Retirement today isn’t what it used to be. Look at these definitions of retirement. Retire, v., to withdraw, as for rest or seclusion, to go to bed, to withdraw from business or public life, to take out of use or circulation. If you have reached or are approaching retirement, this may not be your definition of retirement at all! Many potential retirees are looking to the future with excitement and anticipation. Many are educated and healthy and many may want to continue working.
Social Security and Insurance
There are two important issues that will affect your decision to continue to work, Social Security and health insurance. The Social Security Administration has many tools to help you make this decision. One important tool is a chart showing you when you will be able to collect full social security benefits based on your year of birth. There is also an entire section on Medicare eligibility, which begins at age 65. Many who retire before age 65 and lose their employer’s health insurance are amazed at how expensive it is to buy health insurance.
Another big question is how much money or assets will you need in retirement so that you have an adequate amount for current and future expenses. One financial tool that can help you answer this question is a retirement calculator. These are very easy to use and allow you save on financial consultation.
Maybe retirement income isn’t a necessity. If your current principal is sufficient, you may lean toward working in a nonprofit organization. The nonprofit sector is huge. Think about the issues you care about and then go to Nonprofit Times at www.nonprofitjobseeker.com or www.aarp.org where there’s a whole page on ways to volunteer. Volunteering and community service can be very fulfilling.Visit your local church or community food bank and offer your services.
Encore Careers – Starting Your Own Business
Maybe you’ve always dreamed of being your own boss, starting your own business. A great tool for 50+ entrepreneurs is the Small Business Administration. Visit the site for topics related to starting a business for those over the age of 50. Another tool, Score.org, offers free advice mostly from retirees with real world experience who act as mentors. According to Score’s website they have over 13,000 volunteers and 364 chapters across the country.
If you’re launching a new business, you also need to think of funding, of course. You don’t want to be using your retirement funds on a venture that may or may not have rapid ROI. Look into different forms of working capital. Capital loans, for instance, can help you invest in everything from advertising campaigns to debt reduction.
This is your journey. There are many tools that can help you make the most of your retirement. Use them. So many of us talk about what we want to do but never do it. It is your job to make a plan and take action. Good luck!