8 Reasons to Have a Side Business in Retirement
You can only do so much to increase your retirement security. Once you have set up a plan to save each month, selected an appropriate investment allocation, and set up an emergency fund, the only way to improve your chances of a comfortable retirement is to create more income.
Of course, there are many ways to make more money. One of the best ways to retire comfortably is to start a side business that leverages your expertise. Here are eight more reasons why starting a side business by the time you retire will increase your retirement security.
No age discrimination. You won’t get fired because you are overqualified and the company thinks you are overpaid. When your business thrives, it’s because of what you can provide, not how you look or how old you are.
You can start anytime. You can do it now, next year, or in a few years. Of course, the earlier you start, the more time you have to grow your business. But there are no time constraints or limits.
The hours are flexible. Once you start, you can work in the daytime, at night, on weekends, or on weekdays. And since there’s no one else who is telling you that something has to be done, you can determine how much time you want to put into this venture.
[See 6 Ways to Bulletproof Your Retirement Plan.]
Keep your mind sharp. Playing golf every day is great, but it doesn’t exactly keep you mentally healthy. Running your own business could serve as a good way to spend your time post-retirement as long as you set up your business so it’s not terribly stressful.
Extra income will help in retirement. If you decide to only work 2 hours a day, you may not make much money. But even a little bit of extra income could help to finance retirement necessities and maybe even a few luxuries.
Delay your Social Security payments. The income from your business might allow you to delay claiming your Social Security checks until you are 70. Then you will get more in each check when you do receive the money in the mail.
Grow your Social Security earnings record. Your Social Security payout is based on your 35 highest years of earnings. If you were only employed for 34 years, then $0 will be factored in for the 35th year. This drastically lowers your average. However, a side business in retirement can help with that. The income from your business could potentially boost your Social Security checks.
Deduct your health insurance. One of the benefits of being self-employed is being able to deduct your health insurance on your tax return. When you are employed, this isn’t such a big deal. But when you are retired, you are essentially getting a discount on your health plan just because you run a business.
Any business is hard work. I’m not trying to suggest that anyone can just create an amazingly successful business venture out of thin air. But if you put in the work and consistently try to improve, you could set up an extra stream of income. Remember to adjust your retirement savings plan to reflect the new influx of money.
Tags: united states, Social Security checks, money, investment allocation, health insurance, extra income, entreblogger
I agree with some of the things you are saying
Go alone. Your wife doesn't have to go see her.
And I hope when your wife is old and alone that HER family treats her with the same mean disregard.
I live in NY and it isn’t much different here.
You have to be 35 minimum. Article 2 of the constitution requires it.
I cant feel sorry for a guy that sat on his trying to decide if he wanted to play anymore…Maybe this time, he will quit on his team for good.
To use a sports analogy as Dulcinos did, this search was foul!
Roth IRA money is not taxable UNLESS you withdraw before your retire (I think 65 years of age.)
If you're both in agreement why do you need outside approval?
A bit of advice….have your wife get her hormone levels checked. A woman's libido doesn't just go away.
Gloomy forcast, indeed. So where should the cuts come from?
Sounds like he's a rapist in the making
Like and agree to an extent,i did lol at your use of the word 'geezers'!!
They have. They just want to be in on the looting also
Developing a Proper Asset Allocation
This is an extremely interesting interview. A couple of dilemmas, however are
White male religious conservatives are the only people who cannot positively discriminate. It is because we have to much already at the expense of other identifiable groups.
Perhaps they are looking to find a way to end it–unless one is of a mind to have it continue–then that is another question to be asked…
If we had increased inequality because some people created new businesses, made new innovations and we ended up with new jobs, this would not be as much of an issue.
Stop paying taxes on it and see if you own it.
They have to allow all religious groups, or none. Right now they allow others than christian, which is blatantly discriminatory.
Countryfile presenter Miriam Something has just won her age discrimination case against BBC.
It depends on whose apartment is being shared. If it is a government-subsidized apartment, then government rules apply.
If it is a private appartment, then private rules apply.
I want to know why they keep upping the age.
LMAO yeah this is so true, but I don't think like that
Fair Housing and Employment Act applies here. You're right.
More countries are hiking their retirement ages. Read this story and more in today’s Personal Finance Daily.
It would be very informative if the statistics here would be broken down into smaller categories, such as:
seems cut and dry to me. Public institutions can not subsidize religious groups.