5 of the Best Jobs for Retirees
Finding a job can be difficult for retirees. However, there are many things that retirees can do for work that will reward them both financially and personally.
Some people dream of achieving financial independence and retiring early (FIRE). Others love their jobs and want to work as long as they can.
In any case, if you’re smart about saving and investing, you can stay away from dividends and retirement distributions. However, rising inflation near the 40-year record and the COVID-19 pandemic may have hit the plans of many retirees. Therefore, it may be time to join a growing trend and find a job like many retirees.
a growing trend
Retirees seeking jobs and going back 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 Studies, more than half of workers plan to work in retirement. Statistics show that in retirement 14% are expected to work part-time and 14% full-time.
Data from the US Bureau of Labor Statistics indicates that people ages 65 to 74 and 75+ expect to participate in the labor force at increasing rates. The growth rate is many times higher than other age groups and continues to be worked on by Baby Boomers. Baby Boomers are the generation of Americans born from 1946 to 1964 and are now around 58 to 76 years old.
Why are you looking for a retired job?
Retirees get jobs at 80% for financial reasons or 72% for reasons of healthy aging. However, financials are the number one reason for 53% of incomes within the group. This point is especially true among part-time workers who expect their 401(k), 403(b), or IRA plans and other investments to only provide the portion of income they need in retirement.
In addition, retirees often rely on Social Security as their primary source of income, but that’s often not enough. In addition, Social Security benefits have changed. Full retirement used to be at age 66 for those born between 1943 and 1954. This category only covers the share of Baby Boomers. From 1955 to 1959, the full retirement age increases by two months. If you were born in 1960 and later, the full retirement age is 67.
The net result is retirees often need jobs for at least a few years to make ends meet. Their retirement accounts and investments may not provide enough income, and Social Security benefit payments may be years away.
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 focus on other potential part-time careers. They run the gamut from cashiers where education is not required to require a college degree and license to part-time jobs. In many instances, workers can use their Lifetime Learning credits to take classes or earn professional certification or licenses. The advantage of this is that you get a tax credit, but not everyone is eligible.
We list cashier as the number one job in this list of jobs for retirees because it is a relatively simple field to enter. No formal education is required, and most of the training is on the job. Additionally, the job description is straightforward, process cash and credit cards from customers who purchase things or services.
The advantage of the position of the cashier is its ubiquity. Jobs are 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 about 3.38 million positions in the US, with an estimated ~550,000 openings each year, but technology is starting to replace some of the jobs. Part-time work is often possible, and about 14% of these workers are over 55.
However, on the downside, according to the US BLS, the salary is around $12 an hour. This hourly rate is about $25,000 per year, but it can be a substantial income combined with retirement distributions. The second downside is that there is too much lasting and low job satisfaction.
2.School Bus Driver
School bus drivers make this list of jobs for retirees because it is already popular among those working part-time. Reportedly, around 73% of school bus drivers are over 55.
The job description is self-explanatory. A school bus driver operates buses and takes students to and from school. Drivers usually need a high school diploma and a driver’s license. Some states may require a commercial license. There may be a background check, a clean driving record and a physical exam requirements. School bus drivers also receive on-the-job training.
The main advantage is that the position is part-time and only when schools are in session. This fact means you are driving early in the morning and late in the afternoon. It also means that your summers are relatively free. There are about 873,000 school bus drivers in the US, and the number is increasing. Furthermore, the salary is better than a cashier at around $17 per hour or about $35,000 per year in average salary for 2020.
The disadvantage is that you sit for a long time. You must also tolerate a wide range of children’s behavior and maintain order and rules. Some retirees may not want to do this, and thus this job may not be for them.
Bookkeeper is another great job that is popular among retirees. About 73% of full-charge bookkeepers are over 55, and about 47% of regular bookkeepers are 55+ years old. Bookkeepers are required to have a high school diploma, and some have a college degree, but this is not required. They generally learn the skill on the job and can obtain certification, but this is not required.
Bookkeepers perform accounting tasks for small businesses. They create and track invoices for customers, perform payroll for employees and independent contractors, maintain financial records, and pay invoices from suppliers. However, they usually do not prepare tax returns for the business.
The advantage of the bookkeeper position is that it can be part-time and doesn’t require a lot of physical exertion. In addition, most work is done using software on a desk with a computer, which means it is possible to work from home. The disadvantage is that it can be monotonous.
There are over 1.6 million bookkeepers, although that number is dwindling due to technology. However, the turnover means that there are estimated to be around 170,000 job openings annually. The median salary in 2020 was approximately $20.40 an hour, or $42,000 annually.
4. Medical Transcriptionist
Next on the list of best jobs for retirees is a medical transcriptionist. According to the US BLS, this profession is popular with people 55+, which is at least a third of the total number that age. To become a medical transcriptionist, you’ll need at least a high school degree and some college courses. Additionally, experience with word processing software and knowledge of medical terminology is essential.
The job description is relatively simple. Medical transcriptionists listen to voice recordings of doctors and other healthcare workers and turn them into written reports. Most work for hospitals, physician’s offices and companies specializing in outsourcing this type of work. It is possible to become self-employed in this field, but this approach may require experience and good connections.
The advantage of this profession is that there is no need to go to the office for this. Listening to voice recordings and typing notes can be done almost anywhere in a word processor. One only needs a headset and a computer with an internet connection and the necessary software. The disadvantage is that it can be tedious.
In 2020, there were over 52,000 medical transcriptionist jobs. The industry is on the decline because technology can and will likely do some things better. However, the business results in an estimated 6,600 openings each year. The median salary in 2020 was around $17 an hour, or $35,000 a year.
5. Dental Hygienist
A dentist is the last job on this list of best jobs for retirees. It’s a popular job with part-time workers making up more than a third of the workforce in that category. In addition, about 17% of part-time workers are over 55. Careers in this field require at least an associate’s degree and licensure in dental hygiene. The degree takes about three years, and you must pass a written and clinical exam for licensure. In addition, there are annual license fees and continuing education requirements.
Almost all dental hygienists work in dentists or other oral care offices. You will perform oral preventive care and check for oral diseases such as gingivitis and cavities. The advantage is that the position has reasonable working hours. Additionally, you can find dental hygienists in essentially all geographic areas. The disadvantage is that you are doing the same thing almost every day.
There were approximately 206,000 dental hygienists in the US in 2020. The profession is growing, and there are an estimated 15,600 openings annually. Dental hygienists are the highest earners on this list, with an average salary of around $37 an hour in 2020. This value is approximately $77,000 per year.
Final Thoughts on 5 Good Jobs in Retirement
More and more workers are getting jobs in retirement. If you follow the 4% rule then even $1 million is not enough to withdraw. As a result, retirees are working part-time to fill the income gap after retirement. Retirees are also working part-time for social interactions and health reasons. Whatever your reasons, the above five jobs are the best to choose in retirement.
This post originally appeared on Savoteur.