3 Creative Ways Middle-Class Retirees Can Enjoy Their Golden Years on a Budget
Written by
Heather Altamirano
Edited by
Nicholas Morine
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Many Americans look forward to hanging up their briefcase in exchange for a carefree life of new adventures and spending more time with family. However, not everyone looks at retirement as a joyful time. According to a study from Paychex, one-in-six retirees are considering rejoining the workforce. With inflation and rising living expenses, 53% want to return to work for financial reasons — but a staggering 52% want a job to fight the boredom.
Loneliness during your golden years can be an issue for some, but there are low-cost and meaningful ways to spend your retirement on a budget.
Volunteer
“More than 6 out of 10 adults age 55 and older engage in some volunteer activity,” the Urban Institute reported. Giving back not only has several perks for seniors, but also brings a profound sense of fulfillment and purpose to their lives, some of which follow.
- Meeting new friends.
- Increased physical activity.
- Learning new skills.
- Beneficial for mental health.
- Free access to otherwise costly attractions such as the zoo, sporting events, or museums.
Start a Business
For retirees itching to work again, starting a business can boost income and provide a thrilling challenge. Plus, older entrepreneurs have a high success rate. “People age 55+ make up 21% of the U.S. population but own a disproportionately high 50.9% of U.S. small businesses,” according to a study from SCORE.
To get started, check out the U.S. Small Business Administration (SBA) website, which has many resources, including online courses and possible funding options. In addition, SCORE also partners with the SBA to provide free education programs and business mentoring.
Pick Up a Seasonal Job
Retirees have the flexibility that’s required for seasonal jobs, and many of them come with great perks. Some seasonal national parks offer government housing, and you can do various job tasks, such as mentoring interns and filling short-term project needs.
“Whether you have a background in budget, engineering, facilities management, administration, information technology, or many other fields, your experience is valued. We would love for you to apply to join our team,” the National Park Service website states. To find seasonal jobs with housing, Coolworks.com is a notable resource.
More From GOBankingRates
