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Andrew Krajewski

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5 Questions You Should Ask Before Retiring

by Andrew Krajewski » Tue Jun 14, 2016 6:40 pm

A 68 year old retired friend of mine is selling a house that he owns.

Unfortunately the property is in a bit of a state and
it will take him several months to get it ready for sale.
He is finding it exhausting and
he's only a couple of weeks into the works.

This isn't something that I want to have to be doing at his age.
What about you?

I feel that we can avoid this kind of scenario if we plan for our retirement
rather than just waiting for it to arrive
which is what most people do.

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5 question you should ask before retiring

1 At what age do I want to retire
2 What do I want to do in my retirement
3 What income do I need to support my retirement lifestyle
4 What am I going to to do to stay mentally and physically healthy
5 What contingency plans am I going to put in place for my old age

This of course assumes that you're going to be able to afford to retire and
not have to work until you drop,
as is forecast for an increasing number of people.

Beach Loungers.jpg
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Have you got YOUR answers to the 5 Questions?

Do share your Retirement Plans with us.
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Sue Moseley

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Re: 5 Questions You Should Ask Before Retiring

by Sue Moseley » Wed Jun 15, 2016 5:04 pm

I think starting a business that you can do in retirement is a shrewd idea for most people. Even if you have a decent pensions plan (which I think mostly limits that to public sector workers), it can get ripped out from under your feet overnight by unscrupulous people, for example what has happened recently with BHS and in the past with The Mirror and even now the government is planning to raid the pension pots of people who have set a decent amount of money aside.

We worked on a project for the Cheshire Police a few years back. They retire early in the force and several of the staff my husband got to know were coming up to retirement. All of them were starting businesses in the run up to retirement - things that they could continue that would bring in decent money, but would not be unduly taxing to run.

My father in law had his own consulting company running alongside his day job (which was turning around newly acquired failing companies, making them profitable and getting the right management team in place, before moving on to the next acquisition), for as long as I've known him - 37 years, and he kept that going in retirement. Even in retirement he was making way more money than we were just from a handful of consulting contracts involving a few hours work a month. He had a secretary who did all the admin and she only stopped working regularly a few years ago, as the work wound down. I think he was in his 90s by then.

The opportunities to work in retirement are available like never before now we have all this technology at our fingertips and no middlemen preventing us getting to our target customer.
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Helen

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Re: 5 Questions You Should Ask Before Retiring

by Helen » Thu Jun 16, 2016 2:54 pm

These posts have certainly got me thinking about my retirement plans.

Up to now I've just imagined that I'll retire at 60 and
then potter around, have more holidays and see more of my family and friends.

What I've realised is that that would leave me unfulfilled.
So I need to think more carefully about what I'm going to do
and the costs involved.

That of course Sue is where your notion of on-going income comes in.
The big question is -
What on earth could I do?

Any ideas anybody?
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Joan

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Re: 5 Questions You Should Ask Before Retiring

by Joan » Wed Jun 22, 2016 5:41 pm

As far as starting a business I would suggest the following:

Step 1 Develop the mindset that you will come up with a business idea and make a success of it.
There are loads of Personal Development books, CD's etc that will show you how to do this.

Step 2 List your your skills, jobs, experiences, interests, etc and see if an idea comes out of that list.
In essence, your aim is to find a problem that people are willing to pay you to solve
Do remember that you don't have to re-invent the wheel.
It's simply a question of providing a service or product that's better than what's already out there.

Step 3 Attend a few business networking groups.
You'll be amazed at the businesses that people have set up

Step 4 Be alert to possible opportunities as you go about your daily life.
Somebody set up a business providing dog walkers for people that didn't have time to walk their dogs - such a simple idea.

Every journey starts with a single step and so Step1 - Establishing a Positive Mindset, is the most important important

I hope that helps and do let us know how you get on Helen
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Lynnbutterworth

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Re: 5 Questions You Should Ask Before Retiring

by Lynnbutterworth » Fri Aug 05, 2016 11:01 pm

Hi Helen I have started my own business but with the backing of a multi billion $ company. I am now earning an extra income, feeling happy, choosing the time I put in and building a whole new social life. It's definitely worth a thought to start a business but be careful not to be persuaded to lay out lots of money by buying stock etc, check things out very carefully before committing.

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