Retirement put on hold: Option, start your own business

You have spent the last 40 + years busting your butt for someone else.  And now, it is time to retire.  Mid-week tee times, travel and spending time with family and friends.  Now that is the life.

But, with the recession and stock market tumble this past year and no sign of a recovery any time soon, 401(k)s, mutual funds, bonds, and even money market declines are forcing those about to retire or those already in retirement to rethink their golden years.

Many retirees are choosing to stay in the work place by picking up part-time, low paying jobs just to feel a bit more financially secure.  However, with more employers inclined to hire the young and high employment rates, retirees are finding to very hard to earn some extra spending cash.

But, there are other ways to supplement your retirement income, further your career or secure your financial future or retirement (even in down markets) – It is called self-employment.

There are many forms of self-employment.  From creating that mega conglomerate to working part-time selling stuff on eBay.

Most likely, the conglomerate path is not the path to choose as you approach retirement.  But, there are many ways to supplement your income by working at home – part-time.

Most of us, throughout our lives develop hobbies or skills that can be turned into small businesses.  Do you like playing golf?  You can teach young kids the game – this can be done a day or two a week.  What about hand crafting products for the home – then selling them at a weekend flea market?  Or even consulting other businesses in your industry.

I even recently met a retired older couple who turned their home into a part-time pizza referral office.  When pizza customers call a standard number, they receive the call, take the order, then pass the information on to the closest pizza parlor for a small referral fee.

Some of best things about being self-employed are:

- You don’t have to punch a time clock – you work when you want to.

- You are earning income doing something that you enjoy like a hobby or using a specific skill.

- You work for yourself – no nasty bosses or corporate climbers making your life miserable.

- The unlimited potential of what you can earn.  You earn money from 100% of your efforts.  And,

- You can do this for as long as you want.  No one else telling you that you are too old and have to move on.

The best thing about being self-employed when compared to working for someone else – especially in retirement – is that it is all up to you.  No more relying on someone else to make the deal or complete the job.  You are in control.

So, instead of searching the classified for local minimum wage jobs in your area – think about self-employment.  There are many resources on the web that can get you started or thinking about your business properly.  Additionally, there are local resources that can help you, free of charge, ensure that you have all your ducks in a row (meaning you are not in the dark or alone).  These are Small Business Development Centers (SBDCs) and SCORE (started by retirees and love to advise other retirees).

So, if you are worried about your lifestyle as you approach retirement, take control and start your small business today.