Why You Shouldn’t Retire

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If You Shouldn’t Retire, Then What Should You Do?

A recent survey reveals that less than fifty percent of the population aged 50-59 will have adequate investments to allow them to retire in relative comfort once they turn 65. For most of these people there is really only one solution, and that is to continue working (or producing income) well into their retirement years. It may not be so much a case of you shouldn’t retire, as it is a case of you cannot afford to retire unless you are willing to radically compromise your current lifestyle.

Shouldn't Retire

Luckily, there is a portion of the survey that also shows that the majority of respondents would prefer to continue working well into their retirement if that would increase the quality of their retirement. It isn’t often that reality overtakes fantasy in the realm of retirement planning, and it is heartening to see that there are clearly a lot of people who understand the dilemma that they are facing.

If you have a business or if you are a key member of a business group, it may be in your employer’s best interest to help you see why you shouldn’t retire. There is a lot of evidence that suggests that long term senior employees often have a wealth of knowledge and expertise that may be difficult to replace. One method has been to have the senior employees  continue to work part time as they train others to take over. The most popular technique is to have the employee come back as a contractor, thus allowing the employer to retain the expertise without having to pay all of the costs associated with an employee. It can often work in the ex-employee’s best interests too, as long as they have more than one client so that they are able to deduct a number of expenses that otherwise wouldn’t be available.

If you don’t have that option available to you, then you can do what some one hundred thousand plus Canadians have done in the past two years, and start your own business. This is a solution that you can begin now, as opposed to waiting until you are in formal retirement.  If your finances dictate that you shouldn’t retire, then you may want to explore this option as well, just like so many others have.

There are a lot of tangible benefits to having your own business in addition to generating income. You can legally deduct Make Money by arztsamui,freedigitalphotos.neta portion of your personal residence expenses, provided that you maintain a home office. You can deduct mileage for your vehicle when it is used for business purposes. In addition, you can deduct a myriad of other expenses,as long as they are directly related to your business and are deemed to be reasonable by the tax agency.

Having additional income can make a dramatic difference in the degree of comfort that you will enjoy in your retirement, and with the average lifespan continuing to increase, it makes more sense than ever to get your business started prior to actually retiring. Very few of us would be considered incapable of generating income in one form or another simply because the calendar indicates that we have turned 65. Take a closer look at the post  ‘Do you have what it takes to be an entrepreneur?’

Till Next Time….

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Sigrid McNab

Skype: sigrid.mcnab

Email: sigridmcnab@gmail.com

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About Sigrid McNab

Sigrid McNab is the author of #1 Amazon Best Seller, speaker and the CEO and Founder of sigridmcnab.com. Sigrid specializes in blogging, attraction marketing, and generating highly qualified leads. Sigrid teaches people how to build a successful online business.

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2 Responses to “Why You Shouldn’t Retire”

  1. Dagmar Wichary Says:

    If you do not have a healthy pension or saved for it, you will have to work to enjoy your retirement. Extra work will keep you in shape, help you mingle with people which is fun and will help to keep you healthy.

    [Reply]

    sigrid Reply:

    That is a great perspective Dagmar!

    [Reply]

    Reply

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