Business coaching Brisbane
As we live longer and work less, reliance on superannuation alone to provide an income in retirement looks increasingly bleak. Time spent in retirement or at least away from full time work could be up to 35 years. For many people, time in retirement will equal or exceed time at work. Financing such a time span will be an enormous challenge, even for the financially astute.
It is hard to imagine anyone being content to stay home for three decades or so. Retirement should mean that work is replaced by enjoyment of life. Committed time at work should be replaced by free time at home. Regular employment income into the retiree household should be replaced by alternative income streams.
In retirement, discretionary spending can rise significantly. It is a time for trips, holidays, pastimes and generally having fun. Unfortunately, poor health and the need for aged care can add other significant layers of expense.
For most Australians, the traditional retirement income streams include a pension from a super fund, supplemented by the Age pension via Centrelink. For the greater majority that won’t be enough. It may be necessary to build other passive investments and to consider an active investment, such as a business.
However, older people need to be careful that a new business started later in life is not labour intensive. Nor should it occupy every waking moment. For those who want to travel as well, it needs to be flexible enough to operate from anywhere in the world. Therefore, it must have a strong commitment to portable computer technology, instant online communication and internet marketing.