According to a report by CNBC, most of the Americans reaching retirement have only saved about 12% of what they need. And 1 out of 3 Americans have saved nothing at all. These stats are alarming because they tell us about the vulnerable state of a large chunk of baby boomers. A Bankrate survey suggested that only 16% of the population saves about 15% of their income, which is recommended by the experts to live a blissful post-retirement period.
Unfortunately, if you are one of those who have indeed failed to carry out effective financial strategy for your retirement , we have a few lucrative business ideas for income generation.
Coaching and Consulting
The retirees who are planning to start a business must be thinking of two very important things: their job skills and and life lessons. Their knowledge, expertise, and experiences make them well-positioned to mentor the newbies in their distinct industries.
Even a retiree is not comfortable in face-to-face consulting, they can share their personal insight on different matters through freelance writing. Writing and blogging can help them in generating income for financial planning while leveraging their knowledge.
Turn Your Hobby into Business
There are high chances that you are already sick of the kind of work you used to do at your workplace and would not like to continue it anymore. Luckily, you can develop any of your favorite hobbies into a side business.
If you love baking, you can start selling cookies or cakes. If you are into photography, you can sell your photographs online. Almost all the hobbies can be turned into a potential business and will allow you to generate income.
The “active living” philosophy is actually very popular amongst the boomers and they can avail it to earn some extra money. It can be anything from opening a franchises of health-related products to being ambassadors of brands which are already doing well.
If you are thinking of starting a business, your foremost consideration should be to creative enough in its presentation. If you are able to involve a decent number of people in your venture, you will enjoy a healthy and active lifestyle along with saving enough for retirement planning.
If you are into children and would like to spend some time with them then why not opt for babysitting? It is a good earning opportunity and will keep you busy too. Being around children is quite joyful and rewarding too.
While childcare may not be able to bring you enough riches, it will definitely help you in spending quality time with little ones. All you need to do is to have the necessary knowledge regarding first aid/CPR for little children. Criminal record and references are a pre-requisite for this kind of job.
Even if you don’t have a teaching experience, you can use your knowledge to tutor students. There are plenty of retirees who start their own tutoring business and later on, they receive so much success that they need to hire other tutors as well.
Apart from providing tuitions, this field also allows you to improve your communications skills and stay well-organized. If you’re not comfortable in traveling or would not like the kids from coming to your place, the trend of online tutoring is also widespread.
If you haven’t worked on retirement planning yet, this might be a good opportunity to learn about some ways to earn money in your post retirement days. This extra income will keep you relieved from the financial pressures while helping you in meeting the household and medical expenses. In addition, if you are willing to have a tension free retired life, hire a financial advisor.