BUSINESS, FINANCES, AND RETIREMENT

Program 14

“Always Keep Your Financial and Time Expectations Reasonable” 

Entrepreneur Life After Retirement    

Figure out why you want to start a business 

You will need to ask yourself these big questions of why you want to start a business, what type of business, and how much to invest. And the best questions for seniors contemplating entrepreneurship are: 

1) Is this a full-time endeavour?  

Is this a side hustle? Are you counting on this being a financial replacement for your (employment) income?”  

Some seniors want to extend the skills they used as an employee or employer into a private consultancy practice or a lifelong hobby and some start an organization that gives back to the community. 

2) Keep your financial and Time Expectations Reasonable 

Starting a business in your field can be quicker to establish than a new enterprise, but experts say any new business takes time and money. 

Some seniors may think that buying a successful business franchise like KFC or a hamburger outlet offers a great opportunity. However, it takes considerable time to learn the ropes and understand the market.  

We recommend you start something that’s not as capital intensive or can be started from your own savings.  

Keep in mind that most new business ventures won’t make a profit in the first year or so. It’s not going to happen overnight! 

3) Watch your money 

Everything needs to be considered, like the impact on your savings, do you need an accountant or a lawyer?  

“If there’s one thing entrepreneurs can count on, it’s that nothing will ever go exactly as planned when launching a business.”    

4) Senior business ideas: 

• Taxes and Bookkeeping 
• Tutoring 

• Writing and Editing 
• Online Courses  
• Pet Care 
• Consulting 
• Franchises 

• Creative Products 

“Click here for Professional Help and support” 

Finances  

Financial affairs can be difficult and confusing for a caregiver, so imagine the trouble a senior could have making decisions about their life savings and investments.   

Here are some measures worth considering: 

• Lend a hand – If your loved one is still independent but is expressing concern about staying on top of bills, taxes and other aspects of their affairs, this is your clue to step in and lend a hand. 
• Consult a financial advisor – You have to be very picky and choose the right advisor for your loved one’s team. This person will play a vital role in managing their affairs.   
• Open a joint bank account 

This should only be done a person who has “Power of Attorney”. They should only intervein as a consultant and allow their loved one to be in control.   

“Click here for Professional Help and support” 

Retirement 

Too many seniors are worried about their retirement savings running out and concerned about being able to live independently in their own homes. This is where Governments come into play. They need to take further action to protect the health and safety of their seniors, while also supporting a retirement that is free from finical worry and provides a better quality of life.  

Most seniors believe that the magic age for retirement is sixty-five. But the expected age of retirement is becoming more diverse for the majority of adults. Twenty-five percent of polled adults expect to retire at age 65, whereas 39% think they’ll retire after the so-called magic age. 

Some reasons you may not retire at 65 

• You didn’t save enough 
• You didn’t save at all  
• 65 is no longer considered the full retirement age 
• You don’t know how much you’ll need 
• You didn’t start saving early enough 

• Your spouse has passed away 
• You’re relying exclusively on Social Security 
• You want to have a more lavish retirement 
• You want to keep working 
• Your relying exclusively on social security 

Maybe you have a dream and feel you still have a lot more living to do. Even if you retire from your lifelong career at 65, you could start a new venture. Perhaps you’ve always wanted to start your own business. Or you might want to teach, imparting the wisdom you’ve gained from your years of working. 

“It’s never too late to start a new life” 

“Click here for Professional Help and support” 

WITH RESPECT 

THE SOSOPWORLD TEAM