Ready to be a 'seniorpreneur'?

Consulting
Anyone who has special knowledge or skills may be able to profit from them by consulting. It is not uncommon for senior executives to continue to provide services to their former companies after officially retiring but, unless you have a contractual agreement, you're not limited to your ex-employer. You may be able to earn big dollars in this way.

Tip: If you consult for a number of companies and the income is likely to be substantial, consider incorporating. Setting up a company involves upfront costs, but the tax savings should more than make up for that in a year or two.

Part-time work
You may be able to continue working at your old job on a part-time basis after you start drawing a pension. Many employers prefer this arrangement: it reduces costs while eliminating the necessity of training a new person.

Become an entrepreneur
The number of 50-something retirees out there is astonishing. It's become an invisible growth industry. In 2005, USA Today ran a front-page story in which it reported that 5.6 million Americans over age 50 are self-employed, a 23 per cent increase from 1990. They bake cookies, build furniture, sell real estate, renovate homes, publish books -- you name the business and you will probably find a retiree doing it.