It is difficult to find work for pensioners. However, there are a few things retirees can do for a job that will benefit them both financially and personally.
Some dream of achieving financial independence and early retirement (FIRE). Others love their job and want to work as long as possible.
In any case, if you know how to save and invest, you can live off dividends and pension payments. However, rising inflation, which has reached a nearly 40-year high, and the COVID-19 pandemic may have disrupted the plans of many retirees. Therefore, it may be time to join the growing trend and find a job, like many retirees.
Growing trend
Retirees finding work and returning to full-time or part-time work are part of a growing trend. In fact, according to a 2019 survey by the Transamerica Center for Retirement Research, more than half of workers plan to retire. Statistics show that in retirement, expect to work part-time and 14% full-time.
Data from the US Bureau of Labor Statistics shows that those aged 65 to 74 and older than 75 expect an increase in labor force participation. Growth rates are several times higher than other age groups, and are due to the fact that baby boomers continue to work. Baby Boomers are the generation of Americans born from 1946 to 1964 who are now between 58 and 76 years old.
Why retirees get a job
Retirees find work for financial reasons at 80% or healthy aging at 72%. However, income at 53% in the group of financial reasons is the number one reason. This point is especially true for part-time workers who expect their 401(k), 403(b), or IRA plans and other investments to provide only a fraction of the income they need in retirement.
In addition, retirees often rely on social security as their main source of income, but often this is not enough. In addition, social security benefits have changed. Previously, full retirement occurred at age 66 for those born between 1943 and 1954. This range covers only a subset of baby boomers. From 1955 to 1959 the full retirement age is increased by two months. If you were born in 1960 or later, the full retirement age is 67.
As a result, retirees often need at least a few years of work to make ends meet. Their retirement accounts and investments may not generate enough income, and it may take several years before Social Security benefits are paid.
5 good jobs for retirees
Below is a list of five good jobs for retirees. Of course, not everyone wants to be a part-time blogger or social media influencer, so we’ll focus on other potential part-time careers. They run the gamut from cashiers, where there is no education requirement, to part-time jobs that require higher education and a license. In many cases, workers can take classes on their own or earn a professional certification or license using their lifetime learning credit. This benefit is that you get a tax credit, but not everyone is eligible.
1. Cashiers
We list cashier as the number one job on this retiree job listing as it is a relatively easy field to enter. There are no formal education requirements and most learning takes place on the job. Also, the job description is simple: handle cash and credit cards from customers buying items or services.
The advantage of the position of cashier is its ubiquity. Jobs in retail, grocery stores, department stores, gas stations, fast food, etc. You can get a job in almost any field and in any geographic area. There are approximately 3.38 million job openings in the US and about 550,000 job openings are forecast each year, but technology is starting to replace some jobs. Part-time work is often possible, and approximately 14% of these workers are over 55 years of age.
However, on the downside, according to the US BLS, wages are low at around $12 an hour. This hourly rate is about $25,000 per year, but it may be enough for income when combined with retirement benefits. The second disadvantage is the long experience and low job satisfaction.
2. School bus driver
School bus drivers are compiling this job listing for retirees as it is already popular with those looking to work part-time. Approximately 73% of school bus drivers are reportedly over 55 years of age.
The job description speaks for itself. A school bus driver drives buses and transports students to and from school. Drivers usually require a high school diploma and a driver’s license. Some states may require a commercial license. Background checks, a clean driving record, and medical clearance requirements may be required. School bus drivers also receive on-the-job training.
The main advantage is that the work is part-time and only during school hours. This means that you are traveling early in the morning and late in the evening. It also means that your summer months are relatively free. There are about 873,000 school bus drivers in the US and the number is growing. Plus, the salary is better than that of a cashier: around $17 an hour, or almost $35,000 a year in the 2020 average salary.
The disadvantage is that you sit for a long time. You must also tolerate a wide range of behavior from children and maintain order and rules. Some retirees may not want to do this and therefore this job may not be for them.
3. Accountant
Accounting is another great job popular with retirees. Approximately 73% of in-house accountants are over 55 and about 47% of in-house accountants are over 55. Accountants require a high school diploma, and some have a university degree, but this is not required. They usually acquire skills on the job and may be certified, but this is not required.
Accountants perform bookkeeping functions for small businesses. They create and track invoices for clients, pay salaries to employees and independent contractors, maintain financial records, and pay invoices from suppliers. However, they usually do not prepare business tax returns.
The advantage of being an accountant is that it can be part-time and does not require too much physical effort. In addition, most of the work is done at a desk with a computer using software, which means that work from home is possible. The downside is that this can be monotonous.
There are over 1.6 million accountants, although the number is declining due to technology. However, staff turnover means there are around 170,000 job openings each year. The median wage was approximately $20.40 per hour or $42,000 per year in 2020.
4. Medical transcriptionists
The next job on the list of the best jobs for retirees is a medical transcriptionist. According to the US BLS, this profession is popular among people 55+, which is at least a third of the total number of people of this age. You will need at least a high school education and a few college courses to become a medical transcriptionist. In addition, experience with word processing software and knowledge of medical terminology is required.
The job description is relatively simple. Medical transcriptionists listen to recordings of the voices of doctors and other medical professionals and turn them into written reports. Most of them work in hospitals, doctor’s offices and companies that specialize in outsourcing this type of work. It is possible to work self-employed in this area, but this may require experience and good connections.
The advantage of this profession is that it does not require an office visit. Listening to voice recordings and entering notes in a text editor can be done almost anywhere. All you need is a headset and a computer with an Internet connection and the necessary software. The downside is that it can get tedious.
In 2020, there were over 52,000 jobs for medical transcriptionists. The industry is in decline as technology can do some things and is likely to get better. However, the turnover results in approximately 6,600 discoveries each year. The median salary in 2020 was about $17 an hour, or $35,000 a year.
5. Dental hygienists
A dental hygienist is the last job on this list of the best careers for retirees. It is a popular job among part-time workers, with over a third of workers in this category. In addition, approximately 17% of part-time workers are over the age of 55. A career in this field requires at least an associate’s degree in oral hygiene and a license. The degree takes about three years and you must pass written and clinical exams to earn your license. In addition, there are annual license fees and continuing education requirements.
Almost all dental hygienists work in dentistry or other oral care settings. You will perform preventive oral care and check for oral diseases such as gingivitis and cavities. The advantage is that the position has a reasonable working day. In addition, you can find dental hygienists in almost every geographic area. The disadvantage is that you do the same thing every day.
In 2020, there were approximately 206,000 dental hygienists in the United States. The profession is growing, with about 15,600 job openings each year. Dental hygienists are the highest paid on this list with an average hourly pay of around $37 an hour in 2020. This value is approximately $77,000 per year.
Final Thoughts on 5 Great Jobs in Retirement
More and more workers are taking jobs after they retire. Even $1 million is not enough for retirement if you follow the 4% rule. Consequently, retirees work part-time to fill the income gap after retirement. Retirees also work part-time for social connections and health reasons. Whatever your reasons, the above five careers are the best for retirement.
This post originally appeared on Savoteur.