Ahhhh, retirement. Beach…travel…grandkids…and everything in between, right? Then you wake up and wonder if there will be enough money for all of this. “What was I thinking? I cannot afford this!”
Will you be ready?
Many have come to the realization that being old enough to tap into their retirement accounts doesn’t necessarily mean that they have an abundance of wealth. Be it a pension or savings, will it be enough? What if your health takes a turn or your family needs your help? “Oh gosh, I didn’t consider inflation!” So many possibilities and so few guarantees. No wonder seniors get anxiety as retirement is on the horizon.
Or might it be the other realization that just because you’re old enough to retire, you don’t quite feel like you’re done contributing? You have accumulated a lot of wisdom over the years and would like to be of service to the next generation, sharing your wins and lessons learned. There is so much still to be shared!
Consider this as an option. Maybe you just slow down. Back away from the rigors of a full-time schedule and scale back your level of work to a couple of days per week. Add to this idea switching gears to something completely different that brings you absolute joy. Retirement is a time of change, so why not change to something that slows you down and pleases you? You can achieve this, supplement your income, and enjoy more time with your loved ones.
Growing the nest egg
Aside from not touching that retirement account, one idea is to invest some of it into a business that
- Provides extra income (more than the retirement account alone would)
- Provides more free time
Sounds like having your cake and eating it too, doesn’t it? In many ways, it is exactly that.
For instance, on the angle of slowing down, we have focused on many semi-absentee businesses that require as little as seven hours of work per week. Imagine that small effort continuously augmenting your income.
See more about semi-absentee businesses on these articles:
- Semi-Absentee Franchises: Keep Your Day Job
- Passive Income and How You Can Benefit
- What Is a Semi-Absentee Business?
Another option, similar to semi-absentee, or at least more versatile than traditional jobs, is a business where you work remotely. This trend is growing across the world with many different corporations. Why not you and business of your own? There are many, many industries to choose from with this arrangement as we discussed in our article Barefoot Business: The Rise of Home-Based Franchise Opportunities, and another that we just recently featured that can also be a home-based business with a few personal visits as you wish: Business Coaching: your success through the success of others. The idea of business coaching enables you to share your wisdom to enhance the success of those behind you.
Leave a legacy
One final idea that some retirees entertain is that of a legacy business. They engage with a family member and play an active role and when the time comes to slow down, they step back and enjoy a residual income while a legacy of success remains for the next generation. This leaves an inheritance of continuous income for your loved ones.
Reduce your risk with a franchise
Risk is an understandable concern when considering a business for retirement. While risk won’t be completely eliminated (what successful business didn’t start with a risk?) it is greatly reduced when involving a franchise. These successful business models have already paved the way and proven a repeatable method of success. They partner with their new investors to ensure their own success and train them in every aspect of the business, so no experience is ever necessary.
Browse through our Franchise Opportunity Finder.
How do you see yourself in retirement? Hundred Acre Consulting works with over 500 franchises. Certainly, there is something to capture your interest. Let’s talk about your future!