Not having enough money for a comfortable retirement tops thelist of financial concerns among aging Americans, according toa recent Gallup Poll. It even outweighs peoples’ worries abouthaving a serious illness or accident.

With statistics showing that Americans can expect to live 20 ormore years after reaching retirement age and our longevitycontinuing to inch upward, these fears could be well founded.

Three out of 10 American workers haven’t saved at all forretirement, and among those who do, many have not savedenough, according to another study. The study showed thatthree out of 10 workers age 55 or older have saved lessthan $25,000.

Many of us plan to work past the normal retirement age.But at this rate, we may not have a choice. Some of us inthe Baby Boom generation can expect to work beyondage 65, whether we want to or not.

There is an alternative to having to work full-time until we’rein a wheelchair. It’s also a smart choice as we get pastage 50 and want to slow down a bit, but still stay active andstimulated. And that’s to gradually make the transition fromworking full-time as an employee to being in business forourselves on a contract or per-project basis. By planning ahead,you can gradually turn your job skills into a ‘microbusiness’while you are still employed.

If you have worked in a specific industry for 10, 15 or moreyears, you are ideally suited for this type of transition. Youcan set up a home office in a spare bedroom of your home,get the equipment you need and gradually establishyour business.

When the time comes and you want to make the change,you can do it on your own terms – often by negotiating acontract with your existing employers for 50 percent of yourtime. There are other ways to make the change, such asnegotiating with your employer for a reduced work week,or working from home as a ‘teleworker’ for a few days a week.

Still others have begun their private practice by moonlighting– doing a few projects for other clients on the side at night oron weekends in the year leading up to their departure, andbuilding up a clientele that way. Provided such work isn’tprohibited by your full-time employment contract, it’s anothersmart way to get started.

Enjoy The freedom

Being your own boss means you get to choose how hard youwork and how much you are compensated. If you want to earnextra cash for an upcoming trip or purchase, you can work a fewextra hours per week or take an extra project. If you want to takefour weeks off and visit friends in Florida, simply plan ahead,keep your clients informed, and off you go.

Perhaps that’s why people over 50 are much more likelyto be self-employed, according to a study commissionedby the American Association of Retired Persons (AARP).The study showed that 16 percent of people over 50 wereself-employed, compared with 10 percent of the generalworkforce. Plus one-third of self-employed seniors werefirst-time entrepreneurs who began their business after turning50 and spending many years working for other people.

Being in business for yourself… especially after a lifetimeof being an employee for a larger organization… is the nextbest thing to being financially independent while stillearning a living.

You can scale back your hours worked per week to ease intoretirement. Or work in bursts of activity to earn extra moneyfor special purchases or travel. And the best part is… it oftendoesn’t even feel like ‘work’ anymore.

About the Author:

Barnaby Kalan is an independent copywriter and consultant with more than 20 years of experience in direct marketing. He is the author of Outsourcing Yourself, which reveals the safest, smartest ways to turn your current job skills and experience into a potential six-figure income as a self- employed freelance professional or consultant. For details, visit www.outsourcing-yourself.com