Retirement Planning for Authors
If you take a look around the traditional workplace these days, you see more and more people working up until the point where they just can’t physically complete their job anymore — whether it be due to physical illness, simple old age, or obsolescence. Retirement is a subject on our minds, though it is often met with uncertainty and perhaps even a bit if disillusion. Is retirement feasible in a world where prices are on the rise and medical care costs an arm and a leg?
For writers though, retirement is more often than not a subject that is set aside. Writers tend to keep on producing well through their golden years, as exemplified by some of today’s well-known writers, from Harper Lee who published decades after her Mockingbird fame, to Stephen King who tried, and subsequently failed, to retire. We see many writers pushing manuscripts well into their 80s, and actually very few examples of writers who have successfully managed to stop writing. This might seem logical to readers, — of course he should keep writing, his works are wonderful! We want more — but that doesn’t mean they have the right idea in mind. If a writer, like anybody else with a career, wants to make a plan and decide when it’s time to close up shop, they should be able to do so. At the end of the day, writing and publishing are demanding jobs, and nobody signs a contract for life.
Retirement planning for writers goes hand-in-hand with estate planning. In the same way that you should have a solid safety net set up in case of accidental demise or unforeseen illness, when it comes to retirement you should follow the same guidelines. It’s a good idea to choose somebody reliable and professional to manage your estate in the same way that you would recruit somebody to take over a business. Also, as I mention in my previous post, it is important to seek the advice of a lawyer so that your best interests are being met, and to make sure that all of your copyrights are in place for as long as possible. This will enable you to enjoy your time off without the stress of having to manage your little literary empire. Your work will continue to sell, you will continue to receive royalties, leaving you to enjoy your retirement and reap the well-deserved rewards of your literary contributions.
At this point though, freelance writers may be raising an eyebrow because as we all know, the vast majority of people who wear the title “writer” are not rich and famous novelists. Perhaps they are staring at their screens wondering how they can ensure their best interests so that retirement can become a feasible option. In fact, freelance writers have a number of options available, from setting up a side business related to their writing that they could eventually sell, to creating a successful blog with a large base of followers that could generate ad revenue and eventually be sold as well. Web-based businesses, like e-books, can take off in a heartbeat, creating the necessary nest egg to turn the page and enjoy a happy and lucrative retirement.
Does the idea of retirement still sound far-fetched? Not to worry. You’ll have time to put all the necessary pieces together to ensure your estate is organized, looked after, and legally protected. Consider getting your toes wet in the process today in order to relieve your future self of all the burden. First steps? Continue reading up, ask questions, get in touch. At Authorpreneurlaunch, this is one of our favorite subjects to work on with clients. We believe the process can be exciting and eventually extremely gratifying.
Wishing you the best in the new year and beyond!
— Marquina (@Marquina) December 29, 2015