Can a Microbusiness Help You Enjoy a Better Retirement?
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.
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Can a Microbusiness Help You Enjoy a Better Retirement?
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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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