A friend of mine called me the other day in a bit of a panic. She had just learned that her company is the target of a merger and it appears likely that she will be out of a job by year end.
Fortunately, she was planning to retire three years from now, but this news means she’ll be out of a job sooner than planned. She is in the enviable position of not having to work if she doesn’t want to, but still, she’d like to do something fulfilling, at least part of the time.
“Nancy,” she asked, ” What books should I start reading to help me figure out what I should do during retirement?”
Looking for ways to turn your hobby into retirement income?
My friend and colleague Jeff Williams, founder of Bizstarters.com and an expert on boomer entrepreneurship, put together this list of seven questions to consider when thinking about turning your hobby into a business. (To learn more about Jeff and Bizstarters.com, I encourage you to read my profile of Jeff on NextAvenue.org).
He generously agreed to allow me to reprint it here:
Finding the time to research new career options can be a challenge. Between work, family and volunteer commitments, it can be tough to carve out an afternoon to explore options.
But I have good news for you. Even if you have only ten minutes a day to spare, that’s enough time to make real progress in your second-act planning process.
Below you’ll find seven tools that make it incredible easy to get information about any career or business idea. Many of these tools run on automatic pilot – once you register, you’ll be updated automatically whenever there is relevant information to report.
So whether you want to learn more about a second-act career as a novelist, dog breeder, seminar leader (or something else), here are seven tools sure to make your research process easier, faster and more enjoyable:
One of the best ways to get excited about the possibilities for your semi-retirement career is by reading about other people who have successfully transitioned into their second (or third) acts. It really doesn’t matter what they are doing, or even how old they are, reading about reinvention is almost always energizing and educational – and you never know what tips, resources or ideas you’ll gain in the process.
Below are 50+ interesting second-act stories I’ve curated from around the web. Not all of them feature people over 50, but I still think you’ll find their stories inspirational.
“If you want your retirement to be successful, you must do two things. First, you need to equip yourself with the information you’ll need on your journey into the world of Social Security, Medicare, Medigap, long-term care insurance, pensions and 401(k) plans. Second, you need to decide what you want to do in retirement.”– Stan Hinden, author of How to Retire Happy: The 12 Most Important Decisions You Must Make Before You Retire
So true – if you want the flexibility to do what you want to do in your second act, you first need to pay attention to the financial pieces of this puzzle. That’s why I suggest you read this book.