staying active

04Jun

Reasons to Pursue Entrepreneurship in Retirement

Podcast BlogJune 4, 2022

Filling the time retirement allows is never the same for everyone. For some the relaxation is important and long overdue. Others may struggle to fill that free time, even with travel or hobbies. To feel fulfilled starting a new business may be just what your retirement lifestyle needs. The following are reasons starting a business in retirement may help you:

Staying Active

Unfortunately, within ten years of retirement retirees begin experiencing significant health issues such as heart disease, depression, or arthritis. Staying active is a good way to combat health declines. Starting a new business keeps you exercising daily—be it running errands, learning new skills, and attending networking events like conferences or local flea markets.

Sociability

Strong social ties are key for aging adults and leaving your workplace may reduce most of the social interactions you received. And unfortunately, retirees are reported to be the loneliest group. Starting a new business may replenish some of those interactions as you run more errands, take classes, attend local sale events. You should even consider the online communities!

Mental Alertness

The saying goes “always a child at heart,” right? Exercise is important for your brain, too. When you become more stationary you become less engaged mentally, too. Keeping up with mental activity reduces the risk of cognitive illnesses like dementia and Alzheimer’s. What better way to do this than learning new skills to run your business?

Passion

Goals and dreams do not stop once you retire. On top of already having physical, mental, and social benefits, studies confirm that having a purpose leads to longer, happier life. Since you have more time on your hands, few obstacles stand in your way of turning a hobby since as crocheting or pottery into a business.

Supplemental Income

Oftentimes after retirement retired CPAs experience a reduced means of income. Your small business would act as income. Whether it be you start your own part-time firm or you repurpose your skills and teach them to others, there are many ways to continue using your CPA knowledge to boost a new business in retirement.

04Jan

Finding Happiness in Retirement

BlogJanuary 4, 2022

Ever heard “home is where the heart is?” During retirement, finding and keeping what makes your heart smile is as important as your financial well-being.

Foremost, maintaining relationship during your retirement is most important. This could be keeping in touch with family or old friends. Or joining a club and creating new friendships. If you are married or live with another, your home life relationships will be what matters most to you. Now, maintaining these relationships will take time and effort, but keeping your loved ones close will make you much happier down the road.

Outside of maintaining your social circle, activities will help, too! Invest in your hobbies that lead to your desired social interactions. Hiking, crafting, bingo club, or a book club. In retirement the number one reported activity is watching television. While relaxation is important, so is getting out of the house! Social activities not only keep you moving but keep your mind acute.

Studies have found that financial health is correlated to retirement happiness. Having funds secured and your retirement planned out means you can maintain your lifestyle as desired. Living comfortably is what makes retirees the happiest.

Moreover, trends show that within the first year of retirement spending mirrors that of the last working year. The only difference is a different amount of income is reported. Without having to pay certain taxes, more money is essentially available the first year of retirement.

Another trend found is inflation-adjusted spending decreases as retirement continues. Sadly, this is partly due to the fear of running out of funds. Another reason is retirees become comfortable leading a newer lifestyle that may call for less spending and expenses. In a 2019 survey, 84% of participants reported being uncomfortable spending their nest egg especially when they did not have a guaranteed pension.

When spending time with children, retirees are reportedly happier. The youth keep them active and engaged. If retirees have grandkids doing weekly activities and keeping in touch by phone also produce happiness.

Housing is a key factor when it comes to happiness during retirement. Some relocate, downsize, or move into a retirement facility. Homeowners are oftentimes happier than those who rent late in life. On the contrary, moving into a retirement or assisted-living facility has been found to make over 50% of retirees happier and their lives easier—especially those dealing with a long-term care event individually or with a spouse.

When it comes to your retirement, find what makes your heart smile. Be social and stay in touch with family. Invest in yourself. Prepare for and secure your retirement so you can enjoy those golden years.