Are you several years away from retirement and anticipating what that will mean? Do you need a career change because you want to spend your remaining working life in a job you enjoy? Are you ready to retire and considering what's next? Are you already an entrepreneur running your own business? When it's time, are you going to even want to retire? And will you be in a financial position to do so?
These questions can lead to lots of sleepless nights! But they don’t need to.
Mounting evidence shows that many people will not have the option to retire as they approach 65 because they don’t have enough retirement savings. Many others don’t want to retire because their work gives them a sense of purpose and fulfillment. Working can keep our minds engaged while providing continued income, stability and structure.
It is important to really analyze your financial goals for retirement at least ten years before you think you are going to retire. For argument’s sake, let’s say 55 is when you confirm you have a plan and that you stay on track to meet those goals over the years just before you retire. I’ve also heard the suggestion that you start living according to your retirement budget several years in advance of retiring to make sure that it is realistic. You want to be sure you can actually adhere to that budget so when the time comes you don’t use up your retirement savings sooner than anticipated!
If you haven’t given any of this any thought, do you think it might be time to do so? I started thinking about it as I was divorcing at 52. I was deciding whether to start my own business versus working in the corporate world. I thought about the fact that, if I used 65 as a retirement gauge, I had quite a few “work years” left in me. It occurred to me at my age, I would probably be one of the first to be let go if the company I was working for decided to reduce staff. I thought, “Why put myself in that position? I want to be in control of my own destiny!”
I had also discovered my passion and thought that I would be able to accomplish it best with my own business! As a result, I’m an encore entrepreneur who coaches entrepreneurs and small business owners. I started my business later in life. I am happy and fulfilled, and I can work for as long as I want. More importantly, because I am doing what I am passionate about I can’t see myself chucking it all in at 65. It is something I can do for years!
Are you an entrepreneur now? Are you working for someone else now but are really an entrepreneur at heart? I invite you to embrace the possibilities that open up to you when you have your own business. It is life changing and rewarding!