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Are you worried about retirement? You’re not alone.
Many Americans and Canadians look toward their golden years with anxiety rather than excitement. But what if retirement could be something different – something you design rather than dread?
Today, we’re exploring how rethinking retirement through career ownership could change everything, and how working with a Career Ownership Coach® might be the key to building the future you truly want.
The Retirement Reality Check:
The numbers don’t lie – retirement readiness is a serious problem across North America:
United States: According to the Federal Reserve’s 2023 Survey of Consumer Finances, the median retirement savings for Americans aged 55-64 is just $134,000. This amount would provide only about $5,360 per year in retirement income (using the common 4% withdrawal rule) – nowhere near enough for a comfortable lifestyle.
Even more concerning, the Employee Benefit Research Institute reports that 40% of American workers have less than $25,000 saved for retirement, and 26% have less than $1,000.
Social Security, once considered the backbone of retirement planning, provides an average monthly benefit of only $1,827 as of 2023. This adds up to just under $22,000 annually – barely above the federal poverty line for a two-person household.
Canada: The situation in Canada mirrors these concerns. According to a 2023 survey by the Healthcare of Ontario Pension Plan (HOOPP), 55% of Canadians have saved less than $10,000 for retirement. Even more troubling, 32% of Canadians have nothing saved for retirement at all.
Statistics Canada reports that the median retirement savings for Canadians aged 55-64 is approximately $184,000 CAD. While slightly higher than American counterparts, this still translates to only about $7,360 per year in retirement income.
The Canada Pension Plan (CPP) provides an average monthly payment of just $760 CAD (as of 2023), with a maximum possible benefit of $1,306 for those who contributed throughout their working lives. Combined with Old Age Security, most Canadian retirees receive government benefits totaling less than $20,000 CAD annually.
These statistics tell a clear story: traditional retirement planning isn’t working for most North Americans. And with people living longer than ever, retirement savings need to stretch further than in previous generations.
Why Traditional Retirement Planning Falls Short
Why are so many people unprepared? Several factors contribute to our retirement crisis:
- Employer loyalty has changed dramatically. Gone are the days when working for one company for 40 years resulted in a comfortable pension.
- The responsibility for retirement planning has shifted from employers to individuals, but financial education hasn’t kept pace.
- Many people focus exclusively on saving without considering alternative income sources.
- Traditional retirement plans often overlook the value of business ownership and self-employment options.
- People underestimate how long their retirement might last and how much they’ll need.
Redefining Retirement Through Career Ownership
What if retirement wasn’t about stopping work entirely but rather about having the freedom to choose how, when, and why you work?
Career ownership is about taking control of your income potential instead of relying solely on an employer or traditional retirement accounts. It means building something that gives you both financial security and personal fulfillment.
For many, this new vision of retirement includes:
- Transitioning from employee to business owner
- Building equity in something you own rather than just accumulating savings
- Designing work that accommodates your desired lifestyle and schedule
- Finding purpose through work you enjoy past traditional retirement age
How a Career Ownership Coach® Can Help
Career Ownership Coaches® specialize in guiding individuals toward opportunities that align with their goals, skills, and financial needs.
Here’s what a Career Ownership Coach® does:
- Helps you define your Income, Lifestyle, Wealth, and Equity (I.L.W.E.) goals
- Before recommending any specific path, a good coach works to understand what truly matters to you. What income do you need? What lifestyle do you want? How will you build wealth over time? And how can you create equity that benefits you long-term?
- Identifies your transferable skills
- Many corporate professionals don’t realize how valuable their skills would be in a business ownership context. Your coach helps you recognize and leverage these abilities.
- Introduces appropriate business models
- There are countless ways to own a business, from franchising to independent startups, from service businesses to product-based companies. Your coach helps you explore options that make sense for your goals.
- Offers an unbiased perspective
- Unlike a business broker trying to sell you something specific, a Career Ownership Coach® helps you evaluate opportunities objectively.
- Supports you throughout the discovery and decision process
- Your coach stays with you from initial exploration through decision-making and beyond, ensuring you have the support you need.
For some, traditional retirement planning may still be the best option. But for many, career ownership opens possibilities they never considered.
Getting Started with a Career Ownership Coach®
If you’re intrigued by this alternative approach to retirement planning, here are steps to get started:
- Schedule a no-cost consultation with a Career Ownership Coach® to discuss your current situation and goals.
- Be open to exploring options you might not have previously considered.
- Ask questions about the coaching process, including what support you’ll receive and how long the exploration typically takes.
- Consider involving your spouse or partner in discussions, as business ownership decisions affect your whole family.
- Remember that exploring options doesn’t commit you to anything – knowledge empowers better decisions regardless of your ultimate path.
The Future of Retirement
As traditional retirement becomes less secure for many Americans, new approaches like career ownership will likely become more common. The concept of a rigid retirement age is already evolving into more fluid transitions and personalized approaches.
By working with a Career Ownership Coach®, you position yourself at the forefront of this evolution, taking control of your future rather than leaving it to chance.
Whether retirement is decades away or just around the corner, it’s worth asking: Could career ownership provide the security, fulfillment, and future you’re looking for?
Retirement doesn’t have to be something you fear or delay. By redefining what retirement means and exploring career ownership options, you can create a future that’s financially secure and personally rewarding.
A Career Ownership Coach® provides the expertise, objectivity, and support you need to navigate this journey successfully. Rather than accepting the limitations of traditional retirement planning, you can build something that truly serves your goals and dreams.
The statistics on retirement readiness may be sobering, but they don’t have to define your future. With the right guidance and a willingness to explore new possibilities, you can create a retirement that’s not about stepping away from work but stepping into the life you really want.
About Your Career Revolution
Our mission is to help individuals explore self-sufficiency as an alternative career.
We help them define their Income, Lifestyle, Wealth, and Equity goals and provide education on the best ways to achieve them. We don’t sell franchises – we help people achieve their dreams of self-sufficiency through business ownership. The approach is different, the experience is different. And it works.
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