s best for you.

This post has been written by Acorn Stairlifts, the first stairlift company in the world to be awarded the Ease of Use accolade by the Arthritis Foundation.

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