Remote roles are the future in many industries that have seen jumps in productivity due to this work model. The need to head to an office has been eliminated for some roles. The work-life balance provided by discarding the daily commute can be immense. Employees could spend multiple hours daily in traffic heading to their place of work.
A remote role can allow you to move where you planned to retire. You likely have considered multiple locations and can start immersing yourself in a new experience. Remote work can be the transition into retirement you need with the extra few daily hours. You might find you can extend your working years part-time as remote employers might be flexible. Below are great options to consider if given a remote role when you are close to retirement.
Moving To a City with Lower Costs
Moving to a city you have always wanted to live in is an option. If this city has a far lower cost of living, you can save money while improving your lifestyle. Florida is an attractive option domestically, but prices are climbing at alarming rates in the Sunshine State. International hubs for digital nomads include Thailand, Spain, Portugal, and Costa Rica. The lifestyles come at a discount in these countries, along with having quite friendly laws regarding visitors working online. A beachfront property might be outside your budget in the US, but this can be a reality in other locations.
Maximizing contributions to your retirement fund can be so significant during this time. You might be able to live a far different lifestyle in retirement due to saving thousands more per month. Work keeps several professionals in one spot, but remote work can come with massive lifestyle advantages. Moving abroad is the most attractive option for those who want to live internationally.
Leveraging your current assets can make purchasing a home in a new location easy. A reverse mortgage is an excellent example if you are over 65. You can sublet rooms in the home regularly but only part of the home. Airbnb can be a perfect option to earn while using your lump sum received from the reverse mortgage. You can also receive monthly payments, but reverse mortgages require your home to be your primary residence. All Reverse Mortgage notes,” Borrowers can receive their loan funds in a lump sum, as a line of credit, as monthly payments for a fixed term, as monthly payments for life (tenure payments), or as a combination of these options.” Check out how much you qualify for on a reverse mortgage calculator today!
Consider Living in An Investment Property for A Year
Investment properties can allow you to earn genuinely passive income over time. Living in an investment property for a year can let you get residential mortgage rates. Otherwise, you might have to pay a far higher down payment and less preferable loan options. Take the time to see how putting properties under an LLC can help with taxes and other issues. Refinancing is done frequently to purchase another property if the value of one property increases substantially. Investment properties can be so profitable in the right areas as the rent rates seem to rise exponentially.
Picking Up Side Gigs To Move Up Your Retirement Date
The extra few hours you have daily can be used for various activities. Some professionals might realize they can maintain their lifestyle while working a few extra hours. The beauty of a side hustle is that you can live without additional income. Earning over a few years monthly can move up your retirement date years. Investing the money can be done but make sure you have money aside for tax season. Upwork can allow you to find clients looking for specific projects to complete. Those that align with your knowledge and skillset pay a premium hourly rate. Rapid workers that maintain quality should try to get rates on a per-project basis rather than an hourly to maximize their income.
Being given a remote role within a decade of retirement can change your life. Employers have been known to return to their word even after employees have moved across the globe. Thriving for a period in a small role can allow you to apply to other parts with different organizations. You could even find another small role that pays far more as they could be based in a city with a massive cost of living. Even when you have the ultimate remote position, you should keep applying to jobs as you could receive your dream offer.