I’m 62 years old, single, in good health, and have no plans to retire, even though I’m working at a job I don’t like. My boss might fire me at the beginning of the year because I’m stressed out at work.
I’m working on a business that already has startup costs paid. When I get home, I feel very tired and mentally exhausted. I sit at my computer and fall asleep. The business should be very profitable if I start it. I still have a mortgage, a car loan, and a mountain of debt.
What do you recommend?
look: I would like to retire at age 55 in a country where medical expenses are free. My spouse will receive Social Security and I have $160,000. Are we crazy?
Have questions about saving for your retirement? Email us at HelpMeRetire@marketwatch.com
Dear readers
We’re sorry to hear how stressed you are, but it’s completely understandable that you’re too tired at the end of the day to tackle work.
That said, there are some strategies you can try to overcome fatigue and build a business in your 60s while working full time.
You need a stable income. Especially if you rely on that money to live and live comfortably with it. If you’re worried about quitting your job next year, it’s important to have a backup plan in place.
Unless this business is up and running and generates enough income to live on, consider alternatives for the time being. Look for a job that you’ll enjoy more, that offers important benefits like health insurance and a retirement plan, and that will pay for your expenses until you start your business.
It’s good to have your start-up costs already paid, but try to keep additional costs to a minimum while your current employment is stalled. Also, pay your bills and reduce existing debt (if possible).
Develop a business plan
Be sure to create a written business plan. Writing out this business plan requires looking at the big picture and considering all aspects of what you’re trying to accomplish, says Carol Cassara, a former corporate communications executive who started her own business after her retirement. He writes:online magazine sixty+me.
“It’s also much easier to spot red flags in black and white,” she said. “She didn’t plan and the damage was done,” she said. [terms of] Both time and money. ” She also said that you shouldn’t try too hard and start your business prematurely (for example, by releasing a product before it’s ready for the market).
If you’re too tired to work on your business at the end of the day, start your day an hour or two earlier and use that extra time to work on your passion projects. When you get home from work, you might find some motivation to get back to preparing your business.
Set “SMART” goals. “SMART” means “specific, measurable, achievable, relevant, and time-bound.”here it is guide The University of California taught me how to come up with them. As you build your business, don’t be afraid to ask for help.
One more thing to keep in mind. This is important considering your current job is unstable and you may need another job. Don’t expect an immediate return on investment.
“Every business has prospects for return on investment, and when you’re young, it seems limitless,” Casara writes. “At this age, unlimited is unrealistic.”
Reader: Do you have any suggestions for this reader? Add them in the comments below.
Have questions about saving for your retirement? Email us at HelpMeRetire@marketwatch.com
