According to recent census data, almost two-thirds of Canadians are saving for retirement and are busy contributing to registered retirement savings plans (RRSPs) and tax-free savings accounts (TFSAs). 65.2 percent of households are engaged in saving for retirement, which is a robust figure when compared with the national household savings rate that recently fell to 4.6 percent. [Read more…]

If you’re looking for a way to save more money, pay off debt faster, make important financial life decisions, or start out in the world of investing for your future, you’ll have to find a way to either spend less or earn more. For many people in this situation, the household budget has already been cut down to the bone, so additional income has to pick up the slack.

Unfortunately, increasing your income often isn’t as simple as walking up to your boss and asking for a raise. For whatever reason, many people have reached the salary ceiling of their career, beyond which they can’t reasonably expect to pass. This can be frustrating and deeply discouraging, especially when one starts thinking about the events that brought about this circumstance. On the other hand, some people find freedom in novel second income opportunities that exist in greater number and variety than at any other point in history.

For people who have a home computer or other internet-connected device (and these days, who doesn’t?), spread betting can be an awesome way to generate that extra income. Beginning users will have to learn how the system works, as well as develop a familiarity with the economic and cultural factors which cause financial products to change in price. But with practice, reliable earnings can be had, enough to supplement income in many important ways. We’ll describe what spread betting is, how it works, and how the resulting returns can change your financial situation.

Spread Betting

Spread betting has been around for a long time, but it’s with the internet that it has really blossomed. In spread betting, an investor will consider many different stocks, bonds, indices, currencies, commodities, etc. on a site like ETX Capital. The investor will often choose one with which they are most familiar, but any can be picked.

Next, the user will decide on a time period to watch the price of the stock (or whatever else). If the user feels sure that the price will have changed a certain way (either the price rises or falls) when that time period has elapsed, the user will make a spread betting contract to that effect. The contract will expire at the end of the chosen time, and the user will deposit funds (user’s choice of amount) into the contract in order to be able to receive returns if the price action goes according to plan.

The user waits for the time to expire, then checks to see where the price was at the specific moment in time when the contract ran out. If at that instant the price was where the user anticipated (either above or below the starting price), the user will get returns based on how much the price actually moved in the chosen direction, and how much was initially invested into the contract. If things don’t go according to plan and the price action moves in the opposite direction, the user will lose the funds deposited.

It might seem like spread betting is as unreliable as flipping a coin for predicting the future, but this isn’t the case for skilled users. Experience teaches spread bettors a great deal about the stocks that they bet upon. With time, they’re able to look at real world information and predict how the price action is going to change with some accuracy. At this level, spread betting moves from hobby to a legitimate source of second income.

If you’re interested in seeing if you can use spread betting to make extra money, try out a free demo account where you’ll have all the functionality of a real spread betting account, but without the possibility of losing (or gaining) money. Good luck!

There are a lot of different reasons people may decide to go back to work after retirement. It could be because they didn’t save enough. Or it could be that their financial situation changed. Perhaps it’s due to sheer boredom.

No matter what the reason, though, many people do find they must return to the workforce even though they have already retired. If you are one of them, here is how to go back to work after retirement.

1. Accept It

If you retired but need to go back to work for whatever reason, you may be feeling robbed. You may have thought you would be able to relax and enjoy life now that you are getting older but find you must go back to the grind of employment instead.

Older workers who re-enter the workforce can feel depressed, frustrated, angry and, as if that is not enough already, discriminated against due to their age.

But accepting what must be and looking at it from a positive angle helps. For instance, consider entering a line of work you always wanted to do but never pursued in the past. Don’t just look for a job, but a career that you are passionate about and will make you happy.

2. Get Inspired

Being a retired worker can leave you feeling insignificant and unmotivated. However, you should keep in mind that going back to work now that you are older allows you to keep your mind and skills sharp and your body active.

To combat feelings of being unappreciated, look for a meaningful job that allows you to contribute in a way that makes you feel good about coming out of retirement. Look for work that plays to your strengths or helps you feel inspired about getting up and going to a job each day.

Changing how you feel about going back to work allows you to be open to what could be a new and exciting career.

3. Update Your Image

These days, just updating your resume is not enough when you go back to work after retirement. You must also keep your skills up to date, create an online presence and maybe even a personal brand.

To do this you should polish your resume which may mean having an expert rework it to make it more modern. Furthermore, you could utilize a professional networking site to help you connect with other business people and expand your options.

Your personal image is also important. Dress modern and in current styles. Get physically fit and take care of your appearance. All of these things can help you appear more desirable to potential employers.

4. Begin Your Job Search

Did you know that older workers are often actually more productive than younger ones? Although some employers do tend to hire younger workers, this is not the case will all of them. There are some vocations where having more experience is helpful and employers will appreciate your knowledge, age, and skill set.

Other areas you may excel in and should showcase to potential employers are leadership skills, management, organization, writing skills, and problem-solving. Believe it or not, it can actually be an asset for you to understand both old and new technology when you are an older worker in a tech job.

As an older worker, you must sell these strengths and abilities when you are applying and interviewing for a potential job. Your talent and experience may just land you the job of your dreams as you go back to work after retirement.

5. Consider Your Options

Figuring out where you fit in as you consider re-employment is not always easy. But with age comes the experience and wisdom some employers may find desirable.

Customer service, retail, and elder care are a couple of areas where being an older worker can be an asset. A few other choices include working for a non-profit organization, substitute teaching, becoming a consultant, or running a rental business of your own.

If you are great at multitasking and handling interruptions, a busy medical office or other fast-paced occupation might be a good fit for you.

Depending on your skills and interests, there are lots of different jobs you could do well at as an older worker going back to work after retirement.

It is possible to go back to work after retirement and be happy and productive as well. Use some of these tips to help you re-enter the workforce and enjoy this stage in life to its fullest.

Have you left the workforce to retire and found the need to go back to work?

Jeanne is a married mother of 2 grown children who works a full-time job, has two side hustles, and also helps out occasionally on the farm she and her husband own together. Her background is finance and medical office management, and she hopes to help others improve their finances and change their futures.