Got Questions? Just Ask Freeman.
Ask Freeman.
Call Toll Free:
(866) 471 7233

Freeman's Blog

Starting a New Business in Retirement

A 2013 study of entrepreneurship found that more than a quarter of workers aged 65 and older plan to start their own businesses in the next three years.1

Developing a business after you retire from your regular job could be rewarding personally and financially, but like most potential rewards it comes with risks and challenges. If you have an entrepreneurial vision, here are some tips that may help you maintain a realistic perspective.

1. Don’t put in more money than you can afford to lose. Current failure rates suggest that 50% to 75% of entrepreneurs may not succeed and could lose their savings.2. You don’t have as much time to recover from potential losses as you might have had earlier in your life.

2. Do your research. Perform due diligence by researching all aspects of your business idea, including (but not limited to) competition, potential customers, marketing and sales opportunities, facilities and shipping needs, office and payroll costs, and supplies and raw materials. Put together a business plan with realistic projections of expenses and potential revenues for the first five years.

3. Consider consulting. If you developed expertise in your regular job or previous experience that might be used for consulting, this option could be a smoother transition to post-retirement employment than a brand-new business. Consultants often earn more for their time than regular employees and have more freedom to choose their own hours.

4. Be realistic about your time and energy. Starting your own business is a big project at any age, so consider how much time and energy you want to expend. If you’re ready for retirement, you probably don’t want to work 60 hours a week on your new business, yet many entrepreneurs may work longer hours than salaried employees.

If you do start a new business, keep in mind that you may have to file a variety of tax forms and other legal documents. Be sure to obtain appropriate professional guidance.

Source:(1–2) The Wall Street Journal, April 7 and May 8, 2013

Retirement Planning in DC, MD, VA

Acquiring professional guidance for business planning, tax consulting or retirement planning is a wise decision if you want to be successful in each of those areas. I specialize in retirement planning so that you can protect your nest egg dollars and create a retirement lifestyle you always dreamed about.
I give free consultations, with no obligations.
Contact me today to get an assessment of your retirement plan.
Call Toll Free: (866) 471 7233