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The new unretiring trend highlights the risks of retiring too early.
The rising cost of living has made it more difficult for people to achieve a traditional retirement.
However, alternatives exist.
Its possible to transition from a full-time job to part-time work or side hustles before retiring.
These are some of the ways to make the jump from a full-time job to a side gig.
These living expenses should serve as a compass when considering part-time opportunities.
While golf outings arent essential, some people dont want to forgo that activity during retirement.
For instance, you may discover that Uber driving isnt for you after a few weeks.
Working on side gigs at a limited capacity allows you to sampledifferent income opportunities.
Pick Side Gigs with Higher Income Potential
Some side gigs have more potential than others.
Notably, each of those side hustles allows you to work remotely.
Many people want to work from home, but it becomes more important as you get older.
Thats because physical labor and regular commutes can become more challenging as people approach their retirement years.
However, you should only work on a side gig that you enjoy.
Theres no point in managing other peoplessocial media accountsif you dont enjoy the work.
Many experts recommend having 6-12 months of living expenses saved up before leaving a job.
Giving yourself more of a financial buffer will help even more.
Consider Downsizing
When you leave your job, youll end up making less money each month.
While a part-time job can mitigate this effect, downsizing is also beneficial.
While the most apparent benefit is lower mortgage payments, downsizing offers additional financial benefits, asThe Yale Ledgerexplained.
Downsizing can lead to substantial savings on property taxes, utility bills, and home maintenance costs.
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