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When your work life is winding down, you have a lot to consider. You want security for your golden years, but you aren’t necessarily ready to hit the rocking chair. Here are some tips for beginning a new venture and securing your financial future.

A Popular Choice

With people living longer, retiring young is becoming a less popular decision. In part, this is due to practicality. Many older workers simply can’t afford to retire at a traditional age, and many choose not to do so. In fact, according to Harvard Business Review a full third of recently retired workers are going back to work. However, it’s important to note that those retirees are opting for self-employment or part-time work. For some, it’s a need to make ends meet, but for others, the idea of coasting into a life of leisure is unappealing. Older workers are exploring many of the choices with which a younger segment of the workforce — millennials — are associated.  Telecommuting, flex programs, and gig employment are all growing, viable options for workers of all ages who are seeking employment that is enriching and flexible. For retirees, there is strong appeal in entrepreneurial work that makes good use of their hard-earned skills and knowledge while providing the desired freedom and needed income through these developments in workplace structure.

Consider your timing

Just because you hit a traditional retirement age doesn’t necessarily mean it’s time to stop working. For many Americans, USA Today notes that retiring too soon could actually undermine your financial health. Simply extending your retirement from age 62 to age 70 can raise your Social Security benefit by over 75 percent. Another option for those wishing to retire is to do so but not withdraw Social Security benefits right away. By waiting, you increase the amount of your entitlement. Withdrawing earlier can mean a significant reduction in your lifestyle. There are a few important options for managing the time between retirement and withdrawing your Social Security or retirement income. If you don’t have a substantial savings to help you through, alternating retirement timing with your partner is one option. Starting a new venture on own is another option.

Becoming Your Own Boss

It’s possible that you’ve always dreamed of opening your own bakery, tutoring youth in your favorite subject, or beginning a car detailing business. What are you passionate about? Maybe you love working with animals, in which case becoming a dog walker or pet sitter can be fun business options. Another idea is to think outside the box for various versions of your dream business. Starting your own craft shop in town may mean significant expense and can be a precarious investment, but selling items you create online through a retail site requires minimal outlay and risk. Perhaps you want to volunteer with a charity; consider putting your heart into that project and get hired on as a paid worker. Research the opportunities available and decide how you will transition.

More of the Same?

Time notes that retirees tend to adjust well and experience the most happiness in relatively familiar roles, likely because substantial changes can be stressful. Moving into a role doing what you do now but as a freelancer or consultant might be your best bet. Soak up all the in-house training you can, and if your community or state offers classes to hone your skills, take advantage of it before leaving.

Starting Anew in Retirement

Beginning a new business venture during retirement can be intimidating, but with some planning, you can start fresh without risking your financial future. Consider your timing carefully and weigh your options. With smart strategies, you can enjoy an adventure instead of hitting the rocking chair!