A new retirement-business can provide you with income and the freedom to set your own pace and time. If you are tired of working for someone else and are self-motivated, this could very well be an opportune time to start your own business.
What do you want to do? Do you have a long cherished dream about what you want to do? What are you good at? How much money do you need to make? And how much time do you want to invest?
This new business could be as simple as providing consulting or handyman services as a sole proprietor to a lawn service with employees. You could also consider a franchise business. One thing to consider before starting any business is that when you are in business for yourself, your success will depend on the time and effort that you invest.
You could provide consulting services to companies that are in the same business as your former employer. The advantages to you include no long term commitment, business expense deductions, and more flexibility to do those “recreational retirement things.” The advantages to the employer include avoiding payroll expenses, no payroll deductions and getting intermittent work done without a long term commitment.
Work as an independent contractor results in an IRS form 1099 being issued each year. Even with a simple consulting or handyman business with no employees, you will need to keep records for tax and billing purposes including:
It is a good idea to consult with your accountant and attorney in setting up your retirement-business. It is also a good idea to obtain good accounting software. I have tried several over the years and found that QuickBooks Pro by Intuit is very user friendly. The nice part for me was that my tax man could access the program remotely and utilize the data in preparing my taxes. This saves time and money. A separate checking account and credit card for the business is advisable. They make it easier to keep funds separate and track expenses.
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Or, consider starting an online e-business with your own web page. The cost is less than a dollar a day! You can make it a part time or full time job. A home based business has several advantages including the big two. The first is freedom to work when you want and the second is your home office expenses are tax deductible. Of course be prudent and discuss the tax issues with your tax accountant.
Advantages of a home-based retirement-business include having a greater degree of freedom, schedule flexibility, mental and in some cases physical stimulation, no quotas to meet, freedom to set your own goals and accountable to only yourself (and your spouse).
There are four basic forms of business organization. These are a sole proprietorship, partnership, Limited Liability Company and a regular (“C”) corporation.
A limited liability company (LLC) is not a corporation or a partnership and owners are called members not partners or shareholders. The number of members is unlimited and may be individuals, corporations, or other limited liability companies. Owners of a limited liability company have the liability protection of a corporation. Corporations are required to keep formal minutes, have meetings, and record resolutions.
The LLC business structure requires no corporate minutes or resolutions and is easier to operate. All business losses, profits, and expenses flow through the LLC to the individual members much like a sub-chapter S corporation. Generally, this will be a tax advantage. Corporations can live forever, whereas a LLC is dissolved when a member dies or undergoes bankruptcy.
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In the end it's not the years in your life that count but the life in your years. Abraham Lincoln