People say they intend to keep working, part time in retirement for two reasons, to fill in a financial gap and/or to keep sharp mentally.  The problem with holding down a part time job in retirement according to Jason Hull, CFP, is people who make the decision to keep working part time miss the benefits of retirement.

Working at a part time job, says Hull, offers the stress of a full-time job without the benefits. And, holding on to you working person identityprevents you from becoming the person you want to be.

As someone who left the corporate workforce many years ago, I agree. Working part time carries all the pain of working full time: limited free time, workplace stress and the nonnegotiable expectations of others; all of the pain with half, or less, of the financial reward.

However, a business of one’s own is a different story.

When you start a business, you can redefine yourself.  You will no longer be working for “the man” but instead you will be setting your own goals; goals that provide mental stimulation without the burden of answering to someone else’s expectations. You will be redefining yourself from what you are: (CPA, pilot, nurse, teacher) to who you are: someone who provides value to the people who benefit from your product or service.

Retirement can be your opportunity to become the person you want to be at the same time as you fill in your retirement gap and keep yourself mentally active.

To make your retirement business work for you:

Play to Your Strengths

Retirement is about redefining who you are.  In the years leading up to your retirement you have learned skills, acquired knowledge and had experiences.   These are the rich resources you can draw on to identify the small business that will enhance your leisure years in the ways you choose. To learn more about the strengths you may have forgotten you have check out my blog post.

Set Goals That Work for You

A retirement business should provide the intangible benefits of a full-time job.  Those benefits included a sense of identity, a daily structure, and a social circle.  By setting goals that focus on these benefits, retirement can be a time of creativity and purposeful action with a financial cherry on top.

Decide on A Plan Of Action

One of the greatest risk of entering retirement without a plan of action is loneliness and depression. Once you decide on a small business that will create purpose in your life, benefit society in some way and play to your strengths, you will have a blue print for activities, connections, and a routine to fill your days with meaning, purpose and, most importantly, other people.

Thinking ahead to retirement can be difficult.  Trying to imagine a future completely different from the busy, full time life you live now can be overwhelming.  That is why I wrote my book, From Vision to Decision: A Self-Coaching Guide to Starting a New Business. As a business owning retiree myself, I am available and willing to help you discover the business that is exactly right for you and your new lifestyle.  Go head and check out my products and services.  What I have to offer may be exactly what you need to start a brand-new life in retirement.

Photo by Craig Philbrick on Unsplash