Early Retirement and Then What?

I was in conversation with a friend last week who was looking forward to his early retirement from a federal government career in criminal justice.   He was excited and yet anxious about what to do next.

My advice to job seekers is always to go with one’s strengths and experience when considering a new career.  Frequently, retirees consider opening their own business. 
There are many opportunities for starting a new business including franchises, purchase of an existing business or simply to open a start-up company.

Here are my thoughts for these early retirees:

1. Develop a network of business contacts who know you, your experience, and your capabilities.

2. Attend seminars about career transition and starting a small business.

3. Seek advice from successful individuals you respect.

4. Attend professional organizations particularly in the areas of your experience.

5. Conduct a detailed audit of your financial resources to determine how much risk you can invest in a new venture, and how long you can continue in retirement without supplementing your retirement income.

6. Actively seek post-retirement employment to determine what alternatives are available.

7. Consider working as a consultant in the industry with your most experience.

8. Finally, conduct a self examination to determine how much financial risk you are willing to take.

Hopefully answers to these questions will provide sufficient guidance to direct your efforts toward income producing activities after your retirement. .      

Please comment in this bIog or email at glynjordan@gmail.com your advice for individuals taking early retirement.         

Thanks!

Glyn