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.
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.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.
Photo by fakhar.
Can A Microbiz Help Your Retirement?
July 3, 2008 by Rich | 1 Comment
In Microbusiness, Niche, Retirement
cassy on July 3rd, 2008 at 11:54 pm
When im reading this article, im thinking the people here in our place who dont have permanent work. If some Americans save only small amount untill their retirement, what about the people here who dont have permanent work? What will happen to them if they cannot work anymore?