One member has asked a question that might be applicable to others:
I'm a social worker near retirement. I will have to bring in some income after I retire. My pension and savings will not be enough to keep me going. I've been thinking of finding a product to sell from my home or perhaps in flea markets. Does that plan sound feasible to you? Thank you. Roberta
Roberta – Congrats on getting ready to retire and looking forward to the next chapter. Thinking and planning about what you want your life to look like in that chapter are so important.
You ask whether your plan to sell products from your home or in flea markets for extra income sounds feasible to Barbara & me. The coaching and planning process is often about asking questions. So, as a coach, my question is does it sound feasible to you? Let me suggest a few basic question I might ask if we were working together to help you conduct your “feasibility study.”
If you could do anything you want to supplement your income after retirement, what would it be? If the answer is home sales or working at flea markets, then you are on your way to a feasible plan? If you’re not sure, you might ask --
What about selling or retailing appeals to you?
In what ways would you find it satisfying?
Are there other income producing avenues you might explore that would give you the same satisfaction?
When you think about selling, do you have a product in mind? If it’s the product that interests you (because you’ve been a collector or lover of that product), how else might you use your knowledge or talent in working with that product?
Is the selling plan simply about money? If so, how much income do you think you will need and how much do you think you could earn? Are there other ways you might earn the same amount?
Roberta, this is the time to ask the questions and explore your options. We’d love for you to get back to us, as your “feasibility study” continues.
Thoughts from other members ??
Rosemary /The Next Steps Team
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Michael Berlin
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David Schwartz
May 26, 2010 - 11:56am
Gigi C
Having enough money to retire on is something that I worry about. My savings are considerably less than I had thought they would be, given the condition of the stock market at this point. I realize things may change, but I'm worried. I had expected to retire at 65, but I am now 63 and that does not seem very feasible. I could retire if I could pick up an income of about $10,000 per year. Actually, this plan sounds feasible to me -- working in a flea market.
May 27, 2010 - 9:15pm
Rosemary Byrne
Gigi - Have you met with a financial planner or used an online financial planning tool to determine to assess your economic situation and how much you will need to retire. Most of us have less than we thought we'd have but one factor to consider is how much you need and whether you can live on less. Now, to augmenting income by $10,000 a year -- what about working in a flea market appeals to you -- Have you considered or researched what you would sell - when and where you would work ? (indoors, outdoors, weekends) Do you have any experience with this type of work? Are you able to do any projections of your earnings? The answers to these questions will help you decide if your plan is feasible.
Keep us in the Loop as you begin to explore your plan.
Rosemary Byrne - The next Steps Team
June 3, 2010 - 11:05am
Barbara Kessler
Roberta: Wonderful news! What an exciting time! Congratulations. As a coach, I, like Rosemary, go to the questions. Rosemary posed a number of questions to help you think further about the product you might select. While I could add more questions to think about regarding your product, when I read your comment, a couple of things jumped out at me—particularly your use of the word “plan.” You asked whether your plan is feasible.
I wasn’t sure that I understood what your “plan” is. So, if we were working together, I would ask questions designed to help you clarify and concretize your “plan” so that it can become a “roadmap” for you to follow. To do that, we, together, would explore what’s important to you in this next exciting stage of your life; identify the elements of your plan; set step-by-step goals for each part of the “plan” and timeframes and strategies for achieving them. We would also explore what information you currently have about your various options; what information would you still like to acquire; and where you might gather the information you seek.
In coaching it is sometimes said “You can’t think without ink.” So, as you begin to think about moving from where you are now to where you want to go, I suggest getting a notebook, a journal, some special place in a computer document where you can explore your thinking in an open and reflective way. Keep notes, have a dialogue with yourself and reflect back on where you started in this process, where you are now and where it leads you.
Having a “plan” makes transitions easier and less scary. Exploring and clarifying your hopes, needs and expectations puts you in the driver’s seat. We are excited for you. Keep us in the loop. Good luck!
Barbara
Barbara@lifeinfocusllc.com
June 3, 2010 - 9:08pm
Barbara Kessler
Gigi: I know that the economy has affected many people’s retirement plans. I agree with Rosemary’s suggestion that you might want to consult with a financial planner to help you evaluate your future financial needs. The idea of supplementing your income by selling at a flea market is certainly a viable one to explore. Perhaps some of the planning ideas I suggested to Roberta might be helpful to you.
As you no doubt have surmised, Rosemary and I believe that life is full of transitions and moving from what you are doing now to “your next steps” is one more. It is also a time for you to explore. What have you always wanted to do? What would your regret not doing in your life? What are some creative thoughts to turn those ideas into the income you need to supplement your savings? Planning is definitely a first step but if I may make a suggestion: as you think about ways to possibly supplement you inclome, allow yourself the freedom to dream a bit and think creatively. Let us know how you are doing. Good luck.
Barbara
Barbara@lifeinfocusllc.com
July 28, 2010 - 1:59pm
Andrew Lamkin
As an Estate Planning Attorney, I strongly suggest getting your house in order and meeting with a financial advisor. A good Financial Planner will help map out strategies to get you where you need to be.
January 12, 2012 - 9:10am
Justin Romer
So much excellent information on here.
January 23, 2012 - 7:57am
Sandy Tankoos
Justin,
Thank you. We try hard to bring babyboomers and older seniors entertainment as well as information to help them plan for the future.
Sandy
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