Your golden years can be the most incredible years of your adult life. If you’ve ever dreamt of traveling the world, owning a home in a remote area, spending unlimited time with the family, playing sports weekly, or hiking in the mountains every week, your golden years are a perfect time to do it!
However, your golden years don’t always go exactly according to plan. Sometimes, you’ll have financial issues, health issues, and limited freedom to do what you love, but you can reduce those issues with a little planning. Today, Reardon & Associates has some tips and resources to help you do just that:
1. Create More Freedom by Building a Business Together
Does working a 9–5 job in your golden years sound unappealing? As you enter your senior years, you should do what you love. Starting your own business — such as freelancing and consulting — allows you to use your skills and have more freedom.
Forming a Limited Liability Company (LLC) is the best option for your business. An LLC offers:
- Less compliance paperwork. You no longer have to worry about tedious paperwork.
- Personal liability protection. Enjoy more financial protection for your business.
- Tax advantages. Utilize various tax advantages for your business.
Although forming an LLC is an excellent choice, rules differ from state to state. As a result, check your state before proceeding.
And don’t forget to advertise! While there’s a lot to be said for spreading the word via social media, remember to invest in those old-fashioned approaches, too. For instance, you could make business cards online and then hand them out to potential customers, giving them something more memorable to hang onto.
2. Build More Income Through Your Business
If you’re looking for financial success, starting a business offers endless potential. U.S. small business owners often make $70,300 on average. On top of the financial rewards, you have the freedom to book holidays and plan your schedule with your money; that’s something many 9–5 employees don’t have.
Designing an attractive business card is an excellent way to ensure financial success. You should add images, choose attractive fonts, and use eye-catching colors.
3. Enjoy Special Dates Together
Plan special date nights together during your golden years. Some ideas include watching concerts, camping, visiting wineries, or taking a road trip. However, watching a New York Yankees game rarely disappoints. You can find tickets for all New York Yankees matches online. Yankee Stadium, which seats more than 46,000 people, has an interactive seating chart to ensure you get the best tickets.
4. Invest Your Money
Investing your money is crucial to enjoying financial freedom in your golden years. It’s never too late to invest. In 2020, for instance, the average annual spending by Americans over 65 years old was $47,579. That’s a good guideline of what you’ll need to retire comfortably.
You can invest your money in stocks and shares, cryptocurrency, and real estate. Statistics suggest 24% of Americans traded stocks and shares last year, and 13% bought cryptocurrency. A financial advisor can give you the best guidance.
Prepare for Your Golden Years Now
Your golden years can be the best years of your married life. If you follow the tips in this article, your marriage can continue to prosper. Best of all, both of you can combine your wisdom and experience with your spirit of adventure and live the life you’ve always wanted!
Reardon & Associates was founded by David Reardon, a native of the Inland Empire. The name Reardon & Associates has a local legacy dating back to the early 1970's when David's father, Walt Reardon, ran his CPA practice in Upland. Now with his Insurance and Financial Services business, David is continuing to bring the Reardon & Associates name to clients throughout CA, Prescott AZ and across the country. To learn more, call 928-272-1917.
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