Believe it or not, but a good portion of baby boomers who are set to retire in the next couple of years is not ready to leave their day jobs. Sure, they are looking at the lazy years of retirement, but that’s all they can do. A survey said that one-third of the boomers plan to retire only when they reach 70 years old. Some don’t plan to retire at all. Another third of employed baby boomers aged 67 to 72 years old want to postpone retirement.
Why is this? Retirement is not for everyone. It’s not a cure for something you’re trying to get away from—work responsibilities. Retirement isn’t an addiction treatment center where you will be cleansed of your work stress. This is something you have to think about twice, thrice… a hundred times. Are you ready for retirement, both financially and mentally?
It’s no small feat to wake up in the morning and not have a job to go to. Most retirees struggle to find a sense of fulfillment and purpose once they start staying at home. They miss their old lives. They even miss their jobs, and would even think about coming back.
But when they finally get to their senses, they know that working an eight-to-five isn’t for them anymore. A better option is for retirees to turn the knowledge and experience they gained into something profitable. If you worked as an accountant for three years, isn’t it time to build your own clientele? If you love playing the piano, why don’t you offer lessons for a fee?
Lean on Your Passion
What are your interests and passions? You can probably use these skills and interests to make some money. While you don’t have to work an eight-to-five job, it will help if you can earn to augment your retirement income.
So what are the things that you love doing? Do you love gardening? Then, why don’t you grow plants and sell them in pots? If you love watching television, you can start a blog to review your favorite TV shows. You can then monetize these blogs in the future.
You can start earning from your passions by offering your products and services to your friends (with a small fee, of course). Then, they can tell their network of friends and family about you. Build your clientele slowly by offering quality products and exceptional services.
If you have a vast experience in your field, you can do consulting services. Other businesses can gain from your wisdom in a particular field or topic. Make a LinkedIn profile and start marketing yourself. If you have contacts from your old job, let them know that you’re open for consultation, too.
Are you a great salesman? Perhaps, you can work in the real estate industry. If you love houses, yards, and interior designs, you can guide buyers to their dream homes. Or, if brokering a house deal is too much pressure for you, try being a landlord. Real estate will always be a good investment. Put your money into real estate and rent it out to commercial or residential tenants.
You can turn your basement or attic into a one-bedroom apartment. Passive income, or money you get from a rental business, is a great investment for retirees. All you have to do is inspect the rental place regularly to make sure everything is in order. You can also start a bed-and-breakfast business if that is right up your alley.
Many retirees want to become a franchisee because they don’t want to burden themselves about starting a business from scratch. With a franchise, all you have to do is follow the model that the franchiser already set. The franchiser will guide you throughout the whole process, making this the perfect business model for anyone who is not adept in running a business.
Just be careful when choosing a franchise. Make sure that the business model fits your skills, needs, and finances. Since you want to have time for the family now that you are retired, choose a franchise business that won’t demand too much of your time.
Whatever you do to earn money is some form of sales. If you work for an accounting firm, you are selling them your accounting skills. If you broker a deal between a homeowner and a buyer, you are selling them your expertise in closing deals. One of the most popular businesses for seniors is direct sales.
You have several options for this. You can sell what you already have in your home. Reselling is also another possibility. You can buy products from a supplier and sell them online. If you’re great with crafts, you can sell your goods in local flea markets, bazaars, and trade shows.
Who wouldn’t want to start their own business? Once you start thinking about retirement, you should seriously consider venturing into self-employment. Aside from being your own boss, you also have the opportunity to do what you love and earn from it, help others, learn something new, and build your finances from scratch.