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You’ve been considering retiring from your current job to start that little business you’ve always dreamed about, but you’re not sure if it’s the right time—you don’t want to lose your lifetime earnings, after all.
Some people, however, don’t wish to retire from work completely, and there are both financial and social benefits to working part-time or starting an “encore” career. According to an article published by PricewaterhouseCoopers, the American population is unprepared for retirement. The report states that a quarter of Americans have no savings, and only 36% feel their retirement is on track. An encore career can be the ideal solution to supplement your current income and allow you to continue working after retirement. The following tips can help you plan your own encore.
Find Your Passion
There are several ways to continue with your existing career once you retire or transition your hobby or passion into a thriving business. You could use your business experience in a specific area to become a consultant. If you’re a teacher, you might want to start a tutoring or online curriculum business. You might’ve designed all your friends’ gardens and are thinking of starting a landscaping business. Whatever new career you’re considering, it should fit your lifestyle and keep you social and active. The most fulfilling encore careers are those that add value to yourself and others.
Fail to Plan, Plan to Fail
As many business owners will tell you, even the most passionate endeavor can fail if not planned carefully. This is especially true if you’re thinking about turning your passion into a business. Hobbies are wonderful to help you relax and learn new skills, but not all of them have the potential to produce a sustainable income. Therefore, the earlier you start planning for a career change, the better your chances of success.
The list of post-retirement opportunities is substantial, but it’s important to do your homework before you jump in and make a new commitment. If your new business requires a capital outlay and you’ve never run a business before, it might be wise to consult a financial planner to advise you on current monetary regulations.
For example, consult the Social Security Administration guidelines to make sure it aligns with your Social Security benefits, as this could impact your income. If your job never required you to be computer literate, it might be a good time to take some courses, as most businesses and individuals use the internet and online social media to market their products, services, and skills.
Return to the Drawing Board
Consider a degree or certified qualification, especially if you’re planning to follow a new career. Web-based education had already gained momentum in higher education before the COVID-19 pandemic, primarily because it gives flexibility to working full-time or having family commitments. Make sure the university or institution you choose offers accredited online degrees at competitive tuition rates. Several institutions provide similar courses, so examine all aspects of the qualification before you commit yourself.
If you already have substantial experience in a particular field, think about consulting work. This can provide a more flexible schedule while still being well-paying. If you haven’t updated your resume recently, use a free resume template to get started. You can quickly and easily create a great looking resume. Then you’ll be on your way to finding consulting work that’s right for you.
Ready, Set, Go
An encore career can be as fulfilling and rewarding as the job you’ve been doing most of your adult life—if not more so. Consider the possibilities, and start planning your new journey today.