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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Reasons to Become an "Olderpreneur"
People living longer and staying healthier as they grow older, lack of money saved for retirement or simply because they enjoy it; there are many reasons why older people are continuing to work well into their ‘retirement years’. The latest research suggests that, by the year 2022, nearly a third of all Americans will work until they’re 74 and a tenth will work way beyond that age. Another trend that’s on the rise is people starting their own businesses later in life. The widespread notion that all entrepreneurs are young, twenty-somethings doesn’t reflect reality - the averageage of entrepreneurs is actually 42. More frequently, people are setting up on their own much later than this, often after they’ve retired from their regular jobs. And there are good reasons to become a senior entrepreneur too. Here are just a few.
Beating Boredom in Retirement
Many workers who reach traditional retirement age leave the labor market only to find they struggle to fill their days with meaningful activities. Some miss the mental stimulation of work and the challenge of succeeding in business. It can however be difficult to return to employment, despite laws against age discrimination. There’s evidence to suggest that older people returning to work often take a pay cut or end up in a less skilled role. Becoming self employed is a way of ensuring job satisfaction and having control over the hours and conditions of work, as well as what role you take in the business. By setting up your own business in a sector that interests you, you’ll find it’s easier to stay enthusiastic and committed. And you’ll never be bored.
Health and Wellbeing Benefits
Retiring should engender a stress free and more relaxed way of life, but some people find they simply have too much time on their hands and this can affect their brain power. Research has shown that short term memory can decline byas much as 40 per cent in retireeswhere those who continue to work say their brains stay sharper. Loneliness is another common issue as people get older and setting up a business will help you stay in social contact with colleagues and customers. Working for yourself can give older people all of these benefits without the stress of working for somebody else. Plus, the wisdom and life experience will go a long way to helping business owners to keep a level head.
More Money for a Comfortable Life
Starting a business in later life can provide an extra source of income. Extra money is handy for most, plus the pressure to succeed is not as vital without dependents to support. By the time most people are over 60 children have grown up and left home and household bills such as mortgages have either reduced or been paid off altogether. There’s more room for income to fluctuate (and less pressure to earn a certain amount). There are also other monetary gainsto setting up a business such as delayed social security benefits and extra interest earned on savings whilst earning an income.
Starting up a business once retired could seem overwhelming, but there are lots of personal and financial benefits. Ensure it’s a business centered around something you’re passionate about and it might not even feel like work at all.
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