Retiring from a job due to old age, or any reason for that matter can leave you confused and without a sense of purpose. But depending on how you look at it, it can also give you a new goal to pursue. Retirement allows you the time to finally focus on that thing you’ve always wanted to do, or spend more time with your spouse. It gives you the chance to make up for the lost time.
Unfortunately, retirement doesn’t come cheap. Statistics are also not that encouraging. About 42% of Americans have less than $10,000 worth of savings during retirement. Obviously, this makes it harder for a huge portion of the senior population to make the most of their retirement. If you have afforded yourself the privilege to retire or are comfortable even with limited savings, here are some ways that you can maximize your retirement, be it in the form of leisure or money-generating activities. Traveling isn’t included on this list as it is a given for retirees.
1. Go back to school.
Want to keep up with today’s latest trends or learn a new language? Don’t let age hold you back. Older adults over 50 years of age comprised nearly 3 percent of undergraduate students in U.S. schools in 2015. This percentage translates to 512,000 students, many of whom have returned to school after making a good living or serving the military. Meanwhile, you can be on the other end of a classroom as a teacher. Bear in mind, however, that being a teacher means so much more than just standing in front of a classroom. You can get out there in the world and mentor someone in any field, or serve your community as an advisor or volunteer.
2. Become an artist.
Think you don’t have a creative bone in your body? Think again. Just because you got a late start doesn’t mean you won’t enjoy painting or doing a dance or theatre. Believe it or not, many seniors today thrive in the arts. Art has great physiological and psychological benefits for seniors, as it helps in relaxation, discipline, building confidence, and improving mental processes. Contrary to popular belief, one’s creative potential doesn’t decline with age, so if you wanted to pursue art, there’s no reason that you can’t.
3. Start a franchise business.
Starting a franchise business isn’t a daunting endeavor nowadays. There are many resources and books written about how to start a franchise business that you can refer to; better yet, enroll in a franchising seminar in your locale or enlist the services of a business mentor who can help get you started. You can also tap a franchising company which can assign a consultant to you to help you with end-to-end franchise set-up. As for the choice of your franchise business, it depends on what you feel your business strengths are, your location, and what you’re passionate about.
Taking care of your grand-kids or staying permanently at home is not the end-goal of retirement. Being a retiree doesn’t mean your life ends at where you are at the moment. It’s just the beginning of a new chapter in your life.