Start planning going back to work or starting a business

Five years before retirement, start thinking about some options. If you like to keep busy and/or enjoy the social aspect of working, consider starting a business or taking on a seasonal or part-time job. Returning to work or starting a new business are viable options for seniors.

Returning to Work:

Seniors can go back to work to earn extra money for unexpected expenses or vacations..A steady job helps us maintain social interaction. We have fewer friends after retirement, and going back to work helps us socialize and make new connections.. This is important for mental and emotional well-being.

We all complain about routine but when we don’t have it, some of us get upset. Work provides a daily routine and a sense of purpose, helping us maintain both physical and mental health and a feeling we are achieving something.

I talked about volunteering and using your skills to help the community, but the research shows that if a person did not volunteer when they worked, they will not volunteer when they retire. However, they still want to use their skills, so returning to a field that seniors are familiar with allows them to do this. Using their skills and experience is fulfilling and beneficial for them and the employer as well.

There are potential challenges with returning to work. Some seniors find it demanding to re-enter the workforce. Younger workers and managers who hold to old ideas about ageing may make it harder for seniors to find work.

 Starting a Business

Starting a new business in retirement can be a rewarding venture, as you can turn your hobbies, skills, and passions into profitable business ideas. Running a business offers flexibility and allows you to set your own schedule. Starting a business allows you to leave a lasting legacy, contribute to your community, and positively impact your chosen market.

If you are thinking about this option, you need to deliberate on your financial situation and risk tolerance before embarking on this path. In my previous life, I ran my business, and doing so required a range of skills, that I had to learn, including marketing, finance, and operations. Five years before retirement is the time to acquire these skills and knowledge. Running your own business is demanding and requires a significant amount of time and effort, especially during the initial stages. Ask yourself: Do you have the energy and commitment required?

Returning to work or starting a business depends on your finances, health, and risk tolerance. It’s important to consider the pros and cons before making an informed decision. Consulting with friends and family can also provide valuable insights.