Fresh Beginnings for Retirees: 4 Retirement Provisions for Those with a 401K and Similar Plans

Retirement is not the end of the road for a lot of senior citizens—especially for those who dedicatedly saved for it. On the contrary, it is the perfect time to consider all kinds of options in terms of lifestyle and boosting wealth. 

Catering to retirees is actually a continuously growing industry. You can expect to find leisure programs designed for retirees. There are those intended for retired senior citizens who want to finally “live the life” such as worldwide travel for a year and themed cruises. Likewise, there are provisions for those who wish to do something completely new with their life. 

So, if you are nearing your retirement and your goal for your “freedom” years is to live a happy, healthy, and purposeful life, start studying the different provisions available to you. This way, you can avoid wasting time thinking about what to do with all the money and time you finally have. 
To get you started, here are four retirement provisions to consider:

1. Dual Citizenship Program
This is a popular program for senior citizens and well-to-do families. Obtaining second citizenship through investment provides them not just an opportunity to live in a different country but also obtain a whole new set of benefits. 

These benefits include the ability to travel to different countries visa-free, additional health and medical benefits, tax breaks, and perhaps the best of all is a new way of life.

For a lot of retirees, a life different from what they used to have is the complete realization of their lifelong dreams such as going out on a boat and fishing every day, meeting people from various parts of the globe and living a carefree life in a tropical paradise. Clearly, one of the best ways for such a life to come true is through a dual citizenship program.

2. Senior Citizen Intern Program
The movie “The Intern” with Robert De Niro and Anne Hathaway shed light on the desire of many retirees to do something purposeful with their wealth of time on a long-term basis. A senior citizen internship program places senior citizens in organizations where their experience is valuable and where they can also acquire new knowledge and skills. 

Many of the organizations that participate in this program end up hiring high-performing seniors and benefit from the fresh dynamics they provide. Seasoned personalities who are less pressured to prove something are certain to bring joy and new perspectives to businesses.

On the other hand, for senior citizens, the chance to work for a new company with a younger crowd provides them not only with social benefits, but also a reinvigoration of the body, mind and soul. 

3. Microloans
There are numerous financing programs designed specifically for senior citizens, and these are often used by those who want to turn a hobby into a part-time job. A lot of seniors deem retirement as the ideal time to pursue their passions and also earn from them. 

In the Caribbean (which is a leading destination for retirees) you will find a lot of senior expats running inns, cafés, art galleries, tackle shops, and other businesses borne out of hobbies. These businesses are often made possible by microloans or business loans available to seniors.

4. Skills Development Program
With all the time retirees have, they can use that to acquire new skills that they can either derive joy and/or generate extra income from. These skills development programs are abundant in senior communities. You can learn everything from flower arrangement, app development (the smartphone app, Hinadan was developed by an 82-year-old Japanese woman), to shoe-making and so much more.

Such programs can put seniors’ time and energy to great use. You can avoid boredom, get a workout, and gain new friends.

Indeed, it is never too late to become what you have always wanted to be, and to have what you have always dreamed of having. 

So, use your retirement years to welcome challenges, feed your curiosity, and strive to have the life you want by taking advantage of the programs designed for folks like you.

AUTHOR BIO
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.