Entrepreneurial Business Ideas To Supplement Your Retirement Finances

The idea that you need to be a Millennial to enter the entrepreneur arena is certainly false. More entrepreneurs over 40, and even over 50, are making their entrepreneurial endeavors come to fruition. And why not? Older entrepreneurs have the wisdom and expertise to bring a new concept, product, and/or service to market.

One study from the Kaufman Foundation found that entrepreneurs between the ages of 50 and 65 are catching up to the Millennial entrepreneur group. Why are the older generations becoming entrepreneurs? It could be boredom, or it could be the need to increase retirement finances.

Let’s face it, waiting for social security checks to cover bills is not on anyone’s to-do list, regardless of age. And entrepreneurship is one way to ensure more income is coming in with the ability to enjoy a bit of personal and financial freedom.

“Every person has the right to enjoy happiness, good health, time-freedom and financial-freedom…regardless of who they are, where they live, and what they do,” The 1-Hour Workweek explained. Are you looking to boost your retirement finances? The following entrepreneurial business ideas can serve as your quick guide. Let’s dive in!

Rekindle a passion and turn it into money

Launching a new business can definitely be challenging. The time and money it takes can take its toll. Except if your business encompasses something you are truly passionate about. This makes all the challenges that need to be overcomed worth it.

So rekindle that passion you may have burnt out due to work and family obligations earlier in life. And the good news is that businesses with a passionate foundation often succeed more than those without. This is where you will see far more women entrepreneurs successful.

“First, they are willing to learn,” David Deeds explained in a Forbes article. “Men, as we get older, tend to be set in our ways. Women, in general, are more open to learning and are collaborative. Entrepreneurship is a team sport, and women are good at working with others. That gives them a little advantage.”

Start a business that local businesses find useful

 In your later years, traveling for work is probably not to enticing. This makes starting a business locally a win-win. You can begin by brainstorming what things your community businesses may need a bit of help with. It could be productivity aspects to streamline workflow, financial processes like accounting, and much more.

While your increasing your retirement finances, you can be helping others with theirs. In fact, financial help is a must for most businesses, since many business owners don’t know much about business finance, taxes, payroll, personal loans and investing, as well as contract negotiation.

If you have any financial background at all, this could be the perfect business that helps other businesses in your community while keeping you local. You can even set your own schedule. Not too bad.

Provide consultation services to medium and large companies

This type of business idea is made to order for most older professionals. Why? Because you have already had decades of experience in an industry, and you have a big network others may want. With the internet, you can turn those years of experience and knowledge to more retirement finances.

All you need to do is set up a website, start writing articles about what you know, and build that client list. It may take a bit of time to get a big client list, but it will certainly happen. You probably won’t even need to do much marketing. Word of mouth is a powerful thing when dealing with medium and large companies.

You can also choose the clients you want to work with, which is one of the biggest benefits. This allows you to work with those you like, and ignore the rest. Have a big vacation coming up? Well, you don’t need to tell anyone, because you can consult from anywhere, and at anytime. Just don’t forget to keep communication lines open with your network, and feel free to grow your network too.

Ready to boost your retirement finances?

More older entrepreneurs are heeding the call, and why not, you have the expertise, network, and knowledge base to handle a new business endeavor. The above business ideas to increase your retirement finances are certainly not the only ones. However, they are a few of the easiest to pursue, and possibly the most enjoyable. Age is only a number and you can have an entirely new career path that you make ahead of you.

The Retirement Savings Crisis - Infographic

It's terrible how ill prepared most of us are for retirement. It's not like we don't know it's going to happen. We have more than half of our lives to get ready for it. Sadly, some of those that did prepare have had their savings taken out by the current economic problems. 

If the government really wanted to do something about this they should have a method to start the preparation for retirement when we are born. At birth we give children a Social Security card, why not a retirement account also. Why wait to start something important like that 25 years later? What's your take?

Image created by www.MastersinAccounting.info

Living on a Budget after Retirement

Frugal living is not easy even if you have a job. There are so many things to think of, to budget and to decide. Most of the time, a regular wage is not enough to cover the expenses you need to settle monthly. In fact, it has now become a big challenge to live decently. How much more if you are nearing your retirement age? 

For some people, retirement is never an issue especially if they have ample savings for their future. But for the majority whose salaries are good enough to let them survive each month, life after retirement is still hazy. Does this sounds familiar? Well then, here are a few tips to help you get through your retirement and live a frugal life.

Plan Ahead Where to Retire

Before your retirement period, it is essential to plan things ahead. Decide where you want to spend your retirement. Do you want to stay in your home? Or, are you planning to move in another place where costs of living are lower? The cost of living in each state and city varies. For example, if you are living in a big city like NYC, obviously, you need to spend more. 

If you want to live on a budget after retirement, find an area with cheap cost of living than your current place. Some cities have lower property taxes and housing rates. In addition, these areas might have lower personal and sales taxes. One good example of city with low-cost of living is Austin, Texas. In this city, the costs of housing, food and transportation remain cheap in comparison to other cities. 

Live in a Smaller Home

If you used to live in a 5-bedroom house, it’s about time to reconsider letting it go. At this age, chances are, your children are grown up and have their own family. Staying in a big house with only two of you living will really make you feel empty. And this is even worse, if you are alone. Additionally, huge home requires more maintenance, which means more budget and work needed. 

Downsize your retirement home. Look for a smaller house or an apartment that can accommodate you (and your partner if you have). Smaller living space consumes less energy. And, less energy used means low utility bills. Thus, this enables you to save money and minimize expenses. Above all, the best thing about small home is less maintenance. 

Invest Only on Essential Things

After retirement, you might be tempted to buy anything that catches your attention with your retirement fee. Resist temptation! This will likely drain your finances in no time. If you want to buy something, make sure it is of great use and you really need it. Don't buy a brand new couch just because it has a very nice shade. If you really need it, go for it. But if it’s not necessary, do not spend your money. 

When it comes to your health, you should never be stingy. Investing in medical devices, like medical guardian, is essential if there is a need for you to have it. Health must not be neglected at this stage. The most important thing to keep in mind is to be wise. 

So, these are just some tips on how to live on a budget after retirement. Remember, planning is a vital element to have a successful retirement.

This article is by Ashley O’connor.

How to Plan a Financially Secure Retirement

saving and spending (Photo credit: 401(K) 2013)

You may think that you should only think about planning your retirement once you have plenty of funds saved and then and only then, seek financial advice. However, the most sensible way to approach it is to begin that planning process from your very first job. Don’t leave it until it is too late to save the money that you will need for retirement. 

Start Early

You don’t need the help of anyone in order to get started. You should start by saving a small amount of money a week and keep it in a savings account. Leave it to build up to a few thousand pounds. At this point, you can begin to invest the funds into the stock market. Ideally, you would invest in multiple diversified mutual funds, in addition to ETFs. Continue to save and invest until you have a nice little nest egg. Then you can begin to diversify further. 

Diversify Investments

To help in diversifying your savings, start to look at your portfolio as a whole and ensure that there is no single region, sector, industry or investment that is dominating your holdings. Essentially, ensure that you have investments in technology stocks, mature stocks, foreign companies, value stocks, growth stocks etc. To achieve this, begin to look through your mutual funds and note which company types and sectors are in each mutual fund. You should be reasonably diversified but this is nothing too much to worry about at this point. 

Focus on and take control of your retirement (Photo credit: SalFalko)

When you have reached a significant amount of savings, you can diversify even more. You can then look to purchasing property. If you have the time on your hands, that is. Alternatively, you can buy real estate trusts or real estate fund in either residential or commercial properties. They can act as an effective diversification strategy from conventional assets, such as stocks or bonds. 

Build on Your Plan

Once your investment portfolio has grown, you need to be increasing your awareness of investing as well as the level at which you are planning for your retirement. Estimate how much you will need in order to retire and begin to work toward that goal.

One option you do have and should consider when planning your retirement is a payday loan from a company such as DollarsDirect.ca. It may be that a member of your family is forced to have an operation or a loved one passes away. Such a measure should not be used for frivolous purposes but it can alleviate some of the stress that comes with retirement, just knowing that it exists as an option. 

As the time draws closer to your retirement, you will either feel secure or find that you are worried. If you are feeling nervous, it may be worth visiting a personal financial planner to assess your plan as it stands. They will be able to use sophisticated software in order to estimate the demands you are likely to be met with and calculate the odds of you running out of money. If you do feel secure then, by all means, enjoy your retirement!