Here’s One Question to Help You Know What Type of Business to Start in Retirement

*guest post by Mike Lieberman

You’re looking to start a business in retirement, but you’re not sure what type of business makes sense for you.

There are so many different types of businesses you can start these days.

Where do you even begin?

There’s one key question you must ask yourself when deciding what type of business to pursue, and if you don’t, you’ll end up wasting your time and money.

Let’s avoid that mistake all together. Shall we?

What’s the question to ask yourself?

To help you get more clarity, I sought out a retirement coach who specializes in assisting Professionals and Executives as they make retirement transitions with the life side of retirement planning. His name is Kevin Lyles of Winning Retirement Coach. He’s also the Head of Education for Rock Retirement Club.

I wanted to get his perspective for you on this since he deals with such scenarios on a regular basis.

I asked Kevin, “If a client was to say to you they’re thinking of starting a business in retirement, what’s the first question you would ask them?”

“What do they want to get out of the business?” responded Kevin. “That will lead to how I could counsel them because there are many possible answers.”

Before getting into some of the answers Kevin shared with me, let’s dive into why this question is important.

Why must you answer this question

Up until this stage of your life, the work and career part has been mostly out of necessity. It’s commanded a large part of your time over the years because there are these bills and taxes we all must pay.

As you enter this next stage, the work and career part plays a completely different role. You now have more free time and you’re not as reliant on it as your main source of income each month.

This means the type of business you choose to pursue needs to align with the greater vision of how you now want to spend your time.

That vision completely shifts the thinking about the type of business you start and why that question becomes so much more important to get clear on.

Previously work and career dictated how you spent your time, now you have more control over it.

So let’s get clear on what you want to get out of your business to make sure it aligns with your vision.

Ok?

Five common answers

Kevin shared five common answers to “what do you want to get out of your business?” with me.

So let’s dive deeper into each of them.

1. I need the income
If you’re retired and you need to replace your income to continue living, you might consider continuing to work or seeking other employment.

Let’s be real. Starting a business is not easy and it’s not going to be instantly successful overnight. It’s going to take time to start producing income, if it ever does.

So if you need the business to replace income dollar for dollar, take other options into consideration.

Though if you’re within a few years of retirement and think you’ll need to replace the income, now might be a good time to start. That way you can build up the business without the pressure of instant success.

2. Extra spending money
Your financial retirement plan might be rock solid and your financial needs are met with your pension, 401K and/or savings.

What you might want to get out of your business might be extra play money.

Each year you want to take you and your entire family on a vacation.

There’s a charity you’re passionate about and want to donate to them financially.

Maybe there’s a lavish purchase you want to make for you or a loved one.

Starting a business can help to reach that goal.

3. Build a legacy for your children
Building a legacy to pass down to your children can mean many things.

It might mean building a business to hand down to your kids.

Possibly it’s building more wealth to hand down to future generations.

The legacy could be leading by example and showing your family that anything is possible at any age.

Leaving a legacy such as these might be what you want to get out of your business.

4. Solving problems for others
It’s common for people to start a business around something they’re good at and can help others with.

“That was something I liked to do,” said Kevin. “During my legal career I was working mostly for corporate clients, but I really liked helping them with their problems. So this way (through coaching), I can do it on a much more personal level to really help counsel people through their retirement transition.”

5. Purpose and meaning
As mentioned earlier, work has taken up so much of our time during our life. There will now be the large void of time.

“That’s a problem a lot of retirees face after working,” said Kevin. “If they’ve been working 10-12 hour days for 30-40 years, now they wake up and don’t know what to do with themselves. Having a business can really fill that void and give them some purpose and reason to get up in the morning.”

“If they’ve been working 10-12 hour days for 30-40 years, now they wake up and don’t know what to do with themselves.”
– Kevin Lyles, Winning Retirement Coach

Those are just some of the answers to help you get some clarity and start thinking.

Once you know what you’re looking to get out of your business, you can now focus on the details around the structure and opportunities that support your vision.

Remember “thisisyourbestyear”–make the best out of your retirement years.

**Mike Lieberman is the founder of Retirement Redefinition. He created the site to help you define your retirement lifestyle and start an online business that fits it.

Top Jobs For Seniors Who Want To Work After Retiring

*Guest post by Tina Martin

It’s not uncommon for seniors to decide to return to the workforce part-time after retirement. There are many benefits to taking this route. For one thing, research shows that individuals tend to be happier in retirement if they keep busy and maintain a sense of purpose. A fulfilling part-time job can help towards this end. 

Money is another obvious motivator for those who choose to get a job after retiring. Many seniors worry about running out of money without a steady income. According to the Journal of Accountancy, it’s actually the number one fear among retirees. 

Not sure what job to pursue? Get inspired with the below ideas.

Sell insurance

Many people need to purchase insurance, so working in the insurance industry can be an excellent option for seniors, especially if you have a background in sales. For example, you could sell life insurance to other seniors, and you may be able to take on friends and family as your first clients. Before you look into selling insurance, research the best options for retirees.

Teach English as a second language

One key to figuring out what career path to take after retirement is to consider your transferable skills. Whatever you were doing before retirement may still serve you afterwards. If you worked in education, for instance, you might consider teaching English as a second language, either for kids or adults. 

If you want to go this route, you should get an ESL teacher certification. With this under your belt, you can apply to area language schools for part-time gigs or work on a freelance basis for yourself. The latter option gives you great flexibility in terms of timing, as you can decide when and where to work, and decide how many students to take on based on your availability and interest.

Become a tour guide

A tour guide job is a wonderful way to keep your mind active. You will have to memorize facts and statistics, and continually brush up your knowledge. This kind of brain activity will keep you sharp and stave off mental decline. Research even shows that such brain challenges can help prevent Alzheimer’s disease. You’ll also benefit from physical activity, as the job requires you to be on your feet and continuously moving. 

There are tour guide jobs available to suit all types of tastes. If you are interested in art, history, and architecture, you can check out a gig at a museum. If you would prefer to spend time outside, take a look at the platform ToursByLocals, which allows you to present tours around your hometown to interested visitors. This is also a fun way to meet and interact with diverse people from different places, cultures, and countries. 

Consider seasonal work to get started

Reentering the working world if you’ve been retired for a few years may be daunting at first. Get your toes wet by starting off with a seasonal job. There are various senior-friendly options available, such as wrapping gifts for stores. There are also non-holiday related seasonal jobs available. This AARP list suggests options like tax preparer, tutor, and National Park Service employee.

Explore the above options and you are sure to find a post-retirement gig that interests you, even if that involves launching your very own home-based business. As you reenter the workforce, you will also benefit from the increased contact with other people, which combats the isolation that sometimes comes with age. A part-time job will thus pave the way to a happier and healthier retirement. Remember “thisisyourbestyear”.

*Tina stays busy as a life coach and works hard to help herself and her clients achieve a healthy work-life balance.

Maybe We Should Be More Like Millennials

So we have decided that we will continue to work after we retire. We want to do something different, something that we have always wanted to so. Something that feeds our soul and our passion. Maybe we just want to do something where we are productive, something where there is a chance to get out of the house and communicate with others. There are many reasons that women and men of a certain age want to continue to work after their formal retirement.

Most of us remember when we first started to work and people would wonder if we were old enough for the job. Guess what? Now they wonder are we too old for the job.

You see that gray hair can be a giveaway to our age, and age discrimination is real. I know there are millennials sporting the gray look, but for the most part they get theirs out of a box.

Take it from someone who has finally divorced hair color and decided it is what it is. It does seem interesting that most of the people in power around the world are gray haired or other unnatural hair colors, but when it comes to getting a job it is a deterrent to the interviewer. It’s hard to even get an interview or get through the interview when the interviewer sees you as his mother or God forbid his grandmother.

This article by columnist Mitchel Schnurman recently appeared in the Dallas Morning News. It is an opinion piece, but personally I think it speaks the truth. Does gray hair stop you from getting pass the interview?

Then it hit me, maybe we should follow the lead of the millennials. Remember when we wouldn’t hire them because their hair was blue, hot pink, too long, dredded or whatever? What did they do? They started their own businesses. Why not start our own business doing what we want? We have the time, the experience and education so why not go for it?

Millennials did not wait for baby boomers to hire them so why are we waiting on them to hire us? We taught them to go for it. Let’s take our own advice and just do it.

Remember “thisisyourbestyear”. What are you waiting for?

Reset and Reinvigorate by Rethinking Your Career in 2019

*Guess post by Eva Benoit

If you’re stuck in a rut, there’s no better time to pull yourself out than now. It’s never too late to make changes that will improve your quality of life. Starting a new career is one of these changes, and it’s a big one that comes with both enthusiastic anticipation and fear for the future. However, you can’t let fear of the unknown get in your way. Keep reading for a few tips on how to cross this fragile ground no matter where life has taken you to this point.

If you are stuck in a rut, there’s no better time to pull yourself out than now. It’s never too late to make changes that will improve your quality of life. Starting a new career is one of these changes, and it’s a big one that comes with both enthusiastic anticipation and fear for the future. However, you can’t let fear of the unknown get in your way. Keep reading for a few tips on how to cross this fragile ground no matter where life has taken you to this point.

Do You Have What It Takes?

What do Oprah Winfrey, Sofia Vergara, and Arianna Huffington have in common? They are all successful female entrepreneurs who aren’t afraid to take risks, they’re all tenacious and a little stubborn, and they give of themselves 100 percent of the time. They are adept problem solvers who aren’t happy unless they’re on the move. If this sounds like you in more ways than one, you were undeniably born to be the boss.

You Are Not Alone

Our mothers and grandmothers were expected to stay home, raise babies, and make life better for their men. These social standards weren’t necessarily bad, but considering that women-owned businesses are growing at a rate of more than twice that as standard businesses, it’s safe to say that we got restless. Coupled with an ever-growing need for dual incomes, women-owned businesses, according to American Express, are more prominent than ever, with approximately 39 percent of all US businesses being led by women.

Despite the rise in female entrepreneurship, it’s not always easy. Today, experienced women are offering their guidance to new business owners. Reaching out to a mentor is one of the best ways to access information and receive help navigating the seas of success. Experian touches on mentorship, funding obstacles, and other statistics regarding women in business here.

Like a Boss

Starting your own business isn’t something you do on a whim. If you want to stand out from the crowd, you’ll have to take stock of your skills and define your niche. Have a heart-to-heart with yourself by drafting a business plan and recognizing your strengths and weaknesses. Test the waters by seeking clients via word-of-mouth and working on small projects first. FindLaw.com underscores this point by stating, “By starting small, you ensure that you can survive the inevitable hiccups associated with running a small business.”

Once you get into a groove, you can take steps to nurture and grow your business. This is achieved by being consistent and having the right tools at your disposal to get the job done. If you work from home, for example, you’ll need to set up a well-equipped office space with a comfortable working area and a computer that can keep up with your demands. Further, don’t make the mistake of thinking you know everything; listen to your customers. They will tell you what you’re doing right and what you need to change. As the face of your business, it is your responsibility to hear these voices and to provide services that will add value to your relationship. It can help to take a customer service training course to help you learn how to communicate and respond to both praise and criticism.

It doesn’t matter how old you are or how long you’ve been in your current profession. Even if you’re retired, it’s still possible to earn an income doing something you love. It may be a rocky road in the beginning, but with determination and a willingness to adapt to an always-changing market, you can both love and live your passions this and each new year.

Remember “thisisyourbestyear”. It’s a new year, and time to reset and
reinvigorate your purpose by rethinking and your career.

*Eva Benoit is a professional life, career and wellness coach. She specializes in helping people with anxiety and welcomes working with people from all walks of life.

Do You Have Enough To Retire?

The article below is an interesting article on how much the average household nearing retirement has in savings for the retirement years. How much do you have in your retirement account?

Take a look at the article written by Austin Smith for Motley Fool.  Can you really retire comfortably?

The Average American Household Approaching Retirement Has This Amount Saved Up

Remember “thisisyourbestyear”.  Save and invest for a comfortable retirement.

They Still Got It

Yes I was in the dreaded middle seat, but I didn’t have to pay for my luggage, and I don’t fight for overhead space–I just checked my luggage, and  the crew always seem to be nice–I was flying home on Southwest Airlines.  The latest issue of their magazine caught my attention, it’s their anniversary edition touting they (Southwest Airlines) still got it.

What caught my attention was the cover featuring what I thought were two flight attendants.  Well it turned out to be the same person, flight attendant Sandra Force, and she is featured in her 1971 flight attendant (stewardess) uniform, and her current flight attendant uniform. Yep, that means that she has been flying the friendly skies with Southwest Airlines for 45 years.  She looks amazing. 

Southwest Airline

Inside the magazine you find information about this lovely woman of a certain age along with another flight attendant, C. J. Bostic who has also worked for Southwest Airlines for 45 years.   By all accords they have no intention of retiring–they actually like their job.

Click the link to read about this two amazing  women of a certain age:  Southwest Airlines Magazine

Remember “thisisyourbestyear”, and do something you enjoy like Sandra and C. J.  They still got it!  They show us that women of a certain age can’t be defined.  Got to love it! Do you still have it?

 

No Appointment–Knock On The Door Anyway

I met a beautiful woman of a certain age (Karen Fleming) by chance while working an employment fair.  While talking with her I learned that she was a retired Master Sergeant, and had recently finished interior design school. She is one of those artsy people who see the big picture where I just see a chair.

 

Karen Flemming and I
Karen and I at our first meeting at employment fair

Her story is one that shows that we as women can make our dreams come true no matter the obstacles or the little bumps in the world.  Karen worked full time while going to school.  She was determined that interior design would be in  her future. We talked about our dreams, and how we had prepared for them.

Karen’s story is one where you prepare and then you go for it.  You make your own opportunities.  Karen’s good friend, Tracy took her to lunch to celebrate her birthday and to have girl talk–they are both interior designers and former military.  They had talked of starting a business together–decorating business.  Her friend mention Decorating Den and Lisa Landry who is the franchise owner in Arlington, Texas. Tracy had been following Lisa’s work, and was very impressed and wanted to meet her, but she could never get in touch with her.

Karen, being the go getter she is decided they should just go to Decorating Den and knock on the door (Opportunity), which they did–under a sign that stated “By Appointments Only”.  As Opportunity would have it, everyone was at lunch except you guessed it Lisa Landry, who let them in, and talked with them about Decorating Den and the opportunities there were in franchising.

Soon after meeting with Ms. Landry, they begin the process of interviewing to become franchise owners, even presenting a project to Lisa. After hearing the ins and outs, the commitment, the financing and everything else that it takes to obtain a franchise they decided this was not for them, but design and decorating were still their goals.

A few days later, as Opportunity would have it, Ms. Landry called and offered them both positions as decorators with her franchise–they had made the best of being prepared and able to answer when Opportunity  opens the door Karen’s passion is being creative.  They were both hired, and the rest is going to be history.

Remember “thisisyourbestyear”.  Always be prepared, you never know when Opportunity will open the door. Notice how much brighter Karen’s smile is in the photos from Decorating Den.  When you do what you love, you love what you do.

 

Learning From Your Parents–Life Outside Your Job

parents 9Women of a certain age are taking in new boarders.  They have someone once again to take care of, to feed, to clothe and to watch out for.  No, I ‘m not talking about their children, I’m talking about their parents. More Baby Boomers/Generation Xers are taking care of aging parents with physical and mental illnesses than ever before.parents 6

Baby Boomers/Generation Xers have become caregivers at a time when they thought they would be on that cruise they had always dreamed of, seeing the USA in that motor home, starting new careers and even letting the grandchildren visit for a day or so and then sending them back home. 

parents 8Parents are moving into the extra bedroom that was going to become a media room, craft room, office or just a pretty bedroom that just looked pretty.  Some parents now know that their retirement income (social security) is not enough.  They worked on the same job for 30, 35, 40 even 45 years, but the pension is not nearly enough to fix up the aging homestead, travel, pay medical expenses–just live.  They didn’t invest outside of their job.  They didn’t invest money or time.  They have little money and no identity outside of their job “title”.  Baby Boomers/Generation Xers should learn from this experience, taking notes from their parents.  Even as the Boomers/Xers mature (not age), they should still be investing for the time when they no longer will be working at their full-time jobs knowing that they may not have enough to live comfortably for their rest of their lives–learning there is life outside of the job.

The Baby Boomers/Generation Xers should learn from their parents that sickness just happens even to those that have led healthy, active lives. If they are smokers, they should stop because they see the ravages it has done to their parents.

One of the major things that no one talks about is that Baby Boomers/Generation Xers should take heed to learn to live.  They parentsshould learn from their parents to expand their lives beyond their job.  They should expand friendships and acquaintances.

Learning from our parents never ceases even as we all mature.  Learning from their life lessons can help us to see our lives much better.

parents 3Remember “thisisyourbestyear”.  Parents can be your best life teachers.  You may have become the caregiver, but they are still the parent.  Treat them with respect.

 

How To Keep More Of The Income You Get In Retirement

How much  income do you get on paper, and how much do you actually get–you know after taxes? As women of a certain age, some of us will continue to work, some will retire completely, but all of us want to live a lifestyle similar to the life we are now accustomed to. Here is a conversation on this subject.

(taken directly from USA Today Money) A podcast featuring telephone interviews by Robert Powell with David Blanchett, the head of retirement research for Morningstar Investment Management in Chicago and co-author of Alpha, Beta, and Now…Gamma; Robert Keebler, a partner with Keebler & Associates in Green Bay, Wis.; and William Raabe, a professor at the University of Wisconsin in Whitewater, Wisc. The topic: How to create tax-efficient income in retirement.

We all can remember our fist paycheck, and the shock of seeing net income after taxes.  We’d heard about it in school, but looking at it was a great shock. Let’s not “have” to go to work to make ends meet in retirement.  Let’s go to work because we are good at it, and we want to work.

Remember “thisisyourbestyear”.