As a member of the baby boomer generation, I thought I would be retired at 65, ready to start working down my bucket list, and just enjoying the freedom of not having to punch a time clock everyday. This concept worked out well with my parent’s generation, and upon retirement, additional bonuses were sometimes added to sweeten the pot.
I can give you a good example of what I considered to be an additional bonus bonanza. A friend of the family worked for a beverage company for 50 years. When he decided to retire, he was gifted with a new car, a gold watch, and $100,000. Yes, he did put in the time, and was a good worker, so I can’t say he didn’t deserve recognition, but my generation will probably not be so lucky at retirement.
Americans are prepared to work longer in order to save for retirement, and many expect to still be working at age 80. What kind of job would an eighty year old person be able to work? A desk job could work, but anything requiring manual labor, might be a stretch.
Self- employment is often the best option for the aging worker. “According to the Small Business Administration, more than five million Americans age 55 or older run their own businesses or are otherwise self-employed.” One factor that has influenced people in this age group to become self-employed is being out of work for an extended period of time.
Skills learned from many years at the workplace, can be used to start a business, but caution is needed when using retirement savings to get your business off the ground. If the business fails, and you lose that money, you can end up in a worse position than when you started.
The Small Business Administration is doing its part to help entrepreneurs age 50 and older, by offering business tips and advice on their website. SBA resources include how to use a small business planner, how to raise sufficient capital to start a business, and tax deductions on healthcare premiums. Take advantage of the SBA self-assessment, which measures your readiness to start your business.
Only you can decide the best way to create a good income. For some, the traditional route of working in an office may work best, while others find freedom to express themselves while creating a good income in their own business.