The average retirement continues to increase. More people, after age 50, start looking at a second career instead of seeking traditional retirement. There are many options available for those who wish to keep working into the classic "retirement" years.
Seniors looking forward to starting new projects and pursuing their hobbies during retirement might want to consider starting a home-based business. A home-based business will allow you to make your interests profitable while staying active and maintaining social connections.
Whether you are concerned about making ends meet post-retirement, covering the cost of future long-term care, or aren't enthusiastic about a life without goals and projects, now would be a good time to start researching home businesses and seeing if one is right for you.
Hefty Investment Usually Not Required
Even if you don't have a lot of capital to start with, there are many options available for home businesses that can provide a good return with little investment. Depending on your experience, you could offer your services virtually as a copywriter, proofreader, bookkeeper, or life coach.
In-person businesses that don't come with many upfront costs include selling baked goods or floral arrangements or offering your services as a photographer. If you have a larger home with additional rooms or a finished basement, consider using it as a short-term rental space through Airbnb.
For retirees who are gifted in the arts or proficient invaluable life skills, look into creating online classes that can be marketed through various learning platforms. Pet-sitting or dog-walking might be a great way to make money while staying active — plus, many seniors find spending time with animals to be therapeutic.
Work Options Available for Those with Mobility Issues
Seniors facing mobility challenges can still look forward to running a successful business at home. Home businesses that could work well for less physically mobile seniors include editing, data entry, and medical transcription.
If you cannot be physically active or do any heavy lifting, you can start a business crafting and selling artisanal products. However, you may want to consider bringing in a part-time assistant to help with packaging, storage, and mailing. If you are one of many seniors residing in a multi-generational home, see if some of your younger family members might be willing to help you out.
Never Too Late to Learn New Skills
If some of the above ideas catch your interest, but you feel you are unqualified, don't rule out the possibility of training for a new home-based career. You can learn valuable IT skills through remote learning programs without even having to leave your house. Colleges in every state offer discounts for retirees interested in pursuing education in a new subject or training for a new career — and some will even cover the cost of learning materials and added fees.
Even if you plan on basing your new home business off your existing skillset, going back to school for business management is a good idea. With an MBA, you are better equipped to strategize and manage a new business. If there are no easily accessible colleges or universities near you, look for online programs. Many seniors may find pursuing an MBA rewarding on a personal level, as well, as this can help develop valuable leadership skills and acquire greater self-knowledge.
Health Benefits of Running Home-Based Businesses
Staying active and pursuing goals is important for seniors to maintain a high quality of life and a confident outlook. Running a home-based business where you can use your existing skills and acquire new ones is a great way to do this.
Keeping active, both physically and mentally, is always a good idea. You need a plan and then act on your plan. Seniors, and their family members, interested in staying fit and socially engaged may find additional helpful information in the articles published here at LTC News.
Retirement can be enjoyable, no matter if you start a second career, get involved in charitable causes, or hit the golf course. When you plan ahead for a successful future retirement you will be better prepared for the obstacles that come up as you get older.
One of the obstacles that you will face will be the costs and burdens of long-term health care. You probably have already seen changes in your health and body. Aging happens. As you get older, you will also notice a decline in cognitive ability.
Health Changes Over Time Lead to Long-Term Care
Many of these changes will limit your independence. The costs of long-term care services adversely impact your income and assets. You will face changes in your lifestyle and legacy unless you prepare. Preparing your family and finances for long-term care should be part of an overall retirement plan you put in place before retirement, ideally in your 40s or 50s.
Affordable Long-Term Care Insurance will give help you avoid dependence on your family in addition to protecting your income and assets. You will have access to your choice of quality care, including in-home care, which most people prefer.
Research Tools on LTC NEWS
LTC NEWS offers many resources to learn about the available options and learn about long-term health care issues. Click here and discover these resources.
This comprehensive guide is an outstanding first-read - The Ultimate Long-Term Care Guide. Be sure to take notes so you can ask the appropriate questions when you speak with a qualified and trusted Long-Term Care Insurance specialist.
This conversation is one you should have with a specialist as most financial advisors, or insurance agents lack the knowledge required in underwriting, policy design, tax implications, and claims. Find a specialist who works with the major companies by clicking here.
Discussion Points with a Specialist
When you speak with a specialist, be sure they discuss with you the following:
- Partnership – Most states offer special policies that provide dollar-for-dollar asset protection. The Long-Term Care Insurance Partnership Program might be one of the best-kept secrets in retirement planning. Make sure the specialist explains this program and how it might help you.
- Tax incentives – There are federal tax incentives available for some people. If you own your own business, be sure to ask.
- Health Savings Accounts – If you have an HSA, you can use the pre-tax money in your account to pay for the premium.
- Asset-Based or Hybrid policies – These are life insurance or annuities with a rider for long-term care. Careful, only a handful are actually a long-term care benefit. However, one of these policies can provide you with the flexibility of both a long-term care benefit or a death benefit. They are expensive but can be paid with a single premium.
- Health and Family History - Make sure the specialist asks you detailed questions about your health, family history, and retirement plans. Underwriting criteria vary with each insurance company. If they are not asking you detailed questions, then find another specialist.
LTC NEWS Cost of Care Calculator
Take a moment and find the current and future costs of long-term care where you live. This information helps you see the financial impact of long-term care on your savings and helps you decide the amount of coverage appropriate for you in your situation.
Find your state and use the LTC NEWS cost of care calculator by clicking here.
Be Published on LTC NEWS
LTC NEWS offers many resources to help families address the consequences of long-term care, aging, health, caregiving, and other retirement issues. You can be part of the effort to help educate consumers throughout the U.S. and around the world.
Write a story for publication on LTC NEWS and let America hear what you have to say. Be sure your article fits the LTC NEWS target audience of adults 40-70.
Topics can include stories on:
- Long-Term Care
- Retirement Planning
There are numerous other related topics, as well. You can even promote yourself, your business, and your website or blog. It must have editorial content exclusive for LTC NEWS and cannot be just an advertisement. It can include links to other sites, and you can share the article link once published on your website or social media.
Marketing and Advertising on LTC NEWS
Readers of LTC NEWS are researching retirement issues, including aging, health, caregiving, and long-term care. Other readers seek information for a parent or other loved one who is experiencing declining health or aging issues and require extended care.
There are many marketing opportunities available, including sponsored content articles. Sponsored content offers you a long-form way to sell yourself, your company, and your ideas.
LTC NEWS can be an affordable way to drive consumers to your website or business - or promote products and services.
Learn more about how LTC NEWS can help you market your business - click here.