How the gig economy can offer a soft transition into retirement
Are you familiar with the term ‘gig economy’ and the implications of the gig economy on those of us heading into retirement?
The term ‘gig economy’ refers to the work of people who are doing short-term contracts or freelancing rather than your typical “nine-to-five” long-term job. Or it can be as a side-hustle in addition to a “nine-to-five” job. Many companies and businesses now-a-days prefer to hire someone who does freelance or contract work instead of hiring someone for a full-time/permanent position.
Are you, or anyone you know, part of the gig economy? It’s not uncommon actually, and makes up a substantial segment of today’s workers. You might think it’s just young people who are doing the independent or temporary work but, in fact, millennials and baby boomers alike are hustling incremental work in the gig economy!
Think about it...doing something independently and by contract allows you so much freedom and flexibility to choose how much you want to take on and when you want to do it. For a person who is nearing retirement age, but wants to continue to actively contribute to society and engage their passions, doing part-time gig work can allow for a soft-transition into retirement.
Some people are approaching retirement with less funds than they had hoped to saved. The gig economy then, in addition to being a flexible outlet for engaging and meaningful work, also allows a person to keep earning in order to meet those financial goals.
So what about you? Retirement could be your chance to make a flexible transition into work that you are passionate about! Maybe this is an opportunity to ‘give back’ by working for a non-profit organization.
Work falling into the category of “gig economy” is usually quite flexible in terms of hours, short-term assignments and most often offers the luxury of working remotely.
Intrigued and want to brainstorm some options? Think of on-demand:
Delivery jobs
Ridesharing jobs
Rental jobs (think Airbnb)
Labour jobs (including house-sitting!)
Skilled and professional jobs (writer, graphic designer, web designer, etc)
What sort of transition do you hope for on your journey toward retirement? Could you see yourself feeling fulfilled doing temporary contract work in a field that interests you? Would you want to continue in the field of work you’re currently in, or would you want to take this opportunity to turn over a new leaf?
Whatever your answers, know that your dreams are possible! Never limit yourself. Think outside of the box and expand your horizons! If something excites you - follow your inspiration! You never know in what way the world’s needs and your passions may be woven together!