Deborah Jacobs, Forbes Staff:
According to an EBRI Retirement Confidence Survey, a record 74% of not-yet-retired folks expect to continue working for pay in “retirement.” That’s their best hope of making up for the recent hit to their savings.
If you can’t imagine being in your current line of work until you reach 65 or 70, start planning for a career change by moonlighting, apprenticing, adding the skills and education necessary, networking and writing a business plan. Sure, it will feel like you’re working a second shift—especially if you’re already spending 60 hours a week in your day job. “But for boomers making a career change, there are no overnight success stories,”
When faced with a career transition you must be prudent in your assessment of what the future holds.
If you are financially able to retire, congratulations! You are one of the lucky few and we applaud you. However, if you are one of the 74% then it’s time to take a serious look at your options.
The best advice is to reduce debt and hold onto your cash. Yet, for many, this may not be the best investment to carry them into later years.
A risk is a four-letter word, especially at this juncture in life. So when taking risk one must seek wise counsel before jumping into uncharted waters.
Options are to start your own business, buy a business or buy a franchise may look appealing but require a professional’s input to help navigate the ship.
Rich LeBrun takes this very serious when consulting his clients. He is just as happy when his client decides not to buy a business as when they choose to move forward because we know that the decision was made on sound principals and was best for them and their family.
Please contact us at rich@lebrunadvisorygroup.com and let us help you explore the options available in a private and professional manner.