Many older adults establish new businesses in retirement to follow their passions and dreams. Owning a business in retirement is an ideal time to pursue this new adventure you are creating for yourself. Having a business in retirement not only provides extra income, but it also offers mental and physical perks to seniors. If you seek more motivation on this subject, then here are five reasons to start a business in retirement.
1. You are your own boss
The number one perk of being your own boss is creating your own schedule. When you work for someone else, you will work according to the schedule they give you. When you work for yourself, you have the freedom to control your hours and your own schedule each week.
When you have the advantage of shaping your work schedule, you have more flexibility of choosing what you would like to focus on each day that makes you happy. Modern technology gives you the convenience of working from a distance. Whether you are working from your home or a beach across the country, you can stay involved with your work through a laptop or smartphone.
Starting your own business will likely require long hours in the beginning stages. However, you may find it fulfilling to spend hours on creating something you love, as you watch your dreams turn into success.
2. Benefit your retirement savings
Many seniors live with the anxiety of not having enough money saved for retirement. According to Investopedia, the average amount of savings a senior has nearing retirement is $107,000. That six-figure stat may look like a lot but if you factor in medical bills, living expenses, and (let’s face it) grandkids, it is not enough for a comfortable retirement.
Owning your own business in retirement may ease some of the fear that comes with a having a small nest-egg, considering you are more likely to have residual income. Having a business can also strengthen your money management skills as many business owners are often more money-conscious when spending to ensure it will help the bottom line.
Many seniors have unscheduled free time in retirement which can lead to mindless spending. From early-bird lunches to senior night at the casino, that free time can get expensive. Though, when you are a business owner, it can be easier to steer clear of the “free time activities” and spend your money wisely in those golden years.
3. Sustain your health
A Harvard study has shown that seniors who work past 65 were about three times more likely to be in good health compared to those who retire. As you age and continue to work, you will strengthen your mental, physical, and social functions.
According to Take My Hand at Home Care, a study found that when someone pursues their hobbies, their moods will alter and become more positive, while also lowering stress and heart rates. Therefore, the study concludes that hobbies can improve a person’s health.
Depression and anxiety disorders are often found among senior citizens because they feel as if they do not have a sense of purpose. When you have a business or hobby that occupies your time, you may feel as if you are fulfilling that purpose. Owning a business can keep you socially connected, whether it be with customers, employees, or vendors. You can create your own positive atmosphere in the workplace, which can help better your health mentally and physically.
4. Your business can benefit you and others
Whether you enjoyed your past job or not, starting a business in retirement can be a fresh start to a career path you love. According to Total Brain Health, partaking in hobbies you enjoy can help fight against memory loss, which is very common with senior citizens. Pursuing a passion can also help improve sleep quality, lower risk of heart disease, while also lowering stress, depression, and anxiety.
When you create a business and share your passions with your community, you will not only benefit yourself but potentially others. Your business can create a positive work environment for your employees, while also giving them a productive workplace to enjoy.
5. You will never find yourself bored
Since retirement gives you loads of free time, you might find yourself bored throughout the day. Starting a business is a fantastic way to keep yourself productive without a boss micromanaging you. Having a business will keep your days structured and will give you something to look forward to every day.
Starting a business in retirement will also allow you to spend more quality time with your grandchildren. If you have your grandkids involved with your business, you can begin to teach them work ethic, leadership, and maybe even employ them for a summer job!
After years spent in the workforce, retirement is the perfect time to dedicate yourself to something you are passionate about. Retirement can give you the opportunity to upgrade your hobby into a business that will support you financially. When you create an atmosphere where you dedicate your time to something that you love, you may never “work” again.