Single fathers who are recently retired can take advantage of several wise lifestyle changes as they enter their sunset years.
Single Dads Over 65
Some choose to tackle a part-time job in a field they’ve always wanted to explore, while others discover the financial wisdom of selling unneeded or unwanted life insurance policies for cash.
Smart dads over 65 monitor their health, take care of themselves, stay socially connected, volunteer in their communities, rebalance investment portfolios, and find ways to save on car insurance. Here are more details about the many ways retired dads can make the most of their financial resources.
Work Part-Time at a Job You Enjoy
Turning 65 is not necessarily the end of a career. Many who have reached that age continue to work for five or more years. But most gear down by putting in fewer than 40 hours per week and choosing jobs they enjoy or have always wanted to explore. Consider checking with online job platforms to get an idea of what’s available, how long it takes to train, and what starting salaries are. Getting a part-time job that you enjoy can also bring additional income that can help you improve your financial situation, such as paying of debt. Likewise, a debt consolidation loan can simultaneously help you improve your financial situation.
Some of the top picks for older dads include consulting, running a reseller website, affiliate marketing, working as a tour guide in the local community, serving as a host in art galleries, flipping houses for profit, and getting involved in the auto auction field. The choice is yours but remember that preparation and research will serve you well as you head into a part-time career that offers excitement and fresh challenges.
Turn Unneeded Life Insurance Policies to Instant Cash
What do older dads do when they discover that they no longer want or need their life insurance coverage? Some choose to sell the policies for cash. Along with the quick payout, they can rest assured that they will not need to make any more premium payments. That’s a double dose of positive financial news for retiring fathers who can use a payout to start retirement years off right. However, it’s imperative to get all the relevant facts about how to sell such a policy.
Begin by reviewing an online guide that explains all the ins and outs of selling an unwanted or unneeded life policy to a third party for cash. Who can do it? Anyone who is 65 or older and owns life insurance worth more than $100,000. If you’re a man who meets those requirements, explore the possibilities of turning an unneeded asset into money you can use for anything you desire, with no strings attached.
Volunteer for a Worthwhile Cause
Connect with local social service agencies if you want to donate your time and skills to special causes. Retired dads can select causes that align with their former careers. Some sign up with federal agencies and assist low-income adults with income tax filing or teach English to new immigrants who need to acquire basic language skills for their jobs. Others do various jobs for their churches or synagogues, drive cancer patients to medical appointments, or serve as mentors to new business owners.
Review Portfolios, Car Insurance, and Retirement Accounts
As many approach retirement age, they shouldn’t stop trying to improve personal finances, it’s essential to consult an accountant or other financial professional and do a thorough review of all components of a portfolio. Retirement accounts, like IRAs and 401k’s, should also undergo a close inspection. Consider rebalancing assets in a stock or retirement fund if you haven’t done so in several years.
Young working adults can get by with assets that don’t appreciate for decades, while those 65 and older need payoffs much sooner. Do the same for auto insurance coverage. If you downsize by selling a second vehicle or have a shot at lower rates due to age, take advantage of the cost reductions. Speak with a rep from your insurance company and ask about special discounts for seniors, safe drivers, and car owners who don’t rack up as many miles as younger adults do. Most consumers are surprised to discover all the potential savings programs insurers offer because many of them are unadvertised.
