5 steps to finding your passion after retirement

Most of you are working 9 to 5 jobs to provide for your families. You might have sacrificed your dreams to be a chef, a photographer, a blogger or a traveller on the way to support your dependents and meet your life goals.

So, if you are wondering how to find your passion after retirement, we are here to help. With proper planning and execution, it is possible to achieve it. We list five easy steps which can help make finding your passion after retirement easier.

1. Start introspecting

It always helps to know what you want. Before thinking about how to find your passion after retirement, you must consider what you like to do and what makes you happy. It can be something as simple as doodling and collecting stamps to something more significant, like travelling all over the world. Next, you need to check whether you have the talent, the drive and more importantly, the resources to help you succeed.

2. Learn

You may often find that you are under-skilled to follow your passion. However, it is never too late to start learning. There are online courses, certifications and diplomas that can help you get skilled in your field of choice. You can also look for meet-up groups for your area of interest or join online forums. You also need to immerse yourself in technology and learn the ropes if you are not tech-savvy, as businesses, today, rely heavily on the internet and the latest in technology. These things can go a long way in helping you fulfil your passion after retirement.

3. Get working

Before you start to fulfil your passion after retirement, it always helps to gain experience. Look for a job in that particular field to gain hands-on experience. You can also freelance in the same or a related field. You can run a test project that includes getting work and collecting money from the client. This test run will give you an idea of what goes into the business and what obstacles you are likely to face.

4. Start saving

Once you get an idea of how much you need for your business venture, start saving. You must consider the initial capital, the money required to sustain the business, in addition to the household and living expenses of you and your family. Saving some amount of your monthly income from early on in your life can help you save a tidy sum that you can invest in your business after retirement.

5. Take help

Many financial instruments can help you realise your dream and fulfil your passion after retirement- From loan schemes tailor-made for small businesses to bank accounts that help ease business transactions. You can also opt for life insurance and retirement plans to help you on your way to realising your dream. A life insurance policy helps cover your investments, pay back your liabilities and secure your dependents in case something happens to you. A retirement plan enables you to meet your daily expenses in addition to substituting for your regular income.

Before you invest, you should check the market condition, the profitability of the venture and the risk involved. You can talk to those who are in a similar business to get an idea about this. Retirement is a sensitive time when you might not have a regular source of income. Hence, you must be cautious about investing your hard-earned money to fulfil your passion after retirement.