Can a Microbusiness Help You Enjoy a Better Retirement?

Not having enough money for a comfortable retirement tops the list of financial concerns among aging Americans, according to a recent Gallup Poll. It even outweighs peoples' worries about having a serious illness or accident.

With statistics showing that Americans can expect to live 20 or more years after reaching retirement age and our longevity continuing to inch upward, these fears could be well founded.

Three out of 10 American workers haven't saved at all for retirement, and among those who do, many have not saved enough, according to another study. The study showed that three out of 10 workers age 55 or older have saved less than $25,000.

Many of us plan to work past the normal retirement age. But at this rate, we may not have a choice. Some of us in the Baby Boom generation can expect to work beyond age 65, whether we want to or not.

There is an alternative to having to work full-time until we're in a wheelchair. It's also a smart choice as we get past age 50 and want to slow down a bit, but still stay active and stimulated. And that's to gradually make the transition from working full-time as an employee to being in business for ourselves on a contract or per-project basis. By planning ahead, you can gradually turn your job skills into a "microbusiness" while you are still employed.

If you have worked in a specific industry for 10, 15 or more years, you are ideally suited for this type of transition. You can set up a home office in a spare bedroom of your home, get the equipment you need and gradually establish your business.

When the time comes and you want to make the change, you can do it on your own terms ? often by negotiating a contract with your existing employers for 50 percent of your time. There are other ways to make the change, such as negotiating with your employer for a reduced work week, or working from home as a "teleworker" for a few days a week.

Still others have begun their private practice by moonlighting ? doing a few projects for other clients on the side at night or on weekends in the year leading up to their departure, and building up a clientele that way. Provided such work isn't prohibited by your full-time employment contract, it's another smart way to get started.

Enjoy The freedom

Being your own boss means you get to choose how hard you work and how much you are compensated. If you want to earn extra cash for an upcoming trip or purchase, you can work a few extra hours per week or take an extra project. If you want to take four weeks off and visit friends in Florida, simply plan ahead, keep your clients informed, and off you go.

Perhaps that's why people over 50 are much more likely to be self-employed, according to a study commissioned by the American Association of Retired Persons (AARP). The study showed that 16 percent of people over 50 were self-employed, compared with 10 percent of the general workforce. Plus one-third of self-employed seniors were first-time entrepreneurs who began their business after turning 50 and spending many years working for other people.

Being in business for yourself? especially after a lifetime of being an employee for a larger organization? is the next best thing to being financially independent while still earning a living.

You can scale back your hours worked per week to ease into retirement. Or work in bursts of activity to earn extra money for special purchases or travel. And the best part is? it often doesn't even feel like "work" anymore.

Barnaby Kalan is an award-winning copywriter and direct marketing consultant who also helps people launch and build their businesses. His book Outsourcing Yourself reveals the safest, smartest ways to turn your current job skills into a six-figure income as a self-employed freelancer or consultant.

For details, visit http://www.outsourcing-yourself.com

---

Enterprising Route is to Go Your Own Way

DON'T talk to me about education for entrepreneurs. They're pouring... Read More

The Danger Of Hate

As you have shown an interest in starting a business... Read More

Starting Up and Keeping Going

So you had that fantastic business idea, the one that's... Read More

The Entrepreneurial Difference

Who would ever have imagined that going door-to-door in my... Read More

Does It Really Take Money To Make Money (Online or Offline)? A Reality-Check of 2 Case Studies

The short and simple answer to this question is NO!Now,... Read More

Traits and Skills of Successful Internet Entrepreneurs

There are certain traits and skills that many successful online... Read More

The Use of Common Stock in Venture Capital Transactions

When raising capital for a business venture, a company can... Read More

Opportunity Does Not Knock

Q: I'm graduating this year with a degree in business... Read More

Go Slow to Go Fast - Why Over 80% Of High Tech Startups Fail And What To Do About It

With billions of dollars of venture capital residing down the... Read More

How to Become a Successful Entrepreneur on the Web

Becoming a successful entrepreneur in the online world is no... Read More

Goals and New Venture Creation

More and more corporate workers are leaving their jobs to... Read More

Start a Business Selling Government Surplus

Did you ever wonder what happens to all that government... Read More

Starting a Company on a Shoe-String Budget

A lot of people never start businesses because they believe... Read More

The 7 Traits of an Exceptional & Successful Entrepreneur

How often have you either referred to or considered the... Read More

Abstract Business Marketing Strategy for the Entrepreneur

If you look at those Corporations in franchising today you... Read More

Part-Time/In-Home Business - Low Expense and Low Risk

As a first time entrepreneur, there are a variety of... Read More

16 Vital Traits Shared by All Successful Entrepreneurs

The first step in deciding whether to start a business... Read More

Youth Entrepreneurship, A Disappointing Truth

The psychology of entrepreneurship can be very rewarding to one... Read More

A Startup Never Closes

When it comes to a startup, the luxuries shared with... Read More

How To Grow Your Micro-Business

If you want to grow your micro-business (defined as a... Read More

The Business and Life You Want to Build

In the early days of my first consulting business, I... Read More

Determine Your Niche & Be Successful

What's a niche?Dictionary.com provides a great, twofold definition:"A situation or... Read More

Staying Ahead of the Perils, Excerpt of Entrepreneurial Motivation Speech

Running a business is not an easy endeavor, it takes... Read More

What Part of Handwriting on the Wall Dont You Understand - They Dont Hire People Over 50

In a recent talk to the Detroit Economic Club, President... Read More

Achievements Outweigh Education and Experience

Q: When it comes to succeeding in business, which do... Read More