Retirement is an opportunity
As life expectancy has increased, there is a broader range of retirement opportunities than previously available. Retirement is now a window of opportunity instead of a passage of time. It brings experiences and permission to begin something new.
At this moment in time, retirees must withstand challenges, as we enjoy living longer yet face increasing healthcare cost, more lifestyle alternatives and uncertainty with varying retirement systems
When the Social Security Act was signed into law by President Roosevelt on August 14, 1935, the average lifespan was 61. The purpose of retirement was to provide benefits to what was considered the elderly at that time. These financial benefits were for the elderly who were eligible for pensions and government subsidies.
At present, people sixty and over are in good health, fit, competent and active. One big challenge for many individuals is age discrimination. It can begin impacting workers as young as in their 50’s.
Employment isn’t what it use to be when one person would spend their entire career with one company and then retire with a pension. The employee and employer relationship has changed, and there’s never a guarantee of the length of employment for anyone. Long-term careers can still happen, and they result from two parties working together to recommit and renegotiate as necessary.
Becoming an entrepreneur as you retire
Entrepreneurialism offers some benefits for a retiree. It allows the flexibility to work on your terms, when, how and where you desire. Being an entrepreneur also lets you select your projects. It helps a retiree hold onto the professional reputation and identity and utilize their skill set and talents as well as receive income.
Older entrepreneurs have a lot to offer and are often very successful. They have personal strength, reliability, and knowledge. They know what they are doing and can prove it. Their experience adds comfort to those inquiring about their offerings. They are self-assured and intelligent which makes them competitive in the workforce where they deliver what they promised.
If you are contemplating becoming an entrepreneur as part of your retirement journey, there are a few things to think about:
Consider your risk and consult with your financial advisor, so you aren’t unsafely or unnecessarily using funds allocated for retirement.
Take a look at liability and make sure you discuss your business plans with an attorney and your trusted insurance agent.
Whatever business you do to earn income needs to fit into your lifestyle. Be sure you’re adding the things you love and utilizing your skills while you achieve your goals of adding revenue.