Tips for Retirees Gearing Up for an Encore Performance

For some retirees, the opportunity to slow down and enjoy life from the sidelines is a welcome respite. For others, retirement doesn't mean the end of the career path. In fact, it may be the start of a brand new journey! If you're an active senior looking for ways to improve your overall quality of life and health and embark on a new adventure, options abound for both professional and personal enrichment and fulfillment.

Ensuring Tiptop Health

One of the most important things you'll want to do for yourself before starting a new business venture is to take control of your physical and mental health. Ensure you're getting annual check-ups and screenings as recommended by your primary care physician and maintaining a healthy diet and exercise routine.

It's wise to eat plenty of whole foods and fresh produce and steer clear of processed foods and foods with too much sugar or fat. You should also make exercise part of your daily routine, whether that's partaking in a sport like tennis or walking with friends. Consider consulting a nutritionist or physical fitness expert to help you create a plan of action for managing your lifestyle and personal health needs.

Minding Your Mental Health

When you're transitioning out of a full-time job into retirement or looking to start a new business, you may have changing emotions about this next phase of life. The AARP suggests doing some simple meditation to reduce stress during challenging times such as these. You can find guided meditations for beginners through websites such as Headspace.

Recognize the adjustments you'll make as positive actions, take time for personal care and self-reflection, and, if you experience depression or anxiety symptoms, reach out for help. Change — good or bad — has the potential to disrupt what we consider our "norm". If you need expert tips for helping you stay positive and focused, talk to your primary care doctor for advice and direction.

Choosing The Next Steps

If you're interested in launching a new venture, you may opt to build on a business model that's in line with your former profession. For example, a human resources manager may decide to develop a consulting business around personnel matters. At the same time, a CEO may want to offer seminars or professional development career coaching.

If you're not interested in building on a past career, you may prefer to pursue something that's always been of interest to you, or that ties into a hobby you enjoy. For example, if gardening has always been your thing, you might start a landscaping business or do upscale landscape designs for an existing company. Musicians can take on private gigs and concerts or teach music lessons at a community center. Maybe you've always tinkered with jewelry design and want to take it into a full-production operation with sales in high-end boutiques and art shows. Whatever you do, make sure that it's something you enjoy.

Making It Official

Once you've decided to move forward on a new business operation, you'll want to develop a business structure, like a limited liability company (LLC). An LLC helps protect your assets and offers tax perks. Find out your state requirements for forming an LLC and either file the paperwork yourself or pay an attorney. 

Also, check out business licensing requirements for your line of work, and look into necessary permits and insurance, especially if you're opening a storefront. If you're going to run a home-based operation, outfit an office that's comfortable and functional. Make sure you have all of the equipment you'll need to run operations successfully.

Maintaining a high quality of life as a senior is critical to long-term health and happiness, especially if you're launching a "second-act" business. Surround yourself with people you love, find activities you enjoy, and look for ways to continue expanding and sharing your knowledge.