Staying Active In Retirement

Staying active involves more than physical activity. Keeping up with hobbies and activities you enjoy will help you stay mentally sharp. Some retirees even opt to start a business, often converting a hobby or skill set into a money-making venture! We've heard it too, 'it takes money to make money' and in many cases that's true. However, you may find that you already have most of what you need lying around the house. If it has been a hobby of yours for many years you may have accumulated everything necessary to get started. Generally, the expense of getting your business, or corporate documents, is not that high, or that difficult.

If you decide to go this route, consider starting with the formation of a limited liability company or LLC. This designation protects you from some forms of liability, makes tax time easier, and gives you a professional image. You can hire a costly attorney to do the paperwork, do the legwork yourself, or utilize a formation company or tax accountant to handle the details. A good accountant can advise you on the type of corporation you should consider but LLCs are usually the best option for a small business. LLC formation regulations vary from state to state, so check that out before proceeding.