There are plenty of studies that indicate the average age of retirement in the US is about 65, but of this figure, only about a fraction of these retirees actually have a plan outside of social security.
Social security alone nowadays is not enough to obtain a secure retirement, which means that many of these retirees will end up having to work to supplement their income. Conventional job choices for retirees tend to be less-strenuous than their careers, more often than not passive-income leaning; however, there are studies that indicate that many of these retirees choose to supplement their retirement income via being a landlord or to dabble in the speculative investment world, both suggested from the Motley Fool.
While both seem like viable options, each do come with their drawbacks. For instance, being a landlord during the Coronavirus pandemic is more conducive to losing money than to gaining it, given the ongoing moratorium on evictions. Even the more seasoned landlords are feeling the impact of the moratorium in conjunction with their usual landlording duties like home maintenance and handling disputes; life still goes on, and so do the endless expenditures. (To learn more about the hardships of being a landlord, click here).
Investing in the stock market is also a gamble. Going back to the market turbulence of the last several months, given all of the volatility, it’s no surprise why most people would not want to rely on speculation as an income form.
And what do each of these potential jobs have to do with financial freedom?
They are everything that financial freedom is not.