Friday, March 21, 2008
Every so often I mention my belief that successful retirement will require resourcefulness, be it multiple streams of income, a post retirement career or something else.
Here is an idea that requires only a moderate ability to think outside the lines; being a caretaker (caring for a house/property not a person) of some sort but maybe at a place smaller than The Breakers in Newport, RI (I went there on a field trip in 11th grade).
I actually know two married couples who have done this in one capacity or another and my wife just found out about an opportunity near where we live (we are not going to be the caretakers) for something similar.
The two I knew about previously had different durations but the shorter of the two was several years and the one Joellyn just heard about has visibility to last for 10-15 years for anyone so inclined.
This sort of stint can relieve a lot of pressure on your finances--not having to pay for housing, utilities and a car or insurance obviously lifts a lot of the burden off of whatever your sources of income would be. If you own a house you might be able to rent it out to cover the mortgage or if the house is paid for then renting it out would just put more in your pocket. You could also sell the house and buy something else when the caretaker gig ends but that does entail some risk.
That I know of a couple of people that have done this and am aware of another opportunity arising makes me think it may not be as uncommon as it might seem.
"Retire" at 60 and caretake until 68 might be a good way to transition and would help your portfolio.
I write about things like this (or the backhoe-ing neighbor) not because this is what you should do but hopefully it gets you to think creatively. The need to be resourceful will touch a large percentage of Americans and while no idea I have ever written about before may fit your circumstance there is probably something that does and would be a good contribution to the discussion.