BLOG 10: RETIRE-PRENEUR
Several months ago, I wrote Blog 8 “80 is the new 60” and there is no question about it! We are living longer and healthier than ever, certainly longer than our parents, in most cases. The gyms are full of seniors doing everything from strength training to cardio and stretch exercises. We take pills to supplement calcium, iron, relief from Arthritis, restless leg syndrome, assorted aches and pains, and in some folks to help out in bed has compelled me to coin a new compound word “Retire-preneur,” which hopefully will resonate with the millions of Americans, finding themselves, not having planned for their retirement,
Our Retire-preneur just did not realize that the average net income for retirees was/is far greater than their Social Security check and a few other income sources; such as some work related retirement income, military benefits and investments/savings income.
I would estimate a minimum income of $75,000 to even come close to a life style to which the average Retire-preneneur could live a life style to which he/she has become accustomed while they were gainfully employed.
The truth is, it is too late to undo the mistakes of the past. Yes, you should have saved more and invested wisely, not spent beyond your means, not taken those family and couple vacations that cost a bundle with only aged photos to tell you how much fun you had but can’t buy a loaf of bread with its value and maybe you did not need to buy a new car every five years or worse buy a car you could least afford.
There is also one other thing on which I think I will receive a lot of flak, though knightly, and that is paying for your kid’s college education in dollars you wish you had now in retirement. Face it, you probably worked your way through college as did I and it did not hurt us a bit; in fact, it gave us an early work ethic and appreciation of a buck, so all those kids now protesting would be working instead of having the free time to protest.
Whatever, the reason, here you are still paying a mortgage or rent in a decent place, enjoying productive trips to the grocery store and that weekly stop at the liquor store and even eating out at a nice place more than you should, like the good old days, and even though you do not have the kids around you anymore; you now have the grandkids and strangely enough they cost as much with inflation as what your kids cost back twenty years ago and you are not making enough money to compensate for the shortfall, yes, I know it is worth it.
So here you and your spouse sit, contemplating what you should be doing to earn extra income. You both are retired, in your seventies or more, aging ailments are eating up more than you would like, car repairs beginning to nickel and dime you to the poor house and speaking of the poor house that may well be all you can afford when the time comes and it is coming too soon, which means you need to have additional insurance to cover burial and/or cremation expense, even with Obama or Trump Care.
My advice, which comes from my own solution, is to create your own business and therefore your own destiny, just as if you were thinking of doing when you were forty, fifty or sixty and at seventy or even eighty there is still time, don’t scoff, especially if the business you start involves all the years of your experience in an advisory or a consultant capacity and if you were in the trades, there are plenty of home-repair/renovations jobs searching for help; not to mention car repair if that was your trade?
Ok, you get the idea and speaking of ideas, two of my clients are in their sixties and one just invented a food canister with a ninety-day life cycle and the other a “Cause Celebre” for online teenage addiction assistance. Then there is myself with a consulting practice, and my own working website which you have just logged onto.
In my own case; I thoroughly enjoy mentoring my start-up clients and helping grow existing businesses including refinancing and acquisitions, and I would be remiss if I didn't say the extra money is the "icing on the cake".
There are plenty of other income potential options: such as, making and selling the dozens of Grandma recipes or as my mate and I started an online website selling imported ship models, again, speaking of online, what a fantastic opportunity to work right from home that our parents did not have as we can build or create just about anything our imagination can create and if all of the above venues do not work there is always art or craft shows with reasonable entry fees from where you can make some very decent income.
There is no excuse anymore to sit ideally by and complain about income or the lack thereof, when we have so many options to explore; besides, keeping the mind and body as fit as possible will add even more years to enjoy those growing grandchildren.
RONALD MITCHELLETTE & ASSOCIATES, LLC
2730 West Lake St., Ste.905
Minneapolis, MN. 55416
Direct: 612 715 9217
Office: 612 236 4248
(Search Box Enter "Entrepreneurial Decision Making")