Best businesses for retirees are those that align with your passions and creative talents. If you have an inclination toward art or enjoy expressing creativity, you might consider starting a venture such as an art gallery, design studio, handmade crafts business, or photography and videography services. These types of businesses can bring both emotional satisfaction and financial rewards. When selecting a business idea in your later years, it’s important to take into account your personal interests, skills, and abilities, as well as the market potential and profitability. Conducting comprehensive market research and developing a solid business plan will help ensure long-term success and stability. Additionally, maintaining financial well-being is essential.

How to plan for retirement: Withdrawing your retirement savings prematurely can reduce your initial investment and any accumulated interest. You may also lose tax advantages or incur early withdrawal penalties. If you switch jobs, you have several options: leave your savings in your current retirement plan, transfer them to an IRA, or roll them over into your new employer’s plan. If your workplace doesn’t provide a retirement plan, consider suggesting that they implement one. There are various retirement savings options available, including simplified plans that can benefit both employees and employers.

Retirement planning tips: Nearly 28% of people say that “not knowing where to begin” is a major reason they don’t save more. Relying on rough guesses based on past earnings or general guidelines isn’t enough, especially given inflation, rising healthcare expenses, and longer life expectancies. Baby boomers can turn to retirement calculators offered by reputable financial firms like Vanguard or Fidelity to determine how much they should be saving. These tools usually take into account factors such as age, anticipated expenses, target retirement age, existing retirement accounts (IRAs), and current savings to help evaluate whether one is on track for a secure retirement.

Post-retirement income ideas: Owning property has traditionally been viewed as a reliable way to build wealth. Renting out a house, apartment, or vacation home can provide a steady stream of income. Alternatively, you might look into Real Estate Investment Trusts (REITs) or property crowdfunding for a more passive investment approach. Real estate can deliver two key advantages—consistent rental income and potential long-term growth in property value. If handling tenants or maintenance isn’t appealing, you can hire a property management service. For a more hands-off experience, REITs and real estate crowdfunding are excellent options. Be mindful of upkeep expenses, market shifts, and initial investment requirements. It’s important to be financially and mentally prepared for these responsibilities.

What to do after retiring from a job can include exploring new hobbies that bring joy and fulfillment. Trying out different activities can help you step beyond your comfort zone, meet new people, and build meaningful connections. You can look for local groups or clubs that focus on your interests and organise social gatherings where you can form lasting friendships while discovering new passions. Mentorships create meaningful benefits for everyone involved, as many retired mentors discover a renewed sense of purpose through guiding and influencing others. AmeriCorps provides retirees with adaptable opportunities to contribute and make a difference. Big Brothers Big Sisters of America gives individuals the chance to inspire and support a young person in their community.

Retirement planning for business owners can sometimes arise unexpectedly, triggered by family circumstances, business changes, or health-related issues. This unpredictability highlights the importance of preparing early to clearly define what retirement will look like for both you and your business. It involves making key decisions about if and when to sell or pass on the business, as well as setting aside funds for personal, family, and charitable goals. Since many individuals aim to sustain their current standard of living after leaving work, financial requirements may actually rise during the initial phase of retirement, as people often take advantage of their newfound freedom and good health to travel and enjoy leisure activities.

Retirement Checklist for Employees: If you’ve applied for additional service credit for prior public employment or military service and received a cost notice, be sure you’re on track to complete your payments before you retire. You will not receive credit for any optional service that remains unpaid at the time of retirement. You may also have mandatory service credit payments if you reinstated a previous membership or are part of a plan that requires contributions (Tiers 3, 4, 5, or 6) and your past contributions were insufficient. If you retire before paying off your mandatory service credit, your pension benefit will be permanently reduced.

Part-time jobs after retirement can include working as substitute teachers who step in for regular teachers when they are ill or unable to attend school. These educators may cover various subjects, ranging from general to specialized areas. Their responsibilities often involve marking attendance, delivering lesson plans, or engaging students in educational activities during the teacher’s absence. Resort jobs provide opportunities to work in leisure and hospitality environments. Employees at resorts deliver guest services in roles such as concierge staff, golf course attendants, lifeguards, restaurant servers, dock attendants, and many others. They dedicate themselves to maintaining high levels of customer satisfaction and supporting guests throughout their stay.

Investing after retirement is not the end of the journey—it marks the beginning of a new chapter that calls for a change in perspective. Before retiring, the goal was to grow your savings. After retirement, the focus shifts to managing and protecting what you’ve accumulated. At this stage, investing means finding the right balance between growth and security. You need to generate income while ensuring your funds can sustain you for potentially three decades or more. As a result, your investment approach in retirement will differ significantly from what it was during your working years. During your career, time was your ally—you could wait out market downturns. In retirement, however, time becomes a limited resource. A major market decline early in retirement can have lasting effects on your portfolio’s ability to provide for you over the long term.

How much do you need to retire?: Everyone’s retirement goals, wants, and financial needs are unique, meaning there’s no single formula that fits every situation. Fortunately, financial experts have developed several general benchmarks that—while not perfect—offer more structure than the vague advice to “save as much as possible.” These guidelines can help you better estimate how much money you might need to retire comfortably. One common rule of thumb suggests saving 10 to 12 times your annual income by the time you reach retirement age. For example, if you expect to retire at age 67 and your yearly salary is $150,000, you’d aim to have between $1.5 million and $1.8 million in retirement savings. Using your final year’s income as a reference point can be especially convenient, since it’s typically easier to predict your earnings as you near retirement.