Retire to self-employment

If you are nearing retirement age, you may be looking at your retirement income and realizing that you need more. Social Security sure doesn't pay much, and a conservative retirement fund strategy is often suggested to be no more than 4% per year, so your investments may not deliver all that much either. So, you think you'll need a part time job, right?

Well, gosh, a part time job is usually pretty sad. Very low pay, competition from school age kids; it's not very attractive. On the other hand, retirement might be the ideal time to start working for yourself. If the alternative is low pay bagging at the supermarket, you don't have to be wildly successful to beat that. You choose your own hours, take naps when you want to, and you'll probably make more money than you would from a part time job anyway.

If you are fortunate enough not to really need more, self employment can be fun, can provide extra money for treats and unexpected expenses, and will probably contribute to your health and mental well-being also. You can do what you like, and not worry about how well the business does.

Nice work if you can get it. And you can.

You may also be interested in my How to retire early without having millions of dollars and my When to Take Early Social Security Benefits..

One way to help is to cut back on expense. While I would never take it this far, you could learn a bit from living a minimalist life style.

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