Using Entrepreneurship to Prepare For Retirement

Using Entrepreneurship to Prepare For Retirement
Submitted by: Dan Grijzenhout

I am convinced that financial stability in retirement requires
more than receiving standard government pensions and many people
reach retirement age too financially insolvent to actually
retire. Additional pensions, significant savings or some form of
ongoing entrepreneurial revenue is needed to help people survive
in retirement without undue financial stress. I have been
exposed to and have seen how retirees struggle and I write this
to raise awareness about this issue and to offer some
suggestions to those concerned about their futures when they
reach this time of life.

I recently attended in our community a weekly trade fair where I
viewed a number of retirees sitting at tents and behind tables
selling their wares to consumers – through conversations I
learned that several were doing this in an attempt to maintain
at least a subsistence level of monthly income to help pay their
rent, costs of prescription drugs and other basic monthly costs.


Doing some research on this recently, I learned that standard
Canadian pensions (CPP and OAS) at the rough maximum a married
couple can expect to receive if both people worked their lives
through, nets them collectively about $22,000 per year. Now, if
you were born in 1958 or later, you also don’t collect OAS until
you are 67 – not 65 any longer. This contributes to the need for
many of the elderly to work to later years in life in order to
survive retirement financially – as the average retired
middle-class couple owning their own home, require
statistically, approximately $40,000 per year to live
comfortably. Supporting this, a recent Bank of Montreal survey
shows 59% of respondents stating that they will have to
supplement their pension incomes through continuing to work
after retirement.

It is difficult for many in low to mid level salaried positions
without company pensions to expect to be comfortable in
retirement unless they initiate some significant entrepreneurial
action or personal savings program of their own years before
retirement is reached – in fact, I wonder why we call it
retirement any longer at all – it’s become just a shifting for
most to other jobs. So this is my raising of the awareness part
of this article – Take Action!

Build things you can sell online, become a sales affiliate for
some direct selling organization, try consulting in some
capacity, start an online business of some sort (YouTube content
creator, shopping portal, online publishing or editing,
freelance writing, website creation, etc.). There are any number
of things a person can do to build that additional nest-egg one
will need as one leaves the primary work-force – and your best
energy years for this are now!

There are many “on the side” opportunities one can take to build
a second income stream prior to retirement. The key is to do it
– If you don’t try or fear to try, you may potentially be
looking at some very bleak retirement years ahead. Don’t let
that happen to yourself.

Think about your skills, what you have to offer the world that
people may be interested in purchasing and find something to do
that can both fill a passion and earn some revenue for you. If
at all possible, find something that ultimately can earn you
revenue without having to work too hard for it. Something that
has the potential to earn you significant revenues for your
effort - not something that just trades your time for money.

About the Author: About Dan Grijzenhout: Dan has lived a
successful entrepreneurial career for over 30 years. He has been
a consultant, entrepreneur, investor and business owner and is
now using this knowledge to create a series of “no charge to the
consumer” videos on YouTube in an attempt to help others prepare
for retirement financially through pursuing entrepreneurial
endeavors of their own. You can find Dan on YouTube at
http://YouTube.com/DanGrijzenhout123 on Google+ at
http://google.com/+DanGrijzenhout123 and on his website at
http://howtoguru.club

Source: https://www.isnare.com