Not having enough money for a comfortable retirement is paramount
list of financial problems among older Americans, according to
a recent Gallup Poll. It even outweighs people’s concerns
have a serious illness or accident.
With statistics showing that Americans can expect 20 or more
more years after reaching retirement age and our lifespan
as they went up further, these fears could be well-founded.
Three out of ten American workers have not saved at all
retirement, and among those who do, many have not saved
enough, according to another study. The study showed that
three in ten employees aged 55 or older have saved less
than $ 25,000.
Many of us plan to work after normal retirement age.
But at this rate, we may not have a choice. Some of us inside
the Baby Boom generation can continue to work
65 years old, whether we like it or not.
There is an alternative to working full time until we get there
in a wheelchair. It’s also a smart choice when we pass by
50 years and wants to slow down a bit, but still stay active and
stimulated. And that is to gradually make the transition
working full-time as an employee to do business for
ourselves on contract or per project basis. By planning ahead,
you can gradually turn your work skills into a “micro business”
while you are still employed.
If you have worked in a specific industry for 10, 15 or more
year you are ideally suited for this type of transition. you
can set up a home office in a spare room of your house,
get the equipment you need and establish gradually
When the time comes and you want to make the change,
you can do it on your own terms – often by negotiating one
contract with your existing employers for 50 percent of your
time. There are other ways to make the change, such as
negotiate with your employer about a shortened working week,
or working from home as a “teleworker” a few days a week.
Still others started their private practice by moonlight
– do a few projects for other clients at night or
on the weekends of the year preceding their departure, and
build a clientele in this way. Provided such work is not
prohibited by your full-time employment contract, it is another
smart way to start.
Enjoy the freedom
Being your own boss means you can choose how hard you are
work and how much you are reimbursed. If you want to earn
extra money for an upcoming trip or purchase, you can work a few
extra hours per week or take an extra project. If you want to take
four weeks off and visit friends in Florida, just plan ahead,
keep your customers informed and you can get started.
Maybe that’s why people over 50 are much more likely
to work as a self-employed person, according to a commissioned study
by the American Association of Retired Persons (AARP).
The study found that 16 percent of people were over 50
self-employed, compared to 10 percent of the general
staff. Plus a third of the self-employed seniors
starting entrepreneurs who started their business after their turnaround
50 years and worked for other people for many years.
Doing business yourself … especially after your life
being an employee for a larger organization … is next
best to be financially independent while you are still
earn a living.
You can reduce your hours worked per week to make it easier
retirement. Or work in bursts of activity to earn extra money
for special purchases or travel. And the best thing is … often
doesn’t even feel like “work” anymore.