For some folks,
retirement's a time to spend days playing tennis, tending the garden and
sipping afternoon tea. Others couldn't last a week living a life of leisure;
they'd rather start a new career or business.
A recent Merrill
Lynch retirement survey of 3,448 U.S. adults ages 40 to 58 shows that
76% of the respondents plan to work in retirement. Many plan to alternate
between work and leisure, depending on wants and needs.
Further, more than
half want to keep working in a different line of work. And 13% want to
start their own business.
the better part of their adult life focusing their time and energy on
paying the bills and saving for retirement, many retirees often turn their
attention to finding meaningful activities to fill their days.
From Hobby To Commerce
boredom buster can turn into a lucrative business.
a former Postal Service worker who lives in Granada Hills, Calif., took
a class after her early retirement in 2003 and learned to make her own
beads for jewelry.
"It's an expensive
hobby," said Beauvais, 57. "So I had to find a way to earn money
to support it."
So Beauvais decided
to sell her jewelry at local arts and crafts fairs. While she didn't make
a profit last year, she gained lots of experience. She met other businesspeople
and built her sales acumen by meeting clients face to face.
Less than two years
after starting Blue-Jean Beads, Beauvais says she makes an average of
$1,000 a day at shows and fairs.
I will be in the black," she said.
When deciding to
start a business after retirement, consider how much you want to spend
on the investment. Beauvais was thrilled to find it cost her just $200
to get started. She bought equipment and materials to make the beads.
Then she partnered
with a friend to save money on space-rental fees at fairs, which can cost
$250 to $2,000 depending on the size of the event.
Consider how much
time you want to spend working. You are, after all, enjoying retirement.
Beauvais says she typically spends a few hours every day making jewelry
in a barn on her property.
do a show every weekend if you want to," she said.
This fall, she
plans to do just two shows each month.
As her business
becomes more successful, Beauvais wants to know more about her finances
- which she'd rather not figure out herself. She plans to hire an accountant.
while starting a business can be expensive and time-consuming. But Beauvais
takes a practical approach. She says the fairs are an opportunity to meet
potential clients and a chance to mingle with other crafters who can share
find something you're passionate about if you want to start a small business
when you retire. "And talk about it any chance you get," Beauvais