How Older Workers Fight the High Cost of Living

The Great Inflation of 2022 looks like it will continue well into 2023. Rising prices can be pretty scary for working adults who are past middle age and beginning to think seriously about retirement. The cost of everything is going up, including houses, cars, groceries, utilities, clothing, gasoline, medicine, and more. That's how inflation works. Its tentacles grab onto all the things people need to conduct their daily lives. Fortunately, there are tactics for offsetting many of the pernicious effects of across-the-board price hikes.

For those who are past the age of 50, it makes good sense to generate additional income on a regular basis. But what are the options for those who don't want to work outside their homes? After a career at a 9-to-5 job that requires a daily commute, it's smart to focus on earning extra money from the comfort of your home. In the digital age, there are several potentially profitable ways to do that. The ideal choice for many workers is to open an online brokerage account and earn money by trading part-time.

Other areas in which busy people nearing retirement find employment include remote customer service, doing fee-based genealogy research, blogging, business consulting, and affiliate marketing. All offer the chance to earn a decent side income as well as flexible hours and no commuting. Here are the pertinent details about some of the top ways to build a second source of income when retirement is on the horizon.

​Online Customer Service

One of the fastest-growing categories for part-time and second jobs is computer based customer service. Many corporations prefer to hire older, reliable workers to fill these jobs. Pay is reasonable, but after six months or a year, loyal workers can earn substantial raises. Depending on the company, hours range from fully flexible to more typical 20-hour-per-week positions. Plus, late night and weekend work typically pays a higher starting wage. In most cases, companies offer paid training programs that run from one to five weeks long.

Online Trading

With as little as $100, it's possible to open an online trading account with a broker. The first step is to find a brokerage firm that caters to inexperienced investors, has a user-friendly platform, and charges minimal commissions and fees. It's also smart to work with a company that lets you trade forex pairs, equity/bond/index CFDs, commodities, options, and other asset classes that interest you. Be sure to practice on a demo account to sharpen your skills before putting real money at risk. Some newcomers to the field use highly rated firms like Friedberg Direct powered by AvaTrade so they can gain access to a wide variety of assets, low fees, and around-the-clock customer support. Expect to spend at least two weeks in the demo account, acquiring essential knowledge of how to place and monitor trades.

Blogging

While bloggers can spend up to a year building a readership and earning advertising income, the work is totally flexible as long as you consistently post fresh material at least several times per week. The key to developing a profitable blog is to write about a subject you know or are very interested in. Content creation is the biggest part of the effort after the one-time task of setting up an attractive website. Except for a modest advertising expense, blogging is a very low-cost business to start. Start by choosing about ten subjects that interest you. See what kinds of blogs already exist, which are the most popular, and what segments are not too competitive. The blogosphere is a busy place full of content on every imaginable subject. Try to find a unique angle to a topic that you feel you could write about week after week. After acquiring several hundred regular readers, begin searching for companies who are willing to pay for advertising space.

Genealogy Research

​As the population ages, more people are becoming interested in high-quality genealogy research. Plus, large numbers of consumers are willing to pay to have trained researchers find out who their ancestors are, where they lived, and what they did. It's easy to gain expertise in this high-demand field by taking a certification course online, creating a commercial website, and then selling your services as a genealogy expert. To maximize your chances for success and bring in regular income, consider investing in advertising. Additionally, spend time building a following by writing about genealogy as a guest blogger on other people's websites. Digging through official and unofficial records of births, deaths, deeds, and business operations can be an interesting and fun way to earn some extra cash on a regular basis.