With retirements now lasting 30+ years, it’s increasingly important to factor health care and long-term care expenses into your financial analysis of whether or not to pursue a second-act career.
But when making your projections, how much should you budget for these big-ticket items?
I recently heard from a reader who wrote to tell me how much he enjoyed reading Second-Act Careers (made my day)! Thanks to the book, he had clearly identified his interests, strengths, motivations, etc., and is now into the next phase of selecting options and evaluating them for fit. He closed his note with this request:
“I‘m curious if you have any suggestions to help ‘separate the wheat from the chaff’ when considering one’s list of options?”
It’s a smart question. After all, lots of ideas sound great, but may not hold your interest over the long haul. Knowing that he can’t possibly be the only one wondering about this, I thought it best to share my response with all of you here.
So with thanks to my reader, here are 5 key steps to take when evaluating options for “fit”:
Looking for free advice and assistance with launching, growing and managing a business in retirement?
Well, I’ve got good news for you. This summer, AARP and the Small Business Administration (SBA) are teaming up to host a series of informational workshops for Encore Entrepreneurs.
It’s a timely move since lots of people over 50 are opting to go down this road. (And if you’re not sure if you’re cut out for entrepreneurship, take a look at this post written by my colleague Jeff Williams Working After 50: 10 Reasons Why You Want to Be Your Own Boss).
I was so delighted to hear about this initiative that I decided to sit in on one of the workshops last week. I think you’ll be as impressed as I was by the quality and diversity of free help that is out there.
Here is just a sampling of the resources discussed:
You know those bogus headlines that scream, “All you need to succeed in life is 5 minutes a day!!” or “Lose 10 pounds in just 3 weeks – GUARANTEED!!”
Well I promise you this isn’t one of those. Because what I am about to suggest really does take three seconds and it really could create more luck in your life.
So I hope you’ll stick with me to the end. I’ll share the “fix” in a few, but first a story (and a bit of a rant) about why I’m writing this.
When I speak about second acts, I often ask people what they might like to do after leaving their full-time jobs. Inevitably, I get a variety of responses:
I’d like to paint
I’d like to be a photographer
I’d like to write a book
I’d like to do something with baking.
It’s always fun to hear about people’s plans and dreams. But what I really love is when people tell me how they actually turned their dreams into reality:
I sold my first painting
I photographed a wedding
I self-published my memoirs
I’m selling my key lime pies at our local farmer’s market
It’s always exciting to see their dreams take flight. Of course, the gap between dreaming and doing is a big one. And when you’re just starting the transition into retirement, that leap can feel insurmountable.