What Comes After Your Retirement

You may be getting a big sum of money on your retirement and all of your kids would have already finished college by then. What are your plans after retiring? Do you want to travel? Do you want to buy an expensive car? Do you want to renovate your house?

You may dream of several ways to spend your retirement money, but you still want to think carefully about what’s best for your future. Perhaps you would want to keep your “nest egg” in the bank, where it would earn at best two to three percent per annum. But think again, because that percentage is nothing when compared to inflation rate.

If you’re about to retire there are many career options for you. I suggest you leave your retirement money alone for now (you may live longer than you think) as there are opportunities waiting out there. Even if you were able to prepare, and have enough savings to last your lifetime, it’s not yet time to buy a rocking chair. You can find so many things to do, and some of the choices may help bring more happiness in your life.

There are people who would still want to work after retirement. For reasons like money, socialization, health, or for sanity’s sake, people choose to pursue a new career after their retirement. But before you join the bandwagon, ask yourself these questions: What do I want to do? How much money do I have? How much time can I allocate for work? Do I have the strength and the will to start a new venture? Only then can you decide on your career choices.

In deciding, always think towards what would make you happy. If you prefer to stay at home and be the doting “lolo” or “lola”, then do so.

I asked around and found that most retirees prefer to look for something to do after leaving the workforce. They feel they would just end up weak or sickly when doing nothing. In fact, this is the belief of Malcolm S. Forbes, owner and publisher of “Forbes” magazine. Forbes says “Retirement kills more people than hard work ever did.”

Here are options you may consider:

• Be a consultant. According to a survey by Merrill Lynch, offering consultancy is the number one choice of retiring employees. You have already mastered your craft from your many years of experience that imparting your expertise can earn you big bucks. If you have just recently retired from work, you are still updated about current trends and events in your previous industry. Whether you’re from accounting, logistics, the academe, sales or marketing, consulting jobs are a good career option.

• Ask a former employer if you can work freelance. If you are a good salesperson, then ask your former boss if you can still bring clients, no longer under payroll, but with sales commissions. This may be smaller than what you were previously receiving, but it is better to be doing what you are already familiar with.

• Submit articles for publication or write a book. Put your knowledge and experiences into writing. Share your wisdom and get paid. Contact publishing houses or website owners, and give them a sample of your work. If you have sufficient capital, you may also opt to put up your own publishing company. This is a good source of money, and a legacy to your family as well.

• Turn your hobbies into a fortune. If you love photography, you may ask friends and relatives to contract you for your services. If you know how to play the guitar, you can give guitar lessons to your neighbours. If you love gardening, you can grow plants and sell them for profit.

• Go back to school. You might need this if you want to venture into a different field. This will not only help you gain new knowledge, but also give you opportunity to network with people who might help you land a job or project.

• Train or teach. There are institutions that would acquire your services if you have proven yourself to be an expert in your field.

• Start a business. This need not be big. You may opt to put up a small sari-sari store in your garage, or a food cart in a high-traffic area. If you have sufficient capital, you may also choose to start something bigger. Just make sure you have a business plan and conduct feasibility studies to determine the marketability of your products or services.

Don’t be afraid of retirement. Welcome the idea of being finally able to pursue your unrealized dreams. You can still be active and busy. And for the younger generation, plan your retirement. Start saving, invest wisely, and most of all, stay in the best shape of health. With sufficient preparation, your retirement years can be the best years of your life.

*Originally published by the Manila Bulletin. Written by Ruben Anlacan, Jr. (President, BusinessCoach, Inc.) All rights reserved. May not be reproduced or copied without express written permission of the copyright holders.

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