Retirement is no longer about rocking on the porch or playing cards. For a growing number of retirees, it’s a chance to start a new life—even if that means launching a new business.

It may be something relatively easy such as opening a “store” on eBay or becoming an Uber driver. It could be volunteer work. Sometimes a retired couple will open a B&B or day care center. Whatever the path, such endeavors can be emotionally (if not always financially) rewarding. But they can also take a toll. So how can advisors help entrepreneurial retirees build a sound plan that will enhance, not detract from, their “golden years”?

Seizing Opportunities

“Quite a few clients retire but then find themselves starting up a new career, whether paid or unpaid,” says Andrew Crowell, vice chairman of wealth management at D.A. Davidson & Co. in Los Angeles.

He recalls that one of his clients had an opportunity arise almost by accident. She had been the general counsel for a major recording studio. In retirement, she summered at a lakefront cabin in Montana. “When a big city developer came to the lake to develop a resort and commercial properties, she formed a coalition of lakefront homeowners to fight the outside development,” says Crowell. “Her legal background and knowledge of case law made her an indispensable resource.”

This became her unofficial pro bono day job, he says. Though the payoff wasn’t monetary, the client’s sense of satisfaction and accomplishment couldn’t be beat.

Measuring Success

Psychic income is often the primary goal of post-retirement careers, though some are financially profitable too. “Overall, success is not solely based upon financial achievement. It has a personal component as well,” says Ashley Kulju, an advisor and brand strategist at Rose Capital Advisors in Miami Beach, Fla. “If you are actively choosing to become an entrepreneur in retirement, it certainly isn’t just about money in most cases. There’s a newfound excitement and enthusiasm that retirees are not afraid to tackle.”

But Kulju cautions that advisors should help their clients understand what they’re getting into. “Risks of losing money and time can be daunting,” she says, “so one must be mentally tough and prepared.”

Otherwise, there are few rules for these sorts of endeavors. “What matters is the drive, motivation and passion to achieve their goals,” she stresses. “These clients have already experienced success in the corporate world and want to embrace new, unchartered challenges. Not only do they want to succeed financially; they want to feel the satisfaction of success without a big corporate backing.”

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