Sitting around for 20 years after retirement is a bad idea and could shorten your life expectancy
Let’s face it if you worked for 35 or 40 years before you retired you probably feel you need a break. Few people could argue with you because most would feel you paid your dues. And, we agree. However, actuarial tables show people are living longer lives and, Social Security benefits and other retirement benefits, may not last since they can expect to live longer.
Looking at life expectancies in the 1930s lead many to believe Social Security was something they would never collect. During that time men were expected to live to be 58 and women were expected to live to be 62. The problem was they would not have been able to collect Social Security until age 65. By 1940 when Social Security became available, people saw it was not designed so few people would get it. It was projected over 8 million Americans would receive Social Security benefits. And life expectancies were projected to be long enough for them to enjoy it.
Fast forwarding to today, tens of millions of people draw Social Security benefits. The age at which people can draw benefits has been reduced to age 62 as compared to 65 when the program was implemented. Advances in medical science assure people a longer life. And, most people can expect to live for 20 years after retirement. Sure, you can sit around and do nothing. But, if you retired at 55, rested until you were sixty-five, you could get so much more out of your retirement by learning how to grow a small business.
Getting rich proves age is just a number
Disregarding ages when you can collect Social Security, many people have made their first million during their retirement years. Harland Sanders (The Colonel) made his first million dollars at 70 years old. Grandma Moses ( Anna Mary Robertson Moses) never picked up a paintbrush until she was over 80. Yet lived long enough to see the paintings she once sold for $3 go for prices over $10,000. Peter Roget invented the Thesaurus at age 73. Clara Peller became wealthy in her 80s when she was cast in Wendy’s Resturant commercial asking “where is the beef”. Yet in modern times, many people under 65 insist the party is over for them. News flash, even at age 65, most people still have another decade to plan to be alive.
Living on a fixed income is a poor excuse for not trying to change your circumstance
In the past, many seniors insisted they had no aspirations to open a business because they lived on a fixed income. In an arena that is rumored to have a 90% failure rate, they were simply unwilling to take the chance. I would bet those people were unaware of the Saafenet strategy for starting a business. With only minor focus, many people who have employed that strategy were able to open their own businesses without spending a dollar of their own money. And many of them do it while holding down full-time jobs.
Typically, when most people in their 60s are retired. Their ability to successfully open businesses using the Saafenet strategy is much greater than someone working a full-time job. Even when they are working part-time, they have more available time to devote to starting and growing a business than their counterparts working full time. Sure they may move a little slower and have lost much of their physicality and mobility. But starting and growing a business doesn’t require those things. Starting a business is mind work, and few people know as much as senior citizens. Life expectancy should never be an issue when it comes to opening a business.
Understanding that anyone of any background and any age can start a business, let’s look at some issues you will face once you are open for business.