They’re calling it the Great Unretirement. Millions of people who retired in the last decade, and particularly since COVID, are seeking to return to work in the interest of gaining a little more financial security as well as other benefits like connecting with a community and creating a sense of purpose. Fortunately, since the pandemic normalized working from home, there are a lot more remote jobs on the market.
This is important because the AARP noted recently that the opportunity to work from home makes a big difference in retirees’ decision to return to the workplace. Those who previously held jobs where remote work is common may find it easiest to secure jobs post retirement, but there are also options for retirees who didn’t have computer-based jobs. With thorough research and a careful eye, the opportunities are abundant, especially in these key industries.
Related: IRA vs. 401(k): Which is better for you?
Education
These days continuous learning, upskilling, and reskilling are absolutely essential to success. As a means to support this need, the online learning industry is booming. It is expected to reach nearly $460 billion
by 2026. Courses are exploding, covering everything from cooking to meditation, to data science, to creative writing. As a retired senior, you have a lifetime of expertise that you could use to help others grow their skills and help you grow your bank account.
1. Instructor
Almost anything you’ve mastered can be turned into an online course: woodworking, flying drones, even traveling on the cheap. Whether it’s a hobby or a profession, you might be able to convert it to profit in an online course that students can purchase. Sites like Teachable and Coursera allow would-be teachers to set up an account and create courses that could provide passive income for years.
2. Consultant
While returning to work is one way to invest in your later years, returning to your field of expertise may net you more money than taking a role that you haven’t yet developed the skills for. If you happen to have years of experience in a field such as business or design, taking on clients as a consultant can be a great way to share your expertise at a premium. Sites like LinkedIn and Indeed can also help, allowing you to search for job opportunities by location, contract status & experience level.
3. Tutor
If you have the skills to teach but don’t want to do all the back-end work of creating and selling a course, look for jobs tutoring online. Tutors are hired not only by U.S. schools and companies but also by international ones making it highly flexible and potentially highly lucrative.
4. International English Teacher
The more interconnected the world becomes, the more important it is for people around the world to be able to speak a common language. If you are a native English speaker, or if you speak English really well, you may qualify to teach English to students around the world. For this role, you’ll likely need to get a certificate, but once you are qualified, you can apply for jobs teaching online or even set up your own business.
Customer Service
Another effect of the pandemic is that the world got used to doing its business online, which means that there is a need for people who can support customers online. People often think of customer support jobs as dealing with angry customers. But the reality is that a lot of customer support agents find their jobs very rewarding because they’re solving people’s problems.
5. Customer Support Agent
Customer support agents work with customers on the phone, through a chat function, on social media, or even through email and generally help customers with things like making returns, processing exchanges and billing problems. Agents must have good communication skills, empathy, solid problem-solving skills, and enough technical aptitude to use the company’s customer support system. Other than that, they generally just need a computer and a headset.
6. Technical Support Agent
Technical support is similar to customer support except you will be solving customers’ technical issues. For example, the customer doesn’t know how to change their billing address on an app they use, or they can’t figure out how to use the software they bought. You will need some technical know-how, but often companies train employees and provide a knowledge base for them to use to help resolve customer problems.
7. Travel Agent
For a while, the business of booking people’s travel seemed to have been taken over by sites like Google. But there are still businesses, such as travel companies that work with corporate clients, and medical centers that need to book travel for patients, who hire and train individuals to manage travel booking. Being organized and having good customer service skills is important in this position, and having experience with the type of organization you’re working for can probably help, too.
Administration
Administrative jobs may be some of the best options for seniors working at home. Often these jobs require little experience, but the fact that you’ve been managing your finances, taking care of your own errands and tasks, and otherwise doing the administrative jobs required for life in the 21st century means you’re equipped for these jobs. And if you’re doing them in a specific field where you have expertise, the earnings potential increases.
8. Virtual Assistant
A virtual assistant tackles all kinds of tasks, from setting appointments to, writing emails, to updating clients’ social media accounts. Virtual assistant jobs are great part time gigs for seniors at home because they only require the skills you already use to manage your own life. If you’re particularly good at management, you can snag lucrative clients and really see your retirement earnings soar.
9. Bookkeeper
Obviously, such a responsible role requires experience. But with an accounting or business management background you can help small business clients who don’t have the budget for a full-time bookkeeper or a big accounting firm. This could include local restaurants, small shops, or individual medical practitioners.
10. Tax Preparer
Tax preparers work for firms like H&R Block, who train them before tax season, or independently, serving clients. A lot of tax preparation is formulaic, but to serve clients well, it is key to be familiar with all the rules that change from year to year.
11. Data Entry Specialist
If you can type quickly and have an eye for detail, data entry may be for you. You can generally land a data entry role without any experience, but if you go for a position in a field where you have expertise — say law, medical records, insurance or consumer packaged goods, the pay is likely to be higher.
Spotting a Scam
As with all things online, there’s always a possibility that something may not be quite what it seems, and that includes online job postings. Remote working opportunities are especially susceptible to fraud because everything is often conducted digitally with no human interaction. As you look for remote opportunities, be cautious of listings that seem too good to be true. Offering a generous amount of money for very little work, or requiring payment before work can begin are red flags. Investigating opportunities thoroughly can help you prevent becoming a victim.
The Takeaway
Opportunities for seniors and retirees to beef up their savings and retirement investments through remote online work are more abundant and varied than ever before. It may be necessary to spend some time searching to best match your interests and skills to the income you want to make and the hours you’re willing to work. And again, it’s important to use discretion when pursuing opportunities to avoid falling victim to a scam.
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What happens to your personal loans when you die?
What happens to personal loans when the borrower dies? This answer may not be as straightforward as you might think.
Here’s some context. In this post, the term “personal loans” goes beyond the type of installment loan known as a “personal loan” and encompasses loans taken out by a person or people rather than by businesses. It is a complex subject with laws varying by state.
According to the Federal Trade Commission, debts do not in general go away because the debt holder has died. Typically, the debts are paid from the estate of the deceased person.
An estate includes the person’s real estate, cash, financial investments, vehicles and other assets. If there isn’t enough money in the estate, the debts often go unpaid although there are exceptions where someone else is personally responsible for the debt.
Related: Can you use your spouse’s income for a personal loan?
Ridofranz
If someone has a will, it should list an executor. The executor is responsible for paying the deceased person’s debts out of the assets in their estate among other duties. If there isn’t a will, the court may appoint someone as executor or state law may contain a process in which someone becomes responsible for debt settling.
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State laws vary on how debt payments must be prioritized. Most commonly, funeral expenses are first, followed by estate administration costs and then taxes and medical bills. It’s important to seek guidance about state laws where the deceased person lived.
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In community property states, a spouse may be personally responsible for outstanding debts and, in some states, other laws exist that make a spouse responsible for certain types of debts, such as healthcare expenses.
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People who can inherit debt include the following.
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If you cosigned for someone’s debt and that person dies, you are typically responsible for that debt. This is not usually the case if you’re an authorized user on an account, such as a credit card.
If a debt collector tells you that you were a cosigner, but you believe that you were an authorized user only, the Consumer Financial Protection Bureau notes that you can ask the debt collector for evidence.
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The situation for jointly held debt owners is similar to that for cosigners. If you were on a joint account with someone who passed away, you remain an account holder and will likely be responsible for debt payments.
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If you were in a position where you were legally responsible for handling the debt, such as an estate’s executor and you didn’t follow proper procedures, you might find yourself legally obligated to pay the debt.
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As noted, spouses living in community property states may be required to pay off a deceased spouse’s debts through commonly held assets. Community property states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin—and Alaska, if spouses chose this method of property owning.
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The type of debt can play a role in how it’s handled. Loan types include the following.
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Cosigners and joint credit card holders will almost certainly be held responsible for credit card debt. If the deceased person had an individual account, then it would largely depend upon whether they lived in a community property state or not.
In a community property state, credit card debt is considered to be jointly held. In common law property states, the debt shouldn’t typically pass on to someone else.
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First, some context: Mortgages typically have a due on sale clause that means the loan must be paid in full before ownership can change hands; this isn’t applicable, though, if it’s transferred to an heir after a borrower’s death. (As with other kinds of debt, cosigners and co-borrowers would still owe the debt.)
If someone else inherits the house and is not a cosigner or co-borrower, then federal law allows the beneficiary to take over the mortgage—and the mortgage servicer must allow that, even if the person would not typically qualify for that mortgage loan.
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If someone inherits a home where there is a balance on a home equity loan, that debt is typically inherited, as well. If multiple heirs each inherit a share of the home, the situation becomes more complicated and you may want to get legal advice, especially if there is disagreement among heirs about how to proceed.
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In general, the deceased’s estate will pay for medical bills with exceptions, including when there is a cosigner or it’s a community property state. More than half of the states also have something called filial responsibility laws. This means that adult children can be held responsible for supporting their parents who can’t afford to support themselves. This law is rarely enforced but is worth noting.
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Car loans should generally be paid off by the estate. If there aren’t enough funds (and there’s no co-signer and it’s outside of a community property state), then the person inheriting the vehicle can make payments. If that doesn’t happen, then the lender may repossess the vehicle, sell it, and return any excess funds over the outstanding loan amount to the estate.
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Federal student loans will be discharged (considered paid in full) on the date of the borrower’s death. This applies to federal loans taken out by the student as well as parent PLUS loans taken out by a student’s parent.
Private lenders, however, are not legally required to cancel student loans upon death, so the executor should check the agreement to see what terms and conditions are.
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Personal loans also pass onto the estate where they can be paid through the deceased person’s assets. Cosigners/co-borrowers/spouses in a community property state can still be liable for that debt. (Here’s more information about what a personal loan is and the different types of personal loans.)
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In this section, we’re once again using the term “personal loans” to mean a non-business debt, which may or may not be a personal loan as the phrase is typically used.
If the debt is on record, meaning that there is a contract involved, the borrower would typically still owe the money. It would become an asset in the deceased person’s estate and there could still be consequences for the borrower if the debt is not paid.
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You can ask to see a copy of the contract, which would allow you to see the specifics of a loan agreement.
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If a transfer of money occurs with the expectation of repayment, that is considered a loan that should be paid back. If there is a question about whether something was intended as a loan or as a gift, from a legal standpoint, there should be evidence that can be presented to show that it was a loan. If there isn’t enough evidence, the court will often consider it a gift.
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Why get a personal loan? There are plenty of reasons to apply for a personal loan, including to pay legal expenses associated with estate planning. These loans can be unsecured or secured (collateralized loans). If it’s the latter, here’s what can be used as collateral for a personal loan. These installment loans come with a specified interest rate and term with payments calculated so that you pay it off in full during the loan’s term. If you find that you didn’t need as long of a term, here’s information about paying personal loans early.
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In general, when a borrower dies, the situation is handled through the person’s estate, with cosigners, co-borrowers and spouses in community property states having responsibility for most kinds of debts. When a lender dies, the borrower typically still owes the money. Individual situations can become quite complex, so it makes sense to reach out for legal help
.
You can compare rates for personal loans at Lantern by SoFi.
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This article
originally appeared on LanternCredit.comand was
syndicated by MediaFeed.org.
The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Lantern by SoFi:
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Personal Loan:
SoFi Lending Corp. (“SoFi”) operates this Personal Loan product in cooperation with Even Financial Corp. (“Even”). If you submit a loan inquiry, SoFi will deliver your information to Even, and Even will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lenders/partners receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Even, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Even’s Licenses and Disclosures, Terms of Service, and Privacy Policy.
Personal loan offers provided to customers on Lantern do not exceed 35.99% APR. An example of total amount paid on a personal loan of $10,000 for a term of 36 months at a rate of 10% would be equivalent to $11,616.12 over the 36 month life of the loan.
Student Loan Refinance:
SoFi Lending Corp. (“SoFi”) operates this Student Loan Refinance product in cooperation with Even Financial Corp. (“Even”). If you submit a loan inquiry, SoFi will deliver your information to Even, and Even will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lender’s receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Even, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Even’s Licenses and Disclosures, Terms of Service, and Privacy Policy.
Student loan refinance loans offered through Lantern are private loans and do not have the debt forgiveness or repayment options that the federal loan program offers, or that may become available, including Income Based Repayment or Income Contingent Repayment or Pay as you Earn (PAYE).
Notice: Recent legislative changes have suspended all federal student loan payments and waived interest charges on federally held loans until 05/01/22. Please carefully consider these changes before refinancing federally held loans, as in doing so you will no longer qualify for these changes or other future benefits applicable to federally held loans.
Auto Loan Refinance:
Automobile refinancing loan information presented on this Lantern website is from Caribou. Auto loan refinance information presented on this Lantern site is indicative and subject to you fulfilling the lender’s requirements, including: you must meet the lender’s credit standards, the loan amount must be at least $10,000, and the vehicle is no more than 10 years old with odometer reading of no more than 125,000 miles. Loan rates and terms as presented on this Lantern site are subject to change when you reach the lender and may depend on your creditworthiness. Additional terms and conditions may apply and all terms may vary by your state of residence.
Secured Lending Disclosure:
Terms, conditions, state restrictions, and minimum loan amounts apply. Before you apply for a secured loan, we encourage you to carefully consider whether this loan type is the right choice for you. If you can’t make your payments on a secured personal loan, you could end up losing the assets you provided for collateral. Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on the ability to meet underwriting requirements (including, but not limited to, a responsible credit history, sufficient income after monthly expenses, and availability of collateral) that will vary by lender.
Life Insurance:
Information about insurance is provided on Lantern by SoFi Life Insurance Agency, LLC. Click here to view our licenses.
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