Would you like to say goodbye to your 9-to-5 job early and enjoy the freedom of early retirement? While it’s important to be diligent about saving money outside of your day job, relying solely on your job to save money early is important. Retirement alone probably won’t be enough to save up the large nest egg you need to retire early.
Early retirement also presents special challenges because she will not be entitled to Social Security until she is 59 and a half years old. So if you’re planning to retire 10 or 20 years early, you’ll need to save even more. Part-time work is useful. With the right part-time job and strategic financial planning, you can fund your early retirement dreams and retire on your terms.
Freelance Writing
Average Hourly Pay: $26
If you have a way with words and are looking for a side hustle that lets you work from anywhere as much as you like, consider freelance writing as a side hustle.
Personal finance expert stated, “Freelance writing or content creation is a highly paid profession for experts in this field.” “Typically speaking, one can make anything from $20 to more than $100 per hour. The primary requirements for this “gig” are writing proficiency, inventiveness, and meticulousness. You can work from anywhere at any time, unless it’s against the law to do so.
Virtual Assistant
Average Hourly Pay: $25
Do you like being organized and have great communication skills? Take advantage of the skills you already have and make extra money by becoming a Virtual Assistant. Why not try it? From managing emails and schedules to providing customer support, your day is filled with a variety of tasks that are sure to keep you busy.
“Another option with good earning potential is virtual assistance, hourly pay [is] $15-$50,” Expert said. “Good skills for this include being good at organization, excellent time management and solid office software experience. This job type allows you to support someone’s business or work as an entrepreneur, where you operate remotely, but still earn money.”
Online Tutor
Average hourly rate: $24
In today’s digital age, knowledge is not just power, it’s a valuable currency. If you have specialized knowledge in English, math, chemistry, etc., you can use those skills to offer online tutoring services on platforms like VIPKid and Chegg Tutors. And the best part? You can do it in the comfort of your own home, in your pajamas.
“With average benefits starting from $20 to $50 per hour, online tutoring or teaching is now on the rise,” Expert said. “The key factors for this are your unique expertise concerning any specific subject and patience and communication skills. In the age of distance learning, online education is the fastest-growing sector of the education industry, making it one of the most promising career options.”
Investing in Real Estate
Average hourly wage: $18 (per ZipRecruiter)
When it comes to side hustles, it’s hard to beat the lure of passive income. Real estate investing, especially real estate rental, is a side hustle that requires minimal effort and is a dream for those who already juggle it with a full-time job.
“Renting out property allows you to take advantage of property management software that can do most of the work for you by automating processes such as listings, tenant screening, lease signing, rent collection, maintenance management and accounting, being a landlord is even less work,” Expert said. “When you can manage rental properties from anywhere with a few clicks on your mobile phone, that’s about as retirement-friendly as you can get.”
Editing
Average hourly wage: $31
Looking for a part-time job that allows you to read a lot and have flexibility? Consider becoming an editor. Low operating costs and the ability to work remotely make editorial jobs an attractive option for those with research and writing talent.
“To pursue an editorial side gig, it’s necessary to know how to edit the content on a professional level,” said founder at Edit Republic. ” It’s also important to have good time and project management skills since editors work independently and need to meet deadlines. The independent nature of the job suits people who can work alone or are introverts. The pay varies depending on the niche you are in or what projects you take on. Editors can earn $45 – $75 an hour and up, depending on the niche. Business, medical and legal editors command higher rates. Proofreaders can earn $35 an hour and up.”
Technical Writing
Average hourly wage: $38
If you have an IT or engineering background, technical writing offers a high-paying part-time opportunity to utilize the skills you already have. But don’t be put off by the need for specialized knowledge. Many technical writers have basic knowledge and learn on the job.
“This role involves creating manuals, guides and documentation for complex subjects, primarily in the tech industry,” said co-founder of Step By Step Business. “What makes technical writing an ideal side gig for those already employed full-time is its flexibility. Most technical writing tasks can be managed remotely, fitting perfectly into evenings or weekends. The average pay for technical writing is quite appealing. Freelance technical writers earn anywhere from $30 to $50 per hour, depending on the complexity of the work and their expertise.”
How to make the most of extra income for early retirement
You have looked at how you can use your existing skills to save flexibly and smartly for retirement. Next, let’s take a look at some ways to effectively utilize the additional income after early retirement.
If you want to reach your retirement goals faster, follow these tips to avoid financial mishaps along the way.
Investing in a Diversified Portfolio
If you want to make the most of your side hustle money for early retirement, consider investing in a diversified portfolio for the best growth potential.
“This means spreading your gig earnings across various asset classes, such as stocks, bonds and real estate, to minimize risk while potentially increasing returns,” Expert said. “The key to successful diversification lies in understanding your risk tolerance and investment timeline. By allocating your gig money wisely, you’re actively growing your retirement fund.”
Managing Expenses
Even if a person has enough savings to retire early, his personal retirement account cannot be withdrawn until he is 59 1/2 years old. (Ira). Whether you plan to retire before this point or after, financial planning is critical. Monitoring your spending and sticking to your spending budget by prioritizing necessities and minimizing discretionary spending is critical to your pre- and post-retirement finances. Remember that you will be living on a fixed pension after retirement. Therefore, it is important to develop good financial habits early on in order to enjoy a fulfilling and stress-free retirement.