Retirement Offers you the Opportunity to Pursue Things Closest to Heart

All your life you worked hard. Now you are retiring with a significant amount as savings, pensions, and returns from investments. With plenty of time at hand, now you can engage in things that you always postponed for the lack of time. For many retirees, this translates to the opportunity of starting their own businesses. The availability of a lump-sum amount of spare money also supports the idea. Besides, sitting idle in retired life is undesirable. One of the best uses of time is to start your own business venture. However, you need to proceed systematically. If you are already sure about your business idea, then it is well and good. If you are unsure, you can consult am expert. 

Here are a few basic aspects that you need to consider when you are planning to start your business. 

Find an idea that involves calculated risk

All your life, you saved for the future after retirement. Now that the future is already here, you can partly let go the idea of saving for the ‘future’. That means, as a retiree, you have sufficient spare money to take more risks than when you were young. So, if a business involves risks, do not purview it from the cautious perspective you used when you were at a job. Instead, adopt a more carefree attitude than before on analyzing the plan. If you have to take some risks, so be it! Now, you can afford it. 

Analyze ideas close to your heart

Maybe, you always wanted to get into the movie production business. Now that you have the opportunity, check the different aspects of entering into the field. Do your research about the various ways you can enter into the field. Besides the major producers, many filmmakers also look for new producers to support their films. You have to be sure about the profitability of the film where you would be investing. Inquire about the required registrations and other aspects of getting into film production. You can act on any idea that has been always your unfulfilled ambition. You have but one life. Now is the time to fulfill your aspirations.

Leveraging past experiences

If you have been in the financial field, you can work as senior consultants. This applies to any field. You can always use your professional experience and monetize it after you retire. However, you need to check the relevance of your experience though. Also, you need to be confident of providing a fresh perspective on a field where you have worked throughout life. 

Participating in social causes

Many retirees also feel that after years of working for others, now is the time to give back to the society. So, you can set up a business surrounding a social cause. So many social issues can benefit from the profits of your new business. Homelessness, senior support, cannabis legalization and veterans support are just some of the burning issues that can benefit from your involvement. Besides, there is always scope for expanding your business in these fields. Take the legalization initiative for example. With two states (Washington and Colorado) legalizing recreational use, and talks ripe in many other states, this presents a huge business opportunity for the interested.

Author Bio: Marie is one of the leading consultants at best-binaryoptionsbroker.com. She frequently helps retirees on the fine details of how to set up a new business. Her acumen for evaluating the financial situations of her clients and suggesting customized solutions can be highly helpful to you.

Making Good Use of Your Time After Retirement

retirement (Photo credit: 401(K) 2013)

For some, retirement means the end of waking up early, clock-punching, tolerating crappy bosses, and losing blood, sweat, and tears in order to make ends meet. For a weathered old soul, retirement might come as a refreshing change and a gearing down of a life’s pace. More hours on the rocking chair, a trip to Vegas now and then, and all manner of recreational activities should be on the schedule of a retiree… if they bother keeping a schedule at all.

There are, however, individuals who are creatures of habit, and cannot seem make the transition from actively working person to that of a more relaxed fellow that is spending the precious remainder of their years. This can bring about a lot of restlessness and frustration, not only for the retiree, but to the people around him or her.

I had a personal experience of that sort with my father. Upon hitting his mid-sixties, he was advised by his physician to let go of the reins of his business. Not wanting to preempt his life because of stress, he acquiesced and tried his best to take it slow.

It wasn’t easy. He was still in “hungry entrepreneur” mode, and it caused no end of arguments and heated tempers with mom and my brothers, making visits to the old homestead stressful. I wasn’t about to leave things in that sorry state, and I decided to go ask around and gather up advice on how retirees can get over their “professional hangover.”

Hobbies and Crafts

All that time and nothing to do? Watching too much TV or sleeping may not be the best cure for that, as it will just make you grow a larger belly and do quite a number on your back. Assist your retiree friend or family member in finding something enjoyable to occupy their time with. Do make certain that what they are interested in doing isn’t going to cause undue risk or harm to them (good luck with extreme sports enthusiasts, though).

My dad was in the construction industry, but when he was younger, he had a thing for cars. I suggested that he take up the hobby of restoring and maintaining vintage automobiles, starting with the old Chevrolet Impala he had that was literally just rotting in our warehouse/garage.

Hang Out

Even introverted individuals need human exposure now and then, and the same goes for retirees that have hung up their guns/coat/tool belt/etc. and retired to a more quiet existence. Often, life passes like a blur before someone’s eyes, and it takes an event like retirement for one to look back and reflect on the experiences they have gone through. This is further enhanced by reaching out to the people that are still alive and sharing insights, apologies, and warm sentiments with each other.

Up until recently, relations were frosty between my dad and his siblings, and I encouraged him to reach out to the ones that were still around and make amends. Family is family, no matter what disagreements and differences of opinion you have or had. It would also help him put to rest any ill feelings between them, and that should make him sleep all the more soundly at night.

Use Your Skills for Philanthropy

You need not entirely leave or forget what you did for a living. If the skills and expertise are still relevant in today’s world (in most cases, they are), a retiree could make use of that to help society in general. This would leave a good, humanistic legacy behind, and it will inspire younger people into giving back to society when it is their turn to do so.

As I mentioned, my father was in the construction business. I shot this idea at him, and he took to it rather well. Reliving his years when he was actually behind the wheels and levers of heavy equipment, he went ahead and spent a little money on second-hand heavy equipment (he bought some surplus units off Rock&Dirt) and offered to help the local community in improving the flood-control earthworks, as flooding is a very real concern to many people in his hometown.

Have a happy and productive retirement!

About the Author

Stacey Thompson is a professional writer, marketer, entrepreneur, and a lover of weird little animals. She is based in San Diego, California, and runs a blog with her closest gal pals, Word Baristas.

Don't Throw a Retired Retirement Party! Make That Last Bash Count

In years past, retirement parties were solemn affairs held to acknowledge the end of a career and to commemorate years of loyal service. Today's active retirees, however, are far more likely to view their retirement as a beginning rather than an ending, and may feel that it is the outdated ideas about retirement parties that need to be retired, not them. Make that last bash for a faithful employee a resounding success with a festive celebration that recognizes that the retiree is about to embark on new and exciting adventures. 

Planning and Preparation

Before any party preparation can begin, you'll need to establish a budget, finalize the guest list, and choose a date and venue for the event. Make sure that the invitation list includes the most important people in the retiree's life, including lifelong friends, as well as family. Today's smart phone applications make it easy to keep all the details involved in party planning organized. A dedicated binder to hold items like itineraries, vendor brochures and guest lists offers a low-tech alternative.

Choose a Theme

For a fun and laid-back party, start by choosing a theme that will reflect the retiree's unique personality. Enlist help from the family and friends to find out about personal interests and hobbies that can inspire the ideal theme. Golfing, gardening, and travel themes are all popular choices. Choosing a theme is a simple way to coordinate all the aspects of party throwing, from the invitations and decorations to the choices for food and beverages.

The Perfect Soundtrack

Parties need an infusion of energy and dynamism to keep the action rolling, and nothing impacts a party's atmosphere quite like live music. A live band will keep the party-goers up and moving, but be careful to select a band from sonicbids that will play music that everyone can enjoy. When you have an atmosphere everyone can enjoy, it can help ensure the whole affair is memorable and fun.

The Party Program

No retirement party is complete without a few toasts, speeches, and gifts for the honoree but avoid bringing the festivities to a screeching halt with a stuffy award ceremony. Instead of allowing each guest to make a speech, consider hiring a videographer that can mingle among the crowd and record individual comments. Create a banner where attendees can write personal notes and congratulations throughout the evening is another great idea.

Retirement is no longer viewed as an end of a purposeful life, but as a chance to discover new adventures and opportunities. Plan for the event as if it's a bon voyage bash rather than a retirement party, and you'll increase the likelihood that the festivity is enjoyable for everyone involved.