Countries as diverse as Japan, Germany, and the United Kingdom have postal banks. Their citizens can pick up mail, send packages, and order postage at the post office. Plus, they can perform a whole range of basic financial tasks Americans can do only at a bank branch or ATM.
Americans today, that is. For more than 50 years in the 20th century, the United States had a limited postal banking system that accepted savings deposits and paid interest. The United States Postal Savings System was a lifeline for rural and low-income workers with limited access to the traditional banking system. At its peak in 1947, it held more than $3 billion in assets, or about $45 billion in today’s dollars — enough to crack the top 50 biggest banks in the United States.
The Postal Savings System stopped accepting deposits in 1967 and liquidated a few years later. Few nonhistorians remember it today. But as account fees rise and bank failures call the private banking system’s stability into question, public interest in postal banking is growing once more. Maybe its time has come again — or maybe its inherent limitations are too much for modern consumers.
What Is Postal Banking?
Postal banking means that the national postal service provides financial services through its existing network of post offices. Post offices effectively serve as bank branches that accept deposits, cash checks, change currency, and perform other basic financial transactions.
Postal banking is common throughout the world. It’s also quite popular. Some countries’ postal banks rank among their biggest homegrown financial institutions. Japan Post Bank and the Postal Savings Bank of China are among the 20 largest banks in the world.
Although their business models and service menus vary from place to place, postal banks generally focus on retail financial services rather than investment banking or high finance. But many nonetheless offer an expansive range of services. For example, Deutsche Postbank, Germany’s postal bank, is one of Germany’s biggest housing lenders.
Postal banks aren’t limited to providing banking services through post offices only. Like most private banks and credit unions, modern postal banks generally offer online and mobile banking. This helps them compete with private banks for customers who increasingly expect to be able to bank from anywhere with an Internet connection.
Postal banks can be wholly government-owned, partially government-owned, or wholly owned by private shareholders. Most are part-owned by the national government and part-owned by private shareholders.
Deutsche Postbank is a notable example of a postal bank where the national government has no ownership stake at all. However, its parent bank (Deutsche Bank) is a systemically important private bank that the German government considers too big to fail and has bailed out in the past.
History of Postal Banking in the United States
The United States never had a dominant postal bank like Japan and China do today. And since it only ever provided limited financial services that relied heavily on existing private banks, some argue that the United States Postal Savings System wasn’t a true postal bank.
What’s not up for debate is that between 1911 and 1967, most Americans could walk into their local post office branch and deposit or withdraw cash — with interest.
Origins of the United States Postal Savings System
For the first 140 years of American history, deposits in U.S. banks were protected only by the faith and credit of the banks themselves. Banking customers could (and often did) lose their life savings in bank failures, which is why bank runs were so common back then.
After a spate of bank failures now known as the Panic of 1907, political momentum built for a durable solution. Some advocated for a national deposit insurance system, while others argued for a national bank that leveraged the existing post office system. The debate largely broke down along partisan lines, and pro-postal bank Republicans’ victory in the 1908 election settled the question.
Congress authorized the U.S. Postal Savings System in 1910. The first branches opened the following year. From the start, those most likely to be impacted by bank failures or underserved by traditional banks — rural folks, low-income workers, and immigrants everywhere — were most likely to use the system.
Services & Limitations
Policymakers envisioned the U.S. Postal Savings System as a sort of safety net bank that wouldn’t have an unfair advantage over private banks, which were already a powerful political force. They set it up with some important limitations:
Limits on banking services. The U.S. Postal Savings System took deposits from the public but didn’t hold onto them and didn’t use them to fund loans. Instead, postal bank branches redeposited customers’ funds into private banks in the same state. This provided those private banks with critical liquidity but ensured the Postal Savings System would never be a full-service financial institution.
Limits on interest payments. By law, the Postal Savings System paid 2% interest on deposits. This was intentionally lower than the going rate for private banks (around 3.5%) in the early 1910s. A lower interest rate ensured the Postal Savings System wouldn’t undercut private banks. It also encouraged in-state private banks to take Postal Savings System deposits by allowing those banks to pay below-market rates on them. This seemed like a win-win at the time, but it caused problems later on.
Limits on deposits. Congress initially set the deposit limit at $500 per account, or about $14,000 in today’s dollars. The deposit limit increased to $2,500 per account in 1918 (about $48,000 today). That’s a lot of money, but not quite enough to make the post office a one-stop bank for wealthier people.
The system had some other, more technical limitations as well. One that turned out to be important later on was a ban on redepositing funds with savings and loan banks (S&Ls). At the time, S&Ls made most of the country’s mortgage loans, so this restriction prevented Postal Savings System deposits from flowing back into the housing market.
Growth During the Great Depression
Through the 1910s and 20s, the Postal Savings System remained a relatively small player in the U.S. financial system. As its creators envisioned, it was mostly a safety net bank for lower-income industrial workers, farmers, and immigrants with limited access to traditional financial institutions.
This changed during the Great Depression. Hundreds of S&Ls and many more small, independent banks failed between 1929 and 1934. Interest rates crashed as well. Seeking safe haven (and a now-competitive yield) for their money, many more Americans opened Postal Savings System accounts. Total system deposits swelled past $1 billion in 1930 dollars.
However, even as it grew, the Postal Savings System’s weaknesses began to show.
Once an incentive for participating private banks to take system deposits, the interest rate cap became a liability as interest rates crashed. Private banks began to refuse postal deposits.
But more money than ever was flowing into the system in search of higher yields. So its administrators began buying public bonds, which paid higher interest rates. Ironically, this starved struggling banks of the capital they needed to make loans and may have worsened the depression.
Decline & Closure
In 1933, Congress authorized the Federal Deposit Insurance Corporation (FDIC), the United States’ first national deposit insurance system. The FDIC guaranteed private bank deposits up to $2,500, then $5,000. Safety-wise, this put private banks on the same footing as the Postal Savings System and reduced the pressure on both systems.
Money continued to flow into the system amid lingering fears around bank safety and above-market interest rates on deposits. Total deposits didn’t peak until 1947. But by then, the seeds of the Postal Savings System’s decline were already sown:
Consumers eventually got comfortable with the FDIC, which prevented millions in banking losses during the 1930s and 40s
The federal government vastly expanded bond sales in the 1940s to fund the World War II effort, creating a safe alternative to high-yield savings accounts at the post office
Private banks stepped up lobbying efforts against the system in the 1940s and 50s
Private banks expanded coverage and services, strengthening their appeal relative to the Postal Savings System’s more limited menu
Privacy concerns grew around the system’s practice of fingerprinting depositors, despite assurances that it wouldn’t share fingerprint records with law enforcement
Deposits declined through the 1950s and 60s. By 1967, when it officially stopped taking deposits, the total system balance was just $50 million.
Recent Developments in U.S. Postal Banking
Even after the Postal Savings System shuttered, the United States Postal Service continued to issue and cash money orders. The USPS put out reports in 2014 and 2015 that envisioned how it might layer other financial services atop this foundation:
Payroll check cashing
Domestic and international money transfers
Bill payment services
Surcharge-free ATMs
The idea was to reduce low-income America’s reliance on predatory financial services providers, such as payday lenders and check-cashing shops, while reducing incidental banking and money transfer fees for everyone else.
The American Postal Workers Union strongly advocated for more post office-based financial services and got USPS management to agree to a small check-cashing pilot at a few locations in the eastern United States. But the poorly publicized pilot was a bust, and more substantive action would require an act of Congress.
In 2022, Congress took the first tentative step toward expanded postal financial services, if not quite a second U.S. postal bank. After removing a federal budget line item that would have expanded the USPS pilot, three Democratic senators introduced a standalone bill that went beyond the USPS’s recommendations. In addition to check-cashing, money transfer, bill payment, and ATM services, it authorized post offices to offer:
The bill didn’t even get a vote. Republican lawmakers were unified in opposition, and USPS management was lukewarm at best. Advocates can and probably will try again in the future, but it’s not clear the political will exists to make a modern U.S. postal banking system anytime soon.
Arguments for Postal Banking in the United States
Arguments in favor of establishing a new postal banking system in the United States focus on its potential to reduce the chronically underbanked population while providing a low-cost alternative to private banks for everyone else.
Straightforward, low-cost banking services. A U.S. postal bank would focus on providing basic banking services at low or no cost. Think free checking and savings accounts, fee-free ATMs, and maybe low-interest loans or lines of credit.
Real-world convenience. The USPS has nearly 20,000 post offices around the country. Many rural communities without physical bank branches (or much else in the way of physical retail) have their own post offices.
Alternative to predatory financial services providers. Payday lenders and check-cashing shops charge triple-digit interest rates for their services. But many users don’t realize this because they deal in relatively small amounts of money over short periods of time. A U.S. postal bank could reduce or eliminate low-income folks’ reliance on these predatory companies.
Builds on an existing foundation. It’s not like the USPS has no recent experience in financial services. Millions of people already use its money order services for transactions where cash, personal checks, or credit cards won’t do. Postal banking isn’t as radical a shift as you might think.
Arguments Against Postal Banking in the United States
Opponents of a U.S. postal banking system argue that it would cost billions to set up and scale a system that could have an unfair advantage over private banks and credit unions.
Could take years and cost a lot to set up. It might not be a radical change in direction for the USPS, but a modern U.S. postal bank would still take years to set up and cost hundreds of millions or even billions of dollars upfront. There’s also no guarantee it would ever turn a profit, especially if it focused on keeping account costs and loan interest rates low.
No modern history of U.S. postal banking. At this point, the USPS has no institutional memory of postal banking. Everyone who worked for the United States Postal Savings System is retired or dead. So the modern version would essentially start from scratch — not that it couldn’t poach employees from the private sector.
Could undercut private banking. This is certainly private banks’ big fear of postal banking: that it would be successful enough to take significant market share from them. Depending on your perspective, that could be a good thing, but private banks do have powerful friends in Washington.
Financial access is increasing without postal banking. Public access to basic financial services has increased in recent years thanks to rapid growth in online banking and mobile finance apps. Millions of American adults remain underbanked, but the problem is less dire than 15 years ago.
Final Word
For more than 50 years in the 20th century, the United States Postal Savings System provided ordinary Americans with a limited range of financial services. Though it never grew into a dominant bank or threatened the private banking system, it had billions in deposits at its peak and probably helped some customers avoid financial ruin in the days before deposit insurance.
But it’s fair to say that the Postal Savings System never lived up to its potential. The reasons are complex, but the system’s built-in limitations and weaknesses likely prevented the sort of success postal banks have seen in places like Japan and China.
Looking ahead, it’s unlikely we’ll see a new U.S. postal bank anytime soon. If and when we do, let’s hope its founders learn from their predecessors’ mistakes.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
The Federal Reserve already had some tough decisions to make at its meeting later this month and the May jobs report is not making things any easier. Job growth surprised economists yet again in May, with total nonfarm payroll employment rising by 339,000 jobs compared to April, according to data released Friday by the Bureau of Labor Statistics.
This increase is in line with the average monthly gain of 341,000 jobs over the past 12 months.
However, as more people entered the workforce in May, the unemployment rate ticked up to 3.7%, compared to 3.4% in April, with the total number of unemployed persons rising to 6.1 million. The unemployment rate has remained between 3.4% and 3.7% since March 2022.
“Even though the pace of layoffs has picked up, many businesses, particularly in transportation, healthcare, and hospitality, continue to have strong demand for workers,” Mike Fratantoni, the Mortgage Bankers Association’s chief economist, said in a statement. “Data earlier this week showed that job openings in April increased to over 10 million postings once again.”
The lion’s share of the job growth in April came from gains in the professional and business services sector (up 64,000 jobs), the leisure and hospitality sector (up 48,000 jobs), the government sector (up 56,000 jobs), and the health care sector (up 52,000 jobs).
The construction sector also saw job gains in May, adding 25,000 positions, thanks to a large uptick in heavy and civil engineering construction, which added 10,700 jobs. Residential building construction added 2,400 jobs during the month. Over the past 12 months, the construction sector has added an average of 17,000 jobs per month.
“The Federal Reserve’s monetary tightening has negatively impacted the housing industry, a very interest-rate sensitive sector, but the construction labor market has not experienced a sharp decline,” Ksenia Potapov, a First American economist, said in a statement. “The continued strength is partially due to the years-long struggle that builders have had attracting and retaining skilled construction workers, making them less likely to part with skilled workers, even in a weaker housing market.”
The real estate and rental and leasing sector also added jobs in May, with employment rising by 2,800 jobs. The gains were split fairly evenly, with real estate adding 1,200 and rental and leasing adding 1,500 jobs.
In February 2020, a combined 300,000 were employed in “real estate credit” and as mortgage and non-mortgage loan brokers. As of April 2023, there were roughly 342,100 people in those jobs, up slightly from the 340,800 in March, thanks to a slight in the number of mortgage and non-mortgage loan brokers employed. With the housing market remaining at a much cooler level than last year, there is still the potential for further cuts in these sectors.
But while the number of employed persons rose in May, wage growth held steady for the month prior at a 4.3% year-over-year increase, further complicating things for the Fed.
The Wall Street Journal, citing sources, reported Thursday that the Fed is increasingly likey to pause rate hikes at its June meeting. But that was before the jobs report came out.
“The Federal Reserve may be hoping for a soft landing, but its main priority is bringing down inflation. If the Fed perceives the economy to be too hot, it’s likely to push on the monetary tightening pedal,” Potapov said. “The Fed remains data dependent and April’s FOMC statement did not explicitly state—only hinted—that the Fed would pause rate hikes. The above-expectation job gains in May increases the likelihood that more rate hikes are ahead.”
Industry experts predict that this uncertainty will lead to mortgage rates remaining around their current level.
“For now, mortgage rates, which have already hit an eight-month high last month, will likely stay elevated and continue to constrain housing market activity this summer,” Lisa Sturtevant, the chief economist at Bright MLS, said in a statement. “Home prices will continue to soften though prospective buyers should not expect to see sellers slashing prices, as the inventory of homes for sale remains tight.”
David Walker is well aware that large language models such as ChatGPT, which was trained on the entire internet, can hallucinate. They can even make up historical events that never happened.
“They can tell lies, they can make up information,” said Walker, who is chief technology officer of Westpac, in an interview. “They’re incredibly powerful.”
The bank, which is based in Sydney and has more than 12 million customers, can’t afford to let a public version of ChatGPT make up or hallucinate answers for customers or employees who use a virtual assistant. GPT (generative pre-trained transformer) models are artificial neural networks that are pre-trained on large data sets of unlabelled text, and able to generate humanlike content.
But Walker does want to give employees and customers the ChatGPT experience of humanlike answers to their questions — if it can be done safely, with assurance the answers are accurate.
The bank is working with Kasisto to test its Kai-GPT, a large language model trained only on conversations and data in the banking industry.
“Hallucination in public AI models is unavoidable and can get pretty bad,” said Zor Gorelov, CEO of Kasisto, in an interview. This is why banking GPTs need accuracy, transparency, trust and customizability, he said.
This is also why banks like Westpac will focus on internal use cases for generative AI — giving it to front-line bankers, contact center agents and mortgage workers, Gorelov said. Westpac will train Kai-GPT on its proprietary content, and thereby dramatically reduce the risk that the system will hallucinate, Gorelov said.
Walker hopes to provide more complete and more conversational help to customers and staff, for instance, in the mortgage lending process.
“When people apply for a home loan, they have to fill in lots of forms,” Walker said. “We need to know who you are, we need to know all kinds of things about you. This is going to aid us in checking the quality of information coming in, so it’s going to stop us having to go backwards and forwards to our customers. It’s going to streamline the process. It’s going to help our customers, it’s going to help our lending staff, and it’s going to make things much more straight through and seamless.”
Other banks are likely to do similar experimentation over the next two years, according to Peter Wannemacher, principal analyst, digital banking at Forrester.
“Specialist tools built on top of a large language model will be launched by vendors, traditional financial institutions and fintechs,” Wannemacher said. “Most traditional financial institutions will start by focusing on employee-facing generative tools, rather than exposing a chatbot built on top of a large language model directly to the end user.”
But he also thinks banks will proceed with caution.
“Large language models have suddenly become both better and widely utilized, but they still fail spectacularly and can even generate totally wrong, even fraudulent outputs,” Wannemacher said. “Money is a highly sensitive area of people’s lives, and traditional banks will rightly resist launching anything customer-facing until they have a much better sense of what can go wrong and how to address it.”
To prevent Kai-GPT from answering a question based on information from another bank that doesn’t pertain to Westpac, Walker is using what he calls layering. One layer of the model is trained on data and conversations from many banks. Another layer is trained on information specific to Westpac, such as its policy documents, forms and websites and recordings of conversations in the bank’s contact centers.
“As it formulates an answer, to work out the intent of the question, it will draw on that industry layer,” Walker said. “It’s got the knowledge of all those conversations from all those banks and it’ll be smarter because of that. But it’ll draw even deeper down into the Westpac-specific model when you’re talking about terms of a home loan or a deposit interest rate. Those layers work together to formulate these really rich, wonderful answers, but in an accurate and concise way.”
Using as much data as possible gives a richness and precision to answers, Walker said: “It’s still a matter of identifying what you want to train on and what knowledge you need the GPT engine to understand.”
The bank is moving slowly for now to ensure the new technology fits within its responsible AI policy and “how we think ethically about protecting our staff and our customers,” Walker said. “We want to make sure that we don’t run ahead too fast and throw something out there that could do harm. We have the principle ‘do no harm.’ It’s sort of fundamental.”
The first go-live of Kai-GPT at Westpac will be in mortgage operations. Over the next few months, the bank will workshop the use of the technology in the loan application process to help borrowers know what forms they should use and what information the bank needs to receive, which should help speed up the process for the bank.
Once Walker’s team feels confident about Kai-GPT’s ability to help employees and customers and do no harm, he thinks he’ll be able to quickly deploy it to other areas of the bank.
The key advantage of a large language model over earlier generations of chatbots in use at Westpac is the richness of the answers it can provide, Walker said.
“It provides an answer in a way that’s more like a human talking to a human, so customers or employees feel like they’re getting the information they need rather than just sharp one-liners,” he said. “We think this is quite a game changer when it comes to this next generation of working with artificial intelligence.”
Westpac already uses Kasisto’s Kai software as an orchestrator of other chatbots the bank uses in areas like service management, human resources and risk management. If an employee can’t remember which bot to go to for information, he or she can go to the orchestrator and get routed to the right chatbot.
“We thought that that was a very powerful way to handle conversation and we’ve found that really useful,” Walker said. “It’s a one-stop-shop entry point.”
Kai-GPT was trained on Kasisto’s own data, data from other banks Kasisto works with and information gleaned from financial websites, SEC filings and other sources.
“Our goal is to create the best large language model in the world designed for banking and financial services and achieve what we call artificial financial intelligence,” Gorelov said. “We feel that our job is to help our customers of all sizes to have the highest performing large language model that is designed and built for banking that provides accurate responses and knows more about banking than most bankers do.”
Kai-GPT is transparent, Gorelov said, in terms of the data and methodology used for its training.
“It is trusted, because we’ve worked with banks over the past 10 years,” he said. “We know how precise they are, how demanding they are when it comes to personally identifiable information and proprietary content.”
The program is also customizable, so banks can inject their own content and make it work better on their own data sets.
The bigger the data set and the more questions a large language model is capable of answering, the more important and difficult to enforce guardrails become.
“The world went from prescriptive AI, where every intent, every response needed to be designed manually to generative AI, where you no longer need to anticipate every user’s question and retrain the model when something new comes up,” Gorelov said. “It’s a different world we live in and we’re quite excited about it. But guardrails and the AI protection, transparency, visibility of sources, those issues become more and more important.”
It’s getting tougher for house hunters to find a home to buy, particularly in large cities, as the housing industry faces a dearth of inventory.
The number of homes for sale in 2023 decreased in 21 of the 50 largest metropolitan areas compared to this time last year, according to a new report from Realtor.com. San Jose, California, saw the steepest decline, with 35% fewer homes listed for sale this year. Sacramento, California, ranked second highest, with a decline of 27%; followed by Hartford, Connecticut, where listings were down 26%.
Real estate agents in those cities told CBS MoneyWatch that in addition to inventory declines, elevated home prices and mortgage rates have changed the way buyers shop and quelled sellers’ eagerness to sell.
“In Sacramento, homes under $500,000 are moving very quickly because buyers in that price range don’t have a lot of options,” said David Orr, an agent for Redfin in Sacramento. “The inventory is really tight because sellers are hesitant to list their current home when they have such a low interest rate.”
according to Realtor.com.
While competition for houses is intense in California’s capital city, Orr said buyers are being cautious about their bids and asking sellers to help with closing costs or to pay for a lowered interest rate.
“I am seeing multiple offers, but it’s not like last year, when everyone was like ‘Hey I’m going to give you a first-born child along with this offer,'” he said “Now, people are making offers a bit above or below the asking price.”
Bidding wars are new norm
Braxton Warren, a real estate agent at Compass, said Sacramento homes are priced lower than nearby Seattle and San Francisco, which is also fueling hot competition there.
“House hunters have acknowledged the shortage of options but have come to accept the reality of the situation,” Warren told CBS MoneyWatch. “Homes are under a bidding war with 20-30 buyers all in line for the same home.”
Meanwhile, in Connecticut, the Hartford area “has witnessed a significant decrease in inventory, resulting in a transformative market shift,” said David Krasnoff, a realtor at Compass.
“Bidding wars have become the norm as every reasonably priced home brings in multiple offers, often exceeding the listing price,” Krasnoff said.
Other cities that saw year-over-year inventory declines are:
San Diego (26%)
Milwaukee (23%)
Cincinnati (23%)
San Francisco (20%)
Chicago (18%)
Washington, D.C. (16%)
Rochester, New York (13%)
Seattle (11%)
Providence, Rhode Island (11%)
New York City (10%)
Los Angeles (10%)
Baltimore (8%)
Philadelphia (6%)
Detroit (5%)
Boston (4%)
Virginia Beach, Virginia (2.5%)
Minneapolis (2%)
Riverside, California (1%)
Cleveland (.5%)
Cities where the number of homes for sale increased were mainly in the South, including Austin, Texas; Birmingham, Alabama; Jacksonville, Florida; Nashville; and San Antonio.
A nationwide lack of inventory has become a major headline in the housing market with homebuyers now facing a triple whammy of higher mortgage rates, elevated asking prices and few options from which to choose.
Inventory overall grew in May when compared to a year ago but the rate of growth has slowed over the past three months, according to Realtor.com. A shortage of skilled workers in the construction industry is partly to blame for the decline in new homes for sale, the National Association of Home Builders has said.
Despite higher prices, more than 4.2 million people bought houses in April, according to the National Association of Realtors.
“The good news for sellers is that buyers are still out there and this month’s slower growth in the active inventory of homes for sale indicates that shoppers are in the market and actively searching for homes that fit their needs and budget,” Danielle Hale, Realtor.com’s chief economist, said in a statement.
Khristopher J. Brooks
Khristopher J. Brooks is a reporter for CBS MoneyWatch covering business, consumer and financial stories that range from economic inequality and housing issues to bankruptcies and the business of sports.
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Inside: Many jobs are available in the early morning hours. This is an opportunity to make a bit of extra money before your 9-5 or when kids are at school with early morning jobs.
It’s a commonly held belief that working the early shift is not worth it. If you’re waking up at 4 am every day for work, your earnings will be drastically lower than if you worked a regular 8-hour day.
The idea of this article is to show why it could actually be worth waking up before sunrise and trying to earn more money by doing these “early” jobs in earnest.
For me, many of my jobs have always followed the non-traditional hours of a 9-5 job. Personally, that works great for me as it frees up my day for other things, pursuits, and kids.
The funniest part is I’m not a morning person by any stretch of the imagination! Yet, I make my money early in the day consistently.
So, if you are thinking, early morning jobs are not for me – wait until you actually give it a try.
In this article, you will find a list of jobs that are available for people who love working early hours as I do and want more money!
Hint, hint… It is the allure of making money that gets me motivated and out of bed!
How can I make money early in the morning?
There are a variety of early morning jobs that you can do in order to make some extra money.
You just need to find one that is a good fit for your lifestyle and personality. It’s important to pick an early morning job that you feel comfortable doing so that you don’t dread waking up early every day.
Additionally, many employers are willing to pay a premium for employees who are willing to work the early shift.
Making money early in the morning is easy if you put your mind to it.
How early is an early morning shift?
An early morning shift jobs start between 3 and 6 am and typically ends late morning or early afternoon.
This gives people the opportunity to work during the daytime and still have time for other activities in the evening.
Most start work at 5 am.
Why morning jobs are better?
Working the early shift has its perks.
For one, you’re done working by the afternoon and can run errands, schedule appointments, and socialize. Secondly, many employers are willing to pay a higher wage for employees who are willing to work during the morning hours.
Additionally, many people opt for an earlier start who want to avoid the rush hour traffic or those who have children they need to care for once the school day is over.
Plus some people work early morning hours because they want a flexible schedule, while others do it because they need the extra money. No matter your reason, there are plenty of opportunities to make money in the early hours of the day.
The 10 Best Early Morning Jobs
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The most common are shift work jobs, which require employees to work during hours that are not typically considered “normal” working hours. This can include the night shift, early morning shift, or swing shift.
There are many different types of early morning jobs. The most popular type is a full-time job, but there is also part-time, temporary, and freelance work available. Each type of job has its own advantages and disadvantages.
1. Warehouse Worker
Warehouse workers are responsible for ensuring that goods are unloaded from trucks, inspected for any damage or defects, and sorted and placed in the correct locations in warehouses or stores. They may also be responsible for preparing goods for shipment to customers.
Most of these positions are for early morning hours.
This can be a great opportunity for people who are looking for work and would prefer to work during the earlier hours of the day.
2. Barista
Barista is the term used to describe a person who performs coffee-related tasks, such as preparing and serving espresso drinks. Ideally, baristas serve beverages in establishments that offer coffee or other hot beverages.
Baristas are in high demand and typically have flexible hours. They can earn up to $15 per hour, depending on their level of experience.
Plus you have the flexibility of afternoons off after the morning rush.
3. Stock Trader
For those who want to work from their own home and have flexibility in their schedule, then you want to learn how to become a successful stock trader. Someone who buys and sells stocks to make income.
This is a highly lucrative side hustle for many people. In fact, how fast can you make money in stocks?
Personally, this is what I choose for my early morning job.
Stock Trading can be a full-time career opportunity if you have the ambition and patience to make it through the ups and downs.
Many people start trading with the hope of generating supplemental income, but it can become more than that with hard work and consistent effort.
Nowadays, the barrier of entry is very low to start trading stocks. However, you need to take the best online investing classes first.
4. Personal Trainer
Personal trainers typically offer their services at early morning hours, before most people go to work.
They help people achieve their fitness goals, whether it be weight loss, toning up, or building muscle. Personal trainers are responsible for creating workout routines and helping their clients stay on track.
Personal trainers are in high demand and the median salary is around $40,000 per year. If you have the time and availability, you can build a client base and the earning potential is endless.
5. Package Delivery
Another morning job hiring near me is package delivery drivers. These workers are responsible for the delivery of a shipment of goods from one place to another.
This position offers consistent and part-time morning hours. You will be responsible for package delivery in the area. Pay normally starts at $21 an hour plus.
6. Online Seller/Flipper
Side hustles are becoming more and more popular as people look for ways to make extra money.
One way to make some extra cash is by selling items online.
You could also get these items at local yardsales, estate sales, or donation stores and sell your items on Etsy, eBay, or Facebook Marketplace.
If this is something you are serious about, then check out Flea Market Flippers.
7. Freelancing
Freelancing is a great option for people who want to work on their own schedule. You can choose when you want to work and how much you want to work, which is great for people who want to get an early start on their day.
Freelancing can be a great way to utilize your skills and make some extra money on the side, but it’s important to keep in mind that freelancing is a business.
In fact, many people start freelancing as a side hustle in order to make some extra money but it may turn into a full-time career. In fact, according to recent studies, 1 in 3 Americans are now freelancing. This number is only going to grow in the years to come so don’t be afraid to start freelancing yourself. It may just lead to a more fulfilling career.
Learn how to earn money writing.
8. Baker
Bakers are often some of the first people to arrive at a bakery or shop. This is because many bakeries and shops open early in the morning.
Bakers are responsible for baking bread, pastries, and other items. They are required to have a fundamental understanding of baking as well as the ability to work in early morning shifts and afternoon shifts. They must also be able to handle flexible hours.
Bakers typically earn an hourly wage of around $14 an hour, but with experience and additional skills (like cake decoration), that number can go up to $20 an hour or more.
9. Online English Tutor
There are many opportunities for online English teachers to make money. One great opportunity is for early risers who want to work from home in the morning. There are many students looking for online classes at this time of day.
There are a number of companies that offer English teaching jobs to those who are certified in teaching English as a second language. The majority of these positions have you teaching students in China, Korea, or Taiwan. However, there are also opportunities to teach business professionals and executives in other countries.
If you’re looking for a way to make some extra money, becoming an English tutor for international students is a great option. You can typically expect to earn around $14-$22 per hour, depending on your experience and qualifications.
10. Flight Attendant
Flight attendants are responsible for the safety and comfort of passengers on an airplane. They must attend to passengers’ needs, provide information about flights, and ensure that all safety regulations are followed.
Flight attendants typically work long hours, often including overnight shifts, and earn an average salary of over $75,000 per year.
However, with more experience, they can make more money. Some ticket counters open as early as 4 am in order to prepare for morning departures.
Other Types of Early Morning Jobs
Those are not the only type of early morning jobs. There are plenty more morning jobs near me. You can find both part-time and full-time.
Here are more jobs to pursue.
1. Store Stocker
A store stocker is a person who stocks shelves in a grocery store. The stores they work at are typically open 24 hours and the job entails cleaning, restocking items that run out of stock, and making sure the shelves are neat.
This is typically an entry-level position in a grocery store or department store.
2. Childcare Related Jobs
Have you ever asked what are morning jobs hiring near me, then consider working with children. There are always plenty of open jobs to look after kids.
Here are some positional childcare related jobs:
Preschool teacher
Paraeducator
Substitute teacher
Daycare teacher
Nanny
Before and after-school programs
In all honestly, this can be one of the most rewarding morning jobs because kids will always make sure you laugh and smile.
3. Rideshare Driver
Yes, driving for Uber or Lyft can be a great way to make some extra money early in the morning. The hours are flexible and you can often make good money during those times.
The most popular route is heading to the airport.
Since many people book these types of rides in advance, you can earn a steady stream of income.
4. School Bus Driver
School bus drivers are responsible for transporting children to and from school. They ensure the safety of students on their bus as well as have a number of other responsibilities such as making sure all students are wearing their seatbelts and that the bus is clean.
Right now, we are facing a severe school bus driver shortage, which is affecting how children must get to school.
In many areas, you can find starting hourly wages for school bus drivers at $19 an hour.
5. Dog Walker
There are many ways to make money through Rover. You can provide pet care, pet sitting, dog walking, and more. You can also choose to offer services like delivery or house sitting. The options are endless!
This is one of the easiest ways to make money.
6. Truck Driver
A truck driver drives a semi-trailer truck loaded with freight. They drive the freight to its destination and unload it when they arrive.
For truck drivers who want to save money on fuel or have good mileage, the best time to drive is during the early morning hours. This is when there is less traffic and you can avoid rush hour.
Truck drivers can make a lot of money. In fact, they can earn up to $35 an hour. That’s a lot of money for early morning work.
Don’t want to drive? Then, become the middleman. Learn the exact freight broker salary.
7. Landscaper (Yard Work)
If you’re an early riser and you’re looking for a job that gets you outside, landscaping is a great option. It’s hard work, but it can be very rewarding.
It might be hard to get your services as there are already established landscapers in the area. If you don’t have a business, see if there is a business that needs lawn work done and if so, offer your services. You can also go door-to-door asking people if they need their yards done; just make sure you have a good sales pitch ready!
This seasonal job is great to do in the morning because it tends to be cooler and there’s more daylight. The pay usually ranges from $10 to $20 an hour, so it’s a good way to make some extra money.
8. Chef
Chefs are some of the most hard-working professionals in the culinary industry.
They often start their day at 4 am, preparing for the onslaught of orders and tasks that come with a busy kitchen.
While many chefs have formal training from culinary schools, there are also many ways to learn the trade. Some chefs start out as dishwashers and work their way up the ladder, while others may take online courses or watch cooking shows to learn new techniques.
The average salary for a chef is just over $50,000 a year.
9. Mail Carrier
Mail carrier and other postal worker jobs are excellent for early risers because there is a lot of work that goes on behind the scenes before delivering mail.
These types of jobs offer some excellent benefits that can be harder to find these days.
Mail carriers are nearly always employed by the United States Postal Service, but they can also be hired independently.
10. Factory Worker
Factory work can be a great option for people who are looking for full-time or part-time work. The hours are usually regular, and the job doesn’t require many if any formal qualifications. However, you may need some experience in the field and a high school diploma.
However, if you have practical skills such as forklift driving, you can earn more by picking up shifts in the mornings, nights, or weekends. The work is physically demanding so you’ll need to be in shape and stand or sit in one position all day long.
Working the early shift at a factory can be tough, but it also has its benefits. The pay can vary a great deal depending on the company, so it’s important to do your research. However, if you’re looking for work and don’t mind getting up early, then this might be the perfect opportunity for you.
11. Part-time Retail Employee – Early Morning
Part-time Retail employees working early morning shifts will be paid for their time. There are always companies looking to hire for early morning jobs.
These are great for stay-at-home moms. In fact, the employee discount can be a nice bonus for working there.
This is a perfect low stress job after retirement.
12. Gig Worker
Gig work is a term used for short-term, contract-based work. It can be a great way to have more control over your schedule and to make some extra money on the side. There are many different types of gig work available, so you’re sure to find something that suits your skills and interests.
Those who need to run errands or get an early start on their day may use gig work apps like Grubhub, Postmates, DoorDash, and Uber Eats. Additionally, you can increase your chances of getting gigs by downloading all the relevant apps and clicking on the one that seems to produce the best results.
13. Farm Worker
As you can imagine, farm work can be difficult, but if you’re someone who loves working outdoors and enjoys physical labor, then this may be a great career for you.
Farm workers are typically hired based on their qualifications and experience.
If you can offer the help local farmers need, you should be a great fit for the position. Farm work is often physical labor, so make sure you’re physically prepared for the job before applying.
14. Morning Radio DJ
Morning radio DJs reflect the lives of their listeners, who may be early risers or working professionals. The job involves playing music and talking about topics that are important to the listener in order to help them wake up and start the day.
The main goal of morning show DJs is to keep listeners tuned into their station while providing a fair amount of entertainment.
Starting out your career in radio can be a great way to get started in the industry. Many DJs start their careers at small community or college radio stations and then move on to bigger stations as they gain more experience. The morning time slot is from 6 AM to Noon, which is a great opportunity to reach a large audience.
15. Cleaner
There is a high demand for cleaning services and cleaners can earn up to $22 per hour, plus tips. Some of the highest earners are making over $1000 a week.
This is one type of service that is not going away and the barriers to entry are extremely low. The average cost a house cleaner charges are $50-90 for two hours of work.
16. Online Surveys
That’s the beauty of online surveys – you can do them at any time of the day that works for you.
You don’t need to focus too much on taking them, either; in most cases, you can do other things while completing the survey. This means that they’re a great way to make some extra money without having to put in a lot of effort.
The best surveys are normally released first thing in the morning and only available for a limited time. That’s why it’s important to do online surveys as soon as they’re available. This will give you the best chance of getting rewarded for your efforts.
Best Online Survey Companies:
Where to find morning jobs near me?
Some tips for finding early morning jobs include using job search engines, checking job boards, and networking with friends and family. It is also important to be prepared for the interview and to have a strong resume.
If you’re looking for a job that starts early in the morning, you’re in luck! There are many jobs available that start at 5 am, 6 am, 7 am or 8 am. You can find these jobs by searching online or by going to your local job center.
It’s never too early to start looking for a job.
In fact, many people start their job search well before they’re actually ready to start working. This is because it can take some time to find the right job for you. And remember, it’s important to keep learning and earning money so you can be happy!
The best way to find an early morning job is to search online.
What to do when you land an early morning job
So you’ve landed an early morning job. Congratulations! This can be a challenging but rewarding experience when you first start out.
Prepare what your days will look like with your early morning job.
If you are adding a second job, make sure you are fully rested to take on both jobs.
Tips for surviving the early shift
When you start your early morning job, the most important thing is to get a good night’s sleep.
In fact, most of the early birds actually follow the billionaire morning routine to get in their flow.
Here are a few tips to help make the most of it:
Get plenty of rest the night before. It’s important to be well-rested for those early morning shifts.
Arrive on time. Punctuality is key in any profession, especially so when working the early shift.
Stay focused and work hard. Those early hours can be tough, but it’s important to stay productive and get the job done right.
Take breaks as needed. It’s important to stay hydrated and quick breaks to recharge your batteries.
Enjoy your free time wisely. The evening hours are precious, so make sure to use them wisely and enjoy your time off responsibly.
What morning time jobs interest You?
Early morning jobs are a great opportunity for those looking to make a bit of extra money.
They are also a great way to get your foot in the door with a company you are interested in working for.
Plus you don’t have to debate is a business degree worth it as many of these jobs don’t require one. In fact, find low-stress jobs that pay well without a degree now.
In the post, we detailed plenty of early morning jobs. Since you are getting up earlier than most people prefer, make sure you pick an interest that can become a life-long career.
You want to be passionate about what you are doing early in the morning!
Especially because you don’t want to start only to say… “I don’t want to work anymore.”
Be sure to dress for success, be punctual, and be prepared to work hard and you will be sure to land an early morning job.
Know someone else that needs this, too? Then, please share!!
By Peter Anderson10 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited November 6, 2018.
A while back I wrote an article about 401k loans and taking early withdrawals from your retirement account. I talked about the penalties you could face, and explained why I think it’s a bad idea.
This week I was reading some economic news and came upon an article on Reuters.com that gives a startling statistic – that nearly a quarter of Fidelity’s 401(k) accounts have a loan against them.
A record number of U.S. workers are tapping into their retirement accounts to make it through the economic downturn, Fidelity Investments found in a survey released on Friday.
Among the 11 million workers whose 401(k) plans are run by Fidelity, 11 percent took out a loan from their plan during the 12 months ended June 30, the company said, up from 9 percent at the same point a year earlier.
By the end of the second quarter, plan participants with loans outstanding against their 401(k) accounts had reached 22 percent versus 20 percent a year earlier.
To me it’s crazy that of the 11 million 401(k) plans being run by Fidelity, almost 2.5 million of them have outstanding loans. Do all these people realize the penalties they could face if they lose their job and have to repay it immediately? Or is this just a sign that times are tough, and a continuing indicator that people aren’t planning ahead for emergencies, and are living in the now?
During the quarter, 2.2 pct of Fidelity’s active 401(k) participants took a hardship withdrawal, up from 2 percent a year earlier, and another peak, Fidelity said.
Often those withdrawals were used to prevent foreclosure on a home or pay college tuition.
“People have been looking to their 401(k) plans as a source of relief to help them meet financial hardships,” said Beth McHugh, a Fidelity vice president who oversees the area. “For many individuals that is their primary savings vehicle.”
Loans and withdrawals were highest among workers between 35 to 55 years old, Fidelity found, peak earnings years.
So more people are taking out loans and hardship withdrawals from their 401(k) than ever before.
Fidelity found signs of continued thrift in the workforce. The average percentage of salary saved in a 401(k) held steady at 8 percent, similar to the rate in the first quarter, while 32 percent saved 10 percent or more of their pay.
But the rising rates of loans and withdrawals show more people have turned to their savings to cover basic expenses, McHugh said. She added that second-quarter rates tend to be higher as parents look for ways to cover college tuition.
The good news is that they do see people continuing to save money in their 401(k), but in the end many of them are turning to their retirement accounts to cover even the basics – and many of them are actually taking 401k loans out to pay for their child’s education. I’d argue that this is a mistake. The child can always take out a loan, get scholarships or do other things to help pay for their own education. But short circuiting your retirement and possible gains by reducing your balance could hurt your later on – you can’t replace those gains and the compounding interest later on!
Why Taking Out A 401k Loan Is A Bad Idea
When taking out a 401k loan, usually you can borrow up to 50% of your vested account balance or $50,000, whichever is less. In most circumstances you have a maximum of five years to repay the loan, unless you are borrowing for a first home, which allows a longer payback.
I’ve written about it more than once on this site, but I think taking out 401k loans is usually a bad idea – only to be done in the worst of circumstances. Unfortunately too many people are using them to just pay off debt, buy a new car, or pay for other wants or needs, instead of taking out a loan with their local bank. Why not pay theirselves interest instead of the bank? There are quite a few good reasons why not.
You May Have To Repay Your 401k Loan Immediately If You Move Jobs Or Are Fired: One thing people don’t consider in this unsure environment is that they could lose their job and end up having to pay back their 401k loan immediately – when they can least afford to. Many plans offer a 60-90 day grace period to repay the loan, but is that really enough on a large loan of thousands of dollars?
Subject To Taxes And Penalties If Not Repaid In Time: If the loan isn’t repaid, there will be a 10% penalty, and federal and state taxes are taken out as well.
If Your Stocks Are Currently Down, You Short Circuit Possibility Of Regaining Stock Value: If you withdrew your money when the market was down, you won’t be able to regain those losses when the market goes back up.
For many people if they find themselves in a situation where they have to repay a loan, and they don’t have the money, they may be better off taking out a loan at a bank to repay the loan – and avoid those penalties and taxes. And because they have to take out a loan with most likely end up paying a higher interest rate.
So what do you think about the high rate of 401k loans, and early withdrawals? Do you think they represent a good opportunity to pay yourself interest, or are the risks associated with them too high? Would you take out a 401k loan to pay for your child’s education? Tell us your thoughts in the comments.
Over the weekend while attending my town’s Friday night football game, I struck up a conversation with an acquaintance of mine, and we started talking about the market. The fellow I was talking about was a believer in the market, and knew that the current crisis that we are in would eventually pass, and the market would continue to strive as it usually does. What he found most peculiar was with some of the sediments of his fellow co-workers, who were participating in the 401k. His co-worker’s belief was that with the market being as bad as they were, they were going to no longer defer to their 401k, and refrain from taking advantage of the pre-tax contributions into their retirement plan. They were giving up free money! He was stunned by his co-worker’s remarks, and as equally as I, and compared that to a conversation that I had, with some other workers from another local employer. It prompted me to write this blog in regards in to things you should not do when it comes to your 401k.
1. Do not stop contributing to your 401k no matter what.
Just because the markets are down does not mean you should not contribute. In fact if there was a time ever to contribute, this would be the time. The simplest reasons is that right now despite the market’s turmoils, currently the market is at a discount, and what that means is that there are a lot of great companies that exist out there, that are currently “on sale”. This is a time to buy stocks, at a cheap price in hopes to benefit from the appreciation in later years. This strategy can also be called dollar cost averaging, which means as long as you are contributing on a consistent or periodic basis, you’ll take advantage of buying shares at a lower price in down markets, and compare that to buying shares at a higher price in up markets, which should then all balance out for a dollar cost average.
If the market has you completely terrified, then consider changing all future contributions to short or intermediate bonds. At least that way you’re money is making a little interest while the market tries to figure itself out.
2. Do not put all of your 401k into the money market.
While I understand the disbelief in the markets right now to where you want to shift all of your money into the money market, by doing this would be a great mistake. If you believe that making money in the market is to buy low and sell high, then by shifting your money into the money market from your other investments, it would be the exact opposite; buying high and selling low. If you’ve seen your 401k depreciate in the last several months, the only way to get that back is by staying exactly where you’re at. Now, I understand for those nearing retirement, that this can be a compromising situation, but if you visit the rule of 72, meaning that you take 72 divided by the interest rate on your investments, and that will tell you how long it will take to double your money. That also, too, will give you an indicator how long it will take you to recoup the losses that you have incurred. By shifting to the money market, chances are, you are making somewhere in the 2% interest rate, which means it would take you almost 20 to 30 years just to double your money, and to recoup your other money that you’ve lost, would be a great time.
3. Do not borrow against your 401k.
This can be said in an up market or down market, but I had to throw it in there. Borrowing against your 401k is never advisable, especially in a down market. Look to start an emergency fund of some kind so that you can have that to fall back on in case of an emergency. If you don’t have an emergency fund, start one now. There’s no sense in contributing to your 401k if you have to pull it out just pay the bills.
Inside: Learn how much your 80k salary is hourly. Plus find tips to make more money and live the lifestyle you want.
Retirement can be a scary word to those who are not wealthy or afraid of having too much time on their hands.
People in the workforce often don’t know what they will do when their retirement comes around, but it doesn’t have to be that way after all.
For most retirees, there are many reasons they want to work after retirement. And that is 100% okay!
Low stress jobs after retirement make for great part-time careers while still providing enough flexibility to enjoy your personal life. Plus a little extra money is always helpful!
While there is no one “right” answer on which job for you, we compiled a list of 30 great options to consider. All of these jobs offer relatively low stress levels and plenty of opportunities for relaxation and enjoyment.
But before you jump on the first one that comes along, you want to consider which will work best and help ease your transition into the world of retirement.
When you retire, you want to find a job that is low stress and enjoyable. That’s why finding a good retirement job is so important!
The benefits of having a low stress job after retirement
After years of hard work, retirement is a time to relax and enjoy life.
However, for some retirees, working part-time or as a side job can provide additional earnings and a sense of purpose. The following jobs are perfect for seniors over 55, or those post-retirement. They have lower stress levels than the average job and offer many opportunities for growth.
Many retirees below starting a second career after retirement would be difficult and are looking for a job that has fewer strings attached. This may be due to the fact that many retirees feel they have reached the pinnacle of their careers and want more time freedom.
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Fortunately, there are many available jobs with increasing demand and most even have lower stress levels than average.
Retirement is a good time to consider additional earnings. This can provide a stream of money for people who want to enjoy life longer and need an additional income. In addition, working can help retirees stay mentally and physically healthy.
Jobs to Do after Retirement
The list is composed of jobs that are perfect for seniors over 55, or even post-retirement. They have lower stress levels than the average job and offer many opportunities for growth.
Some retirees prefer to work part time or as a side job; others want to find a full-time position that will keep them busy and engaged in their community. Whatever your preference, know that there are plenty of great options out there!
Retiring means starting a new life, so it is important to consider this change as the beginning of a new life and not the end of an old one.
So go ahead and take the plunge into retirement! It’s a new beginning full of endless possibilities.
There are plenty of good jobs for retirees!
What are fun jobs after retirement?
There are many fun retirement jobs that pay a small fortune! And what your personality prefers!
Some people choose to continue working in the same field, but in a more relaxed or part-time capacity. Other people choose to use their retirement to try something new and exciting, such as starting their own business, traveling, or taking up a new hobby.
What can I do after retirement to make money?
Now that you’re retired, you may be looking for ways to make some extra money. Luckily, there are plenty of options to make money in retirement available to you!
You could start a business, become a consultant, or tutor students. In addition, you could also look into working from home opportunities or start a blog.
Maybe you want one of the best part time jobs in retirement.
Whatever you choose, make sure you do your research and find something you enjoy so you don’t get bored!
Tips to Making Money in Retirement
The best fun jobs after retirement include working at a theme park, house sitting permanently on a beach or something crazy you never dreamed yourself to do!
One great way to make some money is by selling your skills and experience. For example, interior decorating is a low-stress field that often requires past experience. Alternatively, you could become a real estate agent. Both of these opportunities allow you to use the skills and knowledge you’ve acquired over the years.
Another great option for retirees is to take advantage of the growing gig economy. There are a host of jobs available through online platforms like Uber or Lyft that don’t require a lot of physical activity or travel time. Plus, they typically offer higher pay rates than traditional employment opportunities.
If you’re looking for something a little more relaxing, consider joining one of the many survey sites out there. These sites reward you with a small amount of money for each survey you complete. It may not be much, but it can add up over time!
Finally, if you’re looking for an easy way to make some money, consider something easy like greeting people. This is a great option because it’s so easy and doesn’t require any special skills or knowledge.
Which job is stress free and high paying?
There is no such job that is stress free and high paying. All jobs have their own unique stressors and rewards. It is important to find a job that is rewarding to you and that you find manageable levels of stress.
There are many jobs that are considered “stress free” after retirement.
For example, many seniors are now looking into jobs such as being a consultant or working in customer service. These positions offer a more relaxed work schedule and usually don’t require extensive training.
In addition, the amount of money one earns from a job is directly related to how much work one put into it. If you’re willing to put in the extra effort, you can make significantly more money than those who don’t.
Really Focused on less stress?
Many seniors are also looking for jobs that don’t involve stress or concern. Proofreading is one such position that meets these qualifications. The job requires native-level English proficiency and an excellent understanding of grammar to succeed. In order to be successful in this field, you have to proofread documents that contain no grammatical errors, punctuation mistakes, or syntactic flubs.
You need to find a job that feeds your soul and doesn’t seem like work.
Plus it is fun to tell others what do you do for a living.
Best low stress jobs after retirement
Some people want to use their retirement as a vehicle to start their side hustle and be more relaxed than they were during work hours. This is a great way to spend your retirement! Most cool retirement jobs require little-to-no experience, but some do.
At the end of the day, you must decide if you want to work for yourself and start your own company with a higher earning potential. Or work for someone else with less strings attached and lower pay.
In many cases, you might be stuck working because you didn’t save for retirement, so here are a few jobs that are perfect for seniors over 55 years old, or even after retirement:
1. Freelance writing
Freelance writing can be a good source of income when one has the skills and experience to do so. The best part? You get to set your own hours and take on as much or as little work as you want!
This may not sound like a low-stress job at first, but it’s actually an excellent low-stress job! Being your own boss offers incredible benefits. Best of all, you can do it in a completely stress-free environment by deciding in advance exactly how many hours you want to work.
In fact, my friend over at More Time to Travel does freelance writing for Forbes.
Freelance writing is a great way to make money from home. Be sure to have a strong portfolio and excellent writing skills to land quality freelance writing jobs. Here is a great freelance writing course.
2. Tour guide
This is perfect for someone who loves people and to discuss their worldly knowledge.
A tour guide is someone who accompanies tourists and provides information about the areas they are visiting. They are usually seniors because no special certifications or degrees are required. However, it can be a fun job for anyone who loves meeting people and has a lot of knowledge about their area. Some tour guide jobs offer tips and the opportunity to travel.
A good tour guide will have a deep knowledge of the areas they are touring and will be able to answer any questions the tourists may have. Plus cash tips are always a perk!
3. House Sitter
You can house sit for someone you know, or use a site like Mind My House to find paying gigs. Rates vary depending on the city, but typically you can expect to earn $25-50/day as a house sitter.
It allows you to live in new places without having to commit to long-term leases, and it gives you an opportunity to meet new people and explore new neighborhoods. Plus, it’s a great way to make some extra money on the side as well as lowering your monthly expenses!
If this is something you are seriously considering, then check out this book to learn how to housesit from an expert.
4. Librarian
Librarians are responsible for organizing and managing library collections, helping patrons find information and materials, and providing instruction on how to use library resources. They typically work regular hours in a library setting, and their work is relatively active.
They also need excellent research skills and the ability to stay up-to-date on new technologies.
However, job prospects are good to work in this quiet environment.
5. Customer Service Representative
Jobs in customer service usually don’t require a lot of experience or special training, so they can be a great way to ease into retirement. And since most customer service positions are in the service industry, you’ll likely get to meet new people and help them solve problems every day.
They may work in call centers, retail stores, banks, or insurance companies. In some cases, they may also work remotely from their homes. Customer service reps typically need strong communication and problem-solving skills, as well as the ability to stay calm under pressure.
6. Craft seller
Many people don’t have time for their crafts like they wanted when working full-time and raising kids. So, retirement is a perfect time to become an artisans who make and sell their own products.
You can set your own hours, work from home and sell whatever you like. There are many online marketplaces that cater to craft sellers, so you can find a platform that fits your style and interests. In addition, you can attend craft fairs and other events to sell their work in person.
Make sure to price your items competitively and take the time to create an attractive product listing. Plus ship quickly and provide excellent customer service to keep buyers coming back for more!
7. Crossing Guard
It only requires a few hours of work per day, and the pay is decent around $15 an hour.
The job does not require any special skills or training, so it is an ideal way to spend your golden years. Plus you can keep youthful by staying around all of the school-aged children.
8. Blogging
This is a form of expression for most retirees or those thinking about retiring.
It can be a low stress job after retirement, as you can do it from the comfort of your own home and set your own schedule. You don’t need any special qualifications or training to start blogging – all you need is a computer, an internet connection, and something to write about.
Blogging is a great way to create fresh, new content on a regular basis for your website. In fact, my friend over at Tuppennys Fireplace uses blogging to drive extra money to their retirement budget each month.
You can sell advertising space on your blog, use affiliate marketing to promote products and services, or even launch your own product or service. The sky’s the limit when it comes to making money from blogging – so if you have something interesting to say, go for it!
9. Elder Care Services
Services can range from in-home help to full-time nursing care, and each has its own benefits and drawbacks.
While this may seem odd as a low stress job in retirement, it is a good reminder that you are still youthful in others’ eyes.
These may be simple jobs such as picking up groceries, light cleaning, cooking meals, or companionship during the day. Given the cost of nursing homes and certified nursing assistance, this is an affordable option for families who want extra eyes on their loved ones.
10. Private Island Caretaker
Okay, this is the one I want!
If you are reading this and need a caretaker, I am happy to be the right person for your estate.
A lot of caretaker jobs are in private areas, such as private islands, ski resorts, large estates, and other remote or private areas. This is often because employers need someone they can trust to be on-site full time and take care of things.1) Private Island Caretaker
Caretaker jobs are a great way for retirees to stay engaged and active in their golden years. They can provide a sense of purpose and routine, as well as an opportunity to explore new places and meet new people.
11. Docent or Usher
One low-stress job that retirees can consider is becoming an usher at their local theater or sporting area. This job does not require much training and typically pays minimum wage, but it can be a great way to meet people and see new shows and watch sports.
A docent is someone who has expert knowledge about a certain subject and can teach people about it through guided tours and lectures. They are often found in museums, art galleries, and other places where people can learn about the arts.
For many retirees, these are the perfect jobs to get paid for enjoying their hobbies and events they didn’t have time to see when working full-time.
12. Work at Disney
Jobs at Disney parks can be both fun and challenging, with plenty of opportunities to make new friends and help guests have a great time. You’ll need to be able to work hard and stay cheerful under pressure, but the rewards are many.
If you’re interested in working at one of the happiest places on earth, visit the Walt Disney Company website to learn more about current openings and how to apply.
Perfect for the retiree to stay youthful!
13. Invest in Various Intiatvies through Crowdfunding
When it comes to investments, there are many options to choose from that can fit any personality type.
Crowdfunding was created to help more people invest in various businesses by pooling resources together. This makes it more affordable and less risky for everyone involved.
For many retirees, this is a great way to impact start-up businesses and maybe even have a great ROI on their money.
14. Tutoring
Tutoring can help students learn in a one-on-one environment, and help them to focus on the material. Tutoring can also help build a student’s confidence, and help them to ask questions they may be too embarrassed to ask in a classroom setting.
It’s a great way to help students who are struggling and give them the support they need to succeed. You also get the satisfaction of knowing that you’re helping young people achieve their goals. Tutoring can be done in person or online, so it’s a flexible job that you can fit around your schedule.
In today’s society, there are plenty of opportunities to help students achieve faster with tutoring. Most tutors are paid at least $30 an hour.
15. Virtual assistant
There are many low stress jobs that can be found online and Virtual Assistants are one of those jobs.
A virtual assistant is a professional who provides administrative, technical, or creative assistance to clients from a remote location. Often, virtual assistants work for multiple clients simultaneously, providing a wide range of services including social media management, email management, bookkeeping, and more.
They provide a service to their client through the internet and This is a great way for someone with retirement to start making money fast because most VAs make between $35 and $50 an hour.
Take free training for becoming a virtual assistant!
16. Personal shopper
A personal shopper may work in a store, helping customers find what they need, or they may work remotely for a customer who gives them a list of items to purchase. Either way, personal shoppers usually charge by the hour.
It also pays well, especially if you work for a high-end retailer. And since you’re working with customers one-on-one, this is a great job for someone who enjoys helping others. Perfect for a retiree to get out and about.
17. Personal organizer
They may work with individuals or groups, in both business and personal settings. Personal organizers usually have excellent time management skills, as well as a thorough understanding of the principles of organization.
This type of position is great to keep you moving as well as help others.
18. Animal shelter worker
They may feed, groom, and exercise the animals, as well as administer medication and vaccinations. They also clean cages and kennels, and may handle adoptions. The work can be physically demanding, but it is also very rewarding to help homeless animals find new homes.
For someone who loves animals, this is a perfect opportunity to make money and help neglected animals.
19. Book store assistant
The work is relatively easy, and there are usually no major deadlines to worry about. Plus, bookstores are typically quiet and calming environments, which can be a nice break from the hustle and bustle of everyday life.
If you’re looking for a relaxed job after retirement, this could be it!
20. Photographer
Some people take up photography as a hobby, some as an art form, and some as a profession. The beauty of photography is that it can be whatever you want it to be. There are so many different types of photography, based on your taste and choice you can choose which area to focus on first.
In addition, photography is a great low stress job after retirement!
It can be done freelance to supplement your income or on a full-time basis. There are many opportunities for photographers, and the work is generally enjoyable.
21. Life coach
After retirement, there are many low stress jobs that a person can take on. One such option is becoming a life coach.
This job involves helping people work through their problems and achieve their goals.
By becoming a mentor for the next generation, you are able to have a lasting impact and legacy. This allows you to share your wisdom and knowledge while also helping someone else in their career path.
As a life coach, it’s important to be a good listener and have strong communication skills. Additionally, new graduates might be able to offer you fresh perspectives on life that you may not have considered before. It’s easy to become a mentor to coworkers or people in your field; all it takes is some time and effort.
22. Consultant
Consulting is a broad term used to describe an area of work. It encompasses a wide range of activities and can be done by anyone with the appropriate skills and experience.
Many retirees choose to focus on the areas they enjoyed at work and avoid stressful parts, becoming consultants in those fields.
Often, retirees are a great resource for companies looking for short-term or project-based work. If you let your network know that you are available for consulting opportunities, they may be more likely to reach out to you when they have a need. Additionally, the average consultant salary is between $50 and $150 per hour, depending on experience level.
23. Walmart Greeter
Greeters welcome customers, help them find what they need, and provide general information about the store. They may also monitor security cameras and alarms in the store. The position requires little training, and most Walmart greeters are given on-the-job training.
However, greeters must be able to handle stress well, as they are often the first point of contact for customers who are angry or upset. The position also requires being able to work weekends and holidays.
24. Dog walker
Dog walking is a great job for people who love dogs and want to make a difference in the lives of animals. It is also perfect for retirees who want to stay busy and have flexible hours. The work can be enjoyable and rewarding, and it is a low-stress profession.
Dog walkers are typically paid by how many dogs they are watching at any given time, rather than by the hour. There are specific websites where you can find work as a dog walker like Rover and the average pay is $14 an hour.
25. Pet sitter
A pet sitter is a professional who is hired to take care of pets while their owners are away. Pet sitters typically visit the home of the pet owner to feed, water, and exercise the pet. They may also provide additional services such as grooming and medication administration.
For example, many retirees enjoy pet sitting because it allows them to form close relationships with animals while also providing a service to their community.
Find plenty of pet sitting gigs on Rover.
26. Camp Host
After retirement, many people are looking for a low stress job that will allow them to travel, get outside, and see new places. Campground jobs are perfect for this because you can work during the day and explore at night.
Camp hosts are people who work at a campground to provide information and assistance to guests.
Campsites allow for some flexibility in terms of location – you may be able to choose the state or national park you’d like to work in, as well as the dates of your stay. Additionally, many camp hosts have a good deal of control over their schedules, which can be a perk.
They usually work for minimum wage, but can often receive tips from guests.
27. Adjunct Professor
Many retirees take on part-time work as adjunct professors. The position offers a high level of flexibility, good pay, and opportunities for professional development. In addition, adjunct professors often have the opportunity to work with students from diverse backgrounds and help them grow academically.
This can be a great way to share your knowledge and expertise with the next generation of students. Contact your local college and see if they have any openings. Adjunct professors typically earn around $3,000 per class taught.
28. Author
Becoming an author can be a great way to enjoy your retirement years while still earning some extra money on the side. The job doesn’t involve a lot of pressure, and you get to set your own deadlines.
There are a few different ways to get your book published. One option is to work with an agent. However, this may not always be possible, especially if you are writing a non-fiction book. Another option is to self-publish your book. This can be a great way to get your book out there without having to go through a publishing house.
You will finally have time to tell your story from your perspective.
29. Focus group participant
Focus groups are gatherings of people who are brought together to discuss a certain topic. The participants can range from 6 to 12 people, and they are typically held in local hotels or conference centers. During the focus group, the participants will discuss upcoming products, services, trends, and issues.
Focus group participants are typically reimbursed for their time and participation in the discussion. This can be done in a variety of ways but is usually either through cash or gift cards.
30. Furniture flipper
Furniture flipping is a great business for those who want to make some extra money with little stress and no formal education needed. You can do it from the comfort of your own home, as long as you have the necessary tools and space. With a bit of hard work, you could be on your way to making some serious cash.
Furniture flippers are people who buy furniture at a low price and resell it for a profit. They usually start as furniture buyers who love hunting for deals at garage sales or estate auctions. This is a low-stress job that’s also profitable.
For many retirees, it may have been a hobby turned profitable.
31. Delivery driver
Delivery driver is a great job for retirees because it keeps them active and socially engaged. It can be difficult to sit at home all day, so this job is perfect for those who want to be out in the world meeting new people.
Delivering food is a great way to make some extra money in your spare time. It’s a low-stress job because you’re only out of the car for deliveries, and many companies offer drivers up to $20 per hour.
I love Doordash because their sign-up process is so easy–you can be up and running in minutes!
32. Rideshare driver
Ridesharing is a great way for seniors to make some extra money on the side while still having plenty of time for themselves. It’s very flexible, so they can work as much or as little as they want, and it doesn’t require them to take too much time out of their day.
Both Uber and Lyft require relatively little startup capital, and retirees can often make money driving for these companies.
Just make sure you have the proper auto insurance for ridesharing.
33. Taxi Driver
Taxis are in high demand in most cities, so there is always work to be found. In addition, the hours are flexible, so drivers can work as much or as little as they want.
And since driving a taxi is not very demanding physically, it is a good job for those who are no longer able to do strenuous work.
Many people who move to a foreign country find being a taxi driver a highly rewarding and lucrative way to make money.
34. School Bus Driver
There is a severe shortage of school bus drivers across the country.
This may not be a low stress job to many, but you can have a long lasting impact on the students. Right now, our students need positive influences in their lives.
What does the job entail? You must have a valid commercial driver’s license (or find someone who will provide the training) and be clear from moving violations in the last 3 years. In addition, you must pass a background check to work with students.
Many districts are desperate for school bus drivers and providing a signing bonus.
35. Chat moderator
Chat moderators are responsible for monitoring chat rooms and helping to ensure that the conversation remains on topic and respectful. They also work to resolve any disputes that may arise.
They work in a variety of settings, from social media to online gaming platforms.
But for the most part, the job is relatively low-stress, thanks to the ability to take breaks and work flexible hours. Chat moderators also often have the opportunity to learn new technologies and hone their customer service skills.
36. Babysitter & Nanny
Babysitting and nannying is a great way to make some extra money in your spare time. It’s perfect for people who love kids and have a few hours in the afternoon after school lets out. You can help out your neighbors by babysitting their kids or finding families near you who are looking for a nanny.
They offer a lot of flexibility, they’re relatively low stress, and they often come with a set schedule so you know what you’re doing each week. Plus, you can usually work from home, which is a big perk if you want to stay active in your golden years.
The average babysitter in the United States earns a bit less than $15 per hour, but some earn at least $20 an hour. It is easy to find work.
37. Event Staff
Event planning can be a very stressful job, but it can also be a very rewarding one. After retirement, many people look for a flexible job that they can do mostly on the weekends and in the evening. Event staff is a great option for those people.
They may work in a variety of industries, including entertainment, hospitality, marketing or nonprofit organizations.
Event staff often have to wear many hats during an event, handling duties such as coordinating with vendors, setting up event spaces, managing attendees, and serving as liaisons between organizers and other staffers.
This may not be the situation for everyone, but great for someone who likes to be in the action.
38. Research Assistant
After retirement, many people feel lost and without a sense of purpose. A research assistant helps others find information and discover problems to solve. They work with teams or individuals to locate the best information possible and help them use it effectively.
Research assistants are in high demand because they help other people find information and solve problems. They work on a variety of tasks, such as conducting research, organizing data, and writing reports. Their skills are in high demand by companies, governments, and individuals who need help conducting research.
The job is relatively low stress and pays between $18 and $22 per hour. It requires patience, communication skills, and a range of computer skills.
39. Substitute Teacher
A substitute teacher is someone who fills in for a permanent teacher when they are absent. This can be for a variety of reasons, such as paid vacation, maternity leave, or sick leave. It is a great option for retirees because it is one of the most respected and low-stress jobs after retirement.
This is one of the best retirement jobs because you can substitute teach any position within a school.
Substitute teaching can be extremely rewarding, as you are able to help students in need and fill in for teachers who are absent. You may also have the opportunity to work with different age groups and learn new things.
It is now possible to earn around $20 per hour on average as a substitute teacher. In order to become a substitute teacher, you need to have a bachelor’s degree in any academic discipline from an accredited college or university. With the right qualifications, you can enjoy a great deal of flexibility and earning potential while working with children.
40. Airbnb Host
You can earn up to $1,000 per month by listing your home on the site.
It’s also a low-stress job since you don’t have to worry about meeting deadlines or dealing with customers. And, since you’re working from home, you can easily take care of any last-minute changes or emergencies.
If you’re interested in becoming an Airbnb host, check out this guide on how to get started.
41. Proofreading
In this career, you would be reading documents or manuscripts and looking for mistakes in grammar, spelling, punctuation, and syntax. You would then mark the errors with a correction symbol and provide a note to the author about the mistake. Proofreading can be done independently or as part of a team.
It is also important to be able to meet deadlines because many publishers require that manuscripts be returned within a certain timeframe.
42. Park Ranger
They enforce park rules, help visitors enjoy their visit, and provide information about the areas they patrol. Park rangers may also conduct educational programs, research projects, and archaeological surveys.
The growing popularity of outdoor recreational activities will lead to more demand for these workers.
Rangers must be able to hike long distances in difficult terrain, often carrying heavy equipment. They also may need to work extended hours, including weekends and holidays, during peak visitor seasons.
43. Voiceover artist
Voiceover artists are people who provide the voice for a character or commercial. They must be able to understand and interpret the script, and then deliver the lines in a way that sounds natural and believable.
Voiceover artists are in high demand for their unique ability to provide a voice for various multimedia productions that requires no formal training. This work can be done from anywhere with a good internet connection, making it an ideal job for retirees or those with flexible hours.
44. Real Estate Agent
The work is often exciting, and you can set your own hours. However, it can also be demanding and require long hours during busy times.
They must be knowledgeable about the current market conditions and have strong negotiating skills. In order to succeed in this career, you’ll need to be able to work well independently and be comfortable networking with potential clients.
You’ll also need to develop a strong marketing strategy to attract new clients.
45. Sports Coach
They may also instruct athletes on the rules and regulations of a sport. Sports coaches typically have a college degree in physical education, kinesiology, or a related field.
Coaches often work long hours during the season and must be able to handle criticism from players and parents. However, for those who love sports and enjoy working with people, sports coaching can be an enjoyable and low-stress job after retirement.
46. Artist
Being an artist is a great job to have after retirement because it doesn’t require a lot of stress and you’re free to create whatever you like. The only requirement for the job is that you have some artistic ability, which most people do.
Working as an artist can be perfect for people who are looking to have more flexibility with their hours and want to work on the go. There are many different types of artist jobs that one can find, and the best way to find out what’s available is to do some research online or talk to other artists in your area.
47. Translator
Translation is a great option for those who want to use their second or third language skills in a professional setting.
Many retirees find themselves with time on their hands after retirement and may enjoy doing something that they are good at and can be successful at. Speaking another language can lead to many opportunities, including working as a translator or in a translation services company, or becoming a consultant in foreign affairs.
Translators must be able to understand the source material fully and then accurately convert it into the target language.
48. Interior decorator
Interior decorators are in high demand because they have an eye for design and can help people make their homes look beautiful. This is a low-stress career choice that allows retirees to work anywhere, which is why it is becoming increasingly popular.
Interior decorators are often retirees who have a wealth of knowledge and experience in interior design. They must build up a portfolio of their clients’ homes before they can become an interior designer and be able to charge more for their services.
Interior decorating is a creative line of work that can earn great money, and it’s often a side hustle for people who want to make more money while still having free time. Satisfying customers is another perk of this career!
49. Handyman Services
If you’re looking for a way to make some money after retirement, and enjoy doing hands-on home repair projects, consider working as a handyman. Handyman work can be done on your own schedule, so it’s a great option if you want more flexibility in your life.
Handyman services are becoming more popular because they allow you to set your own rates and work on your own schedule.
This is beneficial for both the worker and the customer, as it allows the worker to charge a fair price for their services and customers can get work done on their time. Additionally, handymen have a variety of skills and can fix many problems around the home, which makes them a valuable asset.
50. Professional cuddler
Cuddling has become a popular service in recent years. Companies like Cuddle Comfort offer professional cuddlers that will come to your house and provide you with a compassionate, understanding listening ear as well as some quality cuddle time.
Some people make a living from professional cuddling. These cuddlers can earn approximately $40 per hour for just being themselves and giving bear hugs. This is a growing industry with many people finding comfort and satisfaction in human touch.
51. Mediator
To become a mediator, you need to have either legal training or a bachelor’s degree in mediation. This gives you the skills needed to mediate and resolve disputes between two or more parties. Mediators usually have a low-stress job because of their flexibility and freedom to work from anywhere.
Mediators come from a variety of professional backgrounds, but the majority have some form of legal background. More than half of certified mediators work as general mediators, charging $100 to $250 per hour.
52. Data entry specialist
A data entry specialist is somebody who enters data into a computer system. This can be a very low stress job, especially if you have basic computer skills and typing speed and accuracy. The work is relatively easy to find and usually does not require any specific qualifications.
Data entry specialists are paid a modest wage for their work, but the pay is reliable and predictable. The job is also relatively easy to find, making it a great option for people who are looking for additional work during retirement or in their spare time.
Being able to type quickly and accurately in order to be successful in this role.
53. Waiter/ Waitress
If you have a gift of gab and service, then this might be the perfect industry for you. Especially as a bar back!
The work hours are flexible, the tips are usually good, and you get to meet new people all the time. Plus this type of job is fun, as it’s not high-stress and it allows someone who just retired or wants a job with flexible hours to stay active socially while they make money.
If you’re looking for an alternative after retirement, waiter or waitress work is definitely a good option.
54. Cook
Many families are looking for healthy options for dinner. What is better than a home-cooked meal?
While working as a cook for a restaurant, you may often work long hours in a hot, noisy kitchen. However, cooking for local families on a small scale may be the perfect scenario.
55. Become a Transcriber
Transcription is a great way to make some money after retirement. You can typically make around $18-$25/hour, depending on your skill level and experience.
The work is relatively low stress, so it’s a great option for those looking for a relaxing way to make some extra income.
56. Retirement planner
Some retirement planners offer training and certification for their employees. The employer might pay for your training and certificate if they feel confident enough in hiring you as an employee after seeing how well you do these tasks.
This may not be the ideal situation for many, but it pays well.
57. Flip Items
Flipping items for profit is a great way to make some extra cash. You can find deals at garage sales and online, and then turn around and sell them for more.
Be sure to look out for scams, however, as there are many people who try to take advantage of those looking to flip items.
To learn how to flip for a side hustle, check out Flea Market Flippers.
58. Professional Volunteer
Charity work is a great way to give back to the community and help those in need. There are many charities that need help, and by donating your time or money, you can make a big difference in someone’s life.
It can also be a great way to ease into retirement. Many charities are always in need of volunteers, and you can often find opportunities that fit your schedule. You may also be able to find paid positions with certain charities.
You will have the opportunity to help others and make a real difference in their lives. You may also find new friendships and learn new skills.
It keeps you social and busy, and it lets you help out in your community. Plus, many organizations offer volunteer opportunities tailored to retirees’ skills and interests.
In fact, many volunteer opportunities turn into paid jobs.
How to find a job that is low stress and matches your skills?
Which best jobs for retirees do you want?
When you’re looking for a job that is low stress and matches your skills, it’s important to consider a variety of factors. For example, employers want employees who can work independently and are well-organized. They also want employees who can communicate clearly. You should have a basic understanding of the job duties as well.
If you have specific skills, you may not need these things as much.
However, employers still want employees who can complete tasks without any help from others. There are a variety of ways to find out about such jobs, including using search engines or social media sites like Facebook and LinkedIn.
Also, whoever says you have to wait for retirement?? Find low-stress jobs that pay well without a degree now.
It’s also important to be aware of the pay structure. Often, employers want employees who will be able to work for them on a long-term basis. The pay structure is often predictable and employers know exactly how much work there will be available for each project. This makes it easier for both parties involved.
One way to find a job that is low stress and matches your skills is by using online platforms like Upwork, Freelancer, and Fiverr. These platforms offer many data entry jobs that are perfect for those looking for an easy way to make some money after retirement. In order to take advantage of these jobs, you’ll have to learn how to type fast.
Know someone else that needs this, too? Then, please share!!
Office real estate investments trusts are trading at their lowest level since 2009 as the trend toward remote work leaves desks empty and economic pressures tighten corporate budgets.
The S&P Composite 1500 Office REITs index is down 27% in 2023, plunging to its worst reading since July 22, 2009. Office landlords comprise just 6% of the REIT sector, which explains why the broader S&P Composite Equity REITs index is down just 5.2% year-to-date and the S&P 500 Real Estate sector has dropped 4.5%. Offices are what’s weighing on the group.
“There’s two ways to lose money: You can own a boat, or you can own an office building,” Piper Sandler analyst Alexander Goldfarb said. “At least with the boat you can take your friends out on a sunset cruise.”
While the stress on the office sector may not be new, the shift to working from home has exacerbated the problem. However, much of the damage could already be priced into the stocks after this latest selloff, analysts said.
In addition, fears about commercial real estate have added to the woes of regional bank stocks that typically fund local projects like strip malls and small office buildings. The sector has been pressured since the collapse of Silicon Valley Bank in March sparked industrywide turmoil. Now some investors fear that its exposure to office weakness could be the next shoe to drop.
However, those worries may be overblown.
“There’s probably going to be some heartburn in the bank space and probably some charge-offs,” said Ben Gerlinger, an analyst at Hovde Group. “But I think a lot of smaller and community regional banks are well-positioned.”
Quality Counts
What’s more, the outlook for office landlords could improve as companies encourage workers to return to their desks and restrict remote work policies.
“We’re starting to see some of that reversal,” RBC Capital Markets analyst Michael Carroll said. “You’re seeing the first steps of people starting to reutilize their office spaces when they weren’t just a few years ago.”
The age and quality of each building will be a key differentiator in which offices succeed over the long term and which don’t. Newer office buildings with modern amenities will likely benefit the most as companies seek out spaces that will entice workers back into the office.
And of course, the financial makeup of each office landlord is key. Industrial and senior housing landlords could prove to be potential bright spots due to their healthy fundamentals and strong cash flow generation, according to Carroll.
Similarly, Piper Sandler’s Goldfarb recently upgraded Douglas Emmett Inc. to overweight because of its small tenant focus and lower cost of leasing. On the opposite end of the spectrum, he slapped an underweight rating on New York-based Vornado Realty Trust due to its struggling balance sheet and development exposure around Manhattan’s Penn Station expansion project.
So identifying winners and losers among office REITs remains a stock-picker’s game. But in the end, the damage may not turn out to be as bad as investors’ angst.
“There are a lot headwinds out there,” Goldfarb said. “But when you really look into it, the fear is much bigger than reality.”