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For many of us, the hope is to glide into retirement sometime in our early to mid-60s. After 40-plus years of hard work, it’s time to enjoy the fruits of our labor — on our own terms. Except when things outside of our control derail those well-laid plans. Instead of a gradual transition, we get a forced retirement.
Choosing a place to spend your retirement years has never been easy, but these days, it’s particularly challenging. The coronavirus pandemic has caused some retirees to rethink plans to move to urban or suburban walkable communities. But rural communities, while offering plenty of opportunities for social distancing, may not offer adequate health care—which is a priority for many retirees, particularly while COVID-19 infection rates are still high.
Redundancy has always been a catalyst for new business startups. Understandably, it can be a devastating personal experience, but it can also be liberating, providing people with the push they need to overcome the fear factor that held them back from pursuing their business ideas while they had the security of full-time employment.
Gone are the days of coffee dates, power lunches and happy hours. Though we need to stay socially distant, forming social connections are undeniably more important than ever. Whether you’re one of the 33 million Americans who are unemployed, or a small business owner like me, seeking to help your business succeed in an economy where more than 40% of small businesses are predicted to close permanently by the end of 2020, networking can help you achieve your goals.
You probably know actress Patricia Heaton from her TV sitcom roles on Everybody Loves Raymond, The Middle or Carol’s Second Act. That last show, recently cancelled, led Heaton, 62, to explore the subject of second acts by interviewing 16 people who’ve launched them and writing Your Second Act — a book with their stories and advice, plus her own tips. She’s in a second act herself, doing humanitarian efforts with World Vision, selling the Patricia Heaton Home line of housewares at Walmart and being a producer and author.
You can hear her talk about second acts in the Second Act Stories With Andy Levine podcast. The following excerpt from Your Second Act can help you figure out if you’re ready for a second act. — Next Avenue Editors
I work with private equity firms for a living. Over the years, I've interacted with hundreds of entrepreneurs who have sold their companies to these investors. Some of these entrepreneurs are happy about selling their businesses; others are not. And it often doesn't take long to tell who's who.
Imagine this scenario, perhaps a year or two in the future: An effective COVID-19 vaccine is routinely available, and the world is moving forward. Life, however, will likely never be the same — particularly for people over 60.
That is the conclusion of geriatric medical doctors, aging experts, futurists and industry specialists. Experts say that in the aftermath of the pandemic, nearly everything will change, from the way older people receive health care to how they travel and shop. Also overturned: their work life and relationships with one another.
Choosing where to live in retirement is a financial decision, as well as an emotional one.
People may want to live in a different climate, trade in the work of a house for the ease of a condo. Fewer taxes and a lower cost of living is often a big draw.
Some retirees, however, opt to retire in place.