Managing after retirement

Question: After 32 years of teaching, I am retiring at the end of this school year. We’ve been married for 23 years and have three boys. Our oldest son is a college sophomore, and our twins are 12. I’m looking for ways to make extra money after I retire. I could substitute teach but I’m ready to do something different. I live in a rural area of Arizona. I want to stay close to home to be here for my younger kids. What do you suggest?



Answer: Focusing on managing your home can save more money than going out and working part-time. By driving less, you can eliminate a car or reduce your insurance. You’ll have more time to cook from scratch and you’ll be less frazzled at the end of the day. Your income will be lower, so you’ll pay less in taxes. By planning ahead, you’ll spend less money. You’re already an expert at developing and implementing lesson plans — now you can become an expert at implementing a spending-and-savings plan. 

You could start a home-based business. But working from home requires you to become a sales person and business owner with discipline and a marketing mindset. Consider becoming a virtual assistant (do a Google search) or a proofreader or editor for a small magazine, Web site or publisher.

If you’re tenacious and willing to learn the ins and outs of medical billing, you could become a medical billing advocate. We recently interviewed Nora Johnson, the spokesperson for Medical Billing Advocates of America, and learned that this is a growth field. Consultants work from home and help others by contesting overcharges or erroneous bills from insurance companies and medical providers. The association provides ongoing training, support and referrals. For more information visit billadvocates.com.You can read more about Medical Billing Advocates by purchasing the May/June 2008 edition of the HomeEconomiser Newsletter here: homeeconomiser.com/BackIssueIndex.html.