Scotia Investments

Financial Learning Centre - Retirement Job Options

Scotia Investments Financial Learning Centre

Money Management Guide - Retirement Job Options

If you have retired already or have been laid off you may have a desire to get back into the employment seen. Well, hate to tell you this, but that may be easier said than done. So what? You're resilient and flexible. What's your Plan B?

Maybe it's time to look at something new. Companies are doing more laying off than hiring. Often times when you change jobs or re-career you receive less pay and fewer benefits. At the same time, you many have more flexible hours, less stressful work conditions and not as much responsibility. Is that a good thing for you?

But what if you want to really step out? Statistically, more people open their own businesses in a recession or bear markets. According to Challenger, Gray & Christmas, workers 55 and older represent the fastest growing group of the self-employed. Maybe this is your chance to find the Entrepreneurial Spirit within you!

Might you look at this as a bridge to your retirement? Many of you will work longer than other generations but you want to work on your own terms. At the same time, as lovely as this may sound, being self-employed is not for the faint of heart.

First:

You need to decide what kind of business you want to begin. Do you want a franchise or begin something totally yours? There are pros or cons either way. Don't jump into something without doing your homework. Your research will pay off.

Second:

Can you financially take the risk? Do you have the resources to invest or do you need to secure a loan? Remember, you will not have any medical benefits or 401k being provided for you. Take a good hard look at your financial situation and how much risk you are willing to take before you quit your day job.

Third:

Are you ready to practice your job? Try to find an avenue or way to be able to hand hands experience in job venture that you would like to pursue.

Fourth:

If you need help, ask!

Baby boomers and seniors account for 56% of the nations self-employed workers. Will you be one of them?