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Of course, you also need to analyze your product or service to make sure there is a viable market for it, Thayer adds. Put together a business plan for your new venture about two years before you expect to retire, Westbrook says. And examine the tax ramifications, lack of stable income and costs involved in running your own show.
If you're unsure which direction is best for you, a career counselor might help. Expect to pay anywhere from $65 to $100 an hour for a professional career consultant, Knowdell says. With more and more people retiring early, about 20% of career consultants' clients are 50 and over, he adds.
Whatever path you take, networking with others can provide valuable job contacts. Join trade or professional associations in your field. A growing number of college alumni associations have databases that allow them to match up graduates who are looking for career guidance and job contacts from other alumni. About 8,000 graduates of UCLA, out of a total of 276,000, use the university's alumni database annually, says Cindy Chernow, director of the institution's five-year-old alumni career-services department.
Another place to turn to for job contacts is a temporary-staffing firm, which can find short-term assignments in your area of interest. About 10% of those employed by such firms are 55 and over, notes Richard Wahlquist, executive vice president of the National Association of Temporary and Staffing Services. Some of the biggest industries looking for temporary professionals include law firms, engineering companies and information-technology firms. "It's not uncommon today to see companies looking for temporary CFOs or doctors or accountants," Wahlquist says.
Temporary-staffing firms don't charge job seekers a fee; they get their money from the hiring companies. They can assess your skills to determine if you need any further training. Wahlquist recommends starting with these firms about six months before your planned retirement.
Whether you hang out your own shingle, work part time for a new company or go into a fresh field, almost everyone agrees that the key to personal success and happiness in retiring early is to do something you are passionate about--but with enough assets to cushion this renaissance. "If you didn't do something when you were young, don't resent it," says Sarnoff. "Just go for the dream."