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by: Barnaby Kalan
Not having enough money for a comfortable retirement tops
the list of financial concerns among aging Americans, according
to a recent Gallup Poll. It even outweighs peoples’
worries about having a serious illness or accident.
With statistics showing that Americans can expect to live
20 or more years after reaching retirement age and our longevity
continuing to inch upward, these fears could be well founded.
Three out of 10 American workers haven’t saved at all
for retirement, and among those who do, many have not saved
enough, according to another study. The study showed that
three out of 10 workers age 55 or older have saved less than
$25,000.
Many of us plan to work past the normal retirement age. But
at this rate, we may not have a choice. Some of us in the
Baby Boom generation can expect to work beyond age 65, whether
we want to or not.
There is an alternative to having to work full-time until
we’re in a wheelchair. It’s also a smart choice
as we get past age 50 and want to slow down a bit, but still
stay active and stimulated. And that’s to gradually
make the transition from working full-time as an employee
to being in business for ourselves on a contract or per-project
basis. By planning ahead, you can gradually turn your job
skills into a “microbusiness” while you are still
employed.
If you have worked in a specific industry for 10, 15 or more
years, you are ideally suited for this type of transition.
You can set up a home office in a spare bedroom of your home,
get the equipment you need and gradually establish your business.
When the time comes and you want to make the change, you
can do it on your own terms – often by negotiating a
contract with your existing employers for 50 percent of your
time. There are other ways to make the change, such as negotiating
with your employer for a reduced work week, or working from
home as a “teleworker” for a few days a week.
Still others have begun their private practice by moonlighting
– doing a few projects for other clients on the side
at night or on weekends in the year leading up to their departure,
and building up a clientele that way. Provided such work isn’t
prohibited by your full-time employment contract, it’s
another smart way to get started.
Enjoy The freedom
Being your own boss means you get to choose how hard you
work and how much you are compensated. If you want to earn
extra cash for an upcoming trip or purchase, you can work
a few extra hours per week or take an extra project. If you
want to take four weeks off and visit friends in Florida,
simply plan ahead, keep your clients informed, and off you
go.
Perhaps that’s why people over 50 are much more likely
to be self-employed, according to a study commissioned by
the American Association of Retired Persons (AARP). The study
showed that 16 percent of people over 50 were self-employed,
compared with 10 percent of the general workforce. Plus one-third
of self-employed seniors were first-time entrepreneurs who
began their business after turning 50 and spending many years
working for other people.
Being in business for yourself… especially after a
lifetime of being an employee for a larger organization…
is the next best thing to being financially independent while
still earning a living.
You can scale back your hours worked per week to ease into
retirement. Or work in bursts of activity to earn extra money
for special purchases or travel. And the best part is…
it often doesn’t even feel like “work” anymore.
By Barnaby Kalan
www.outsourcing-yourself.com
About The Author
Barnaby Kalan is an award-winning copywriter and direct marketing
consultant who also helps people launch and build their businesses.
His book Outsourcing Yourself reveals the safest, smartest
ways to turn your current job skills into a six-figure income
as a self-employed freelancer or consultant. For details,
visit www.outsourcing-yourself.com
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