Episode #8: Being Between Jobs

Today’s Prep:

Finding yourself between jobs can be frustrating, but it presents opportunities. Consider the challenges and opportunities that accompany an employment gap.

 

Equipping Points:

1:37 – Is It Time For A New Career? 

  • Whether you’ve been downsized or left on your own accord, you should consider the possibility of a second career as you’re between jobs. Gone are the days of retiring and sipping sweet tea on the front porch in a rocking chair. Folks are working longer. If you’ve left your first career, perhaps there’s something you enjoy that you can find a way to monetize. Consider starting something that gives you more fulfillment in life. If you’ve planned well for retirement, it’s quite possible you can afford to make less money doing what you love.

3:47 – Be Your Own Boss?

  • If you’re between jobs, perhaps this is your opportunity to finally become your own boss. Thanks to the internet, many of the barriers to becoming your own boss have disappeared. We no longer have to worry about manning a shop, paying rent, keeping up inventory, etc…Anymore, you can work from the comfort of your own home in your pj’s. All you need is a laptop. Being your own boss opens up additional income streams in retirement. It also gives you an added level of flexibility with your schedule, so you can experience the level of freedom that accompanies retirement while continuing to earn a paycheck.

5:40 – Health Insurance Complicates Things. 

  • If you’re too young or unable to qualify for Medicare, you’ll need some sort of healthcare coverage in retirement. After all, you probably left your health benefits behind as you left your last employer. Health insurance is expensive, and if your employer is no longer paying the brunt of the costs, you’re going to face that burden alone. That’s why many folks look for part time jobs with companies like Starbucks in order to meet their health insurance needs.

Other Preparation:

  • 10:16 – 401(k) Rollovers.
  • 7:53 – How Your Advisor Can Help.

Today’s Takeaway:

“If you’re between jobs, you need a plan to meet your income and health insurance needs. Work with your advisor to discover your options and determine whether you’ll need to go back to work. – Retirement Ready

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

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