Small Business Tax Center
Small Business Ideas, Grants &
Plans to Start & Run a Business:

Small Business Grants
Network in Cyberschmooz Community Ask Questions Questions and Answers Share Tips Small Business Ideas List Your Business Business Advice from Idea Cafe Experts Coffee Talk with Experts Starting A Business Business Plan Biz Planning | Sample Plans Small Business Ideas Idea Name Your Biz Name Plan Your Biz Plan Financing $ Starting a Business Do It! Running your Business Marketing Tips Promotional Merchandise Marketing Tips Marketing | Sales | Customers Human Resources HR | Employees | Contractors Legal Forms & Tax Information Legal | Biz Forms Managing a Business Managing | Operations
Financing Resources Financing Your Business E Commerce & Webhosting eCommerce Take Out Info Trade Publications FREE Trade Publications Business Books Biz Books Your Own Business Small Business News Small Biz News Gen X Biz Gen X Biz Work at Home Work @ Home Business Information The Fridge - Biz Info on Ice Destress Send Awards Send Awards & Greetings Yoga At Your Desk Yoga @ Your Desk Fun Guide Guide to Find FUN Online About Idea Cafe Press Idea Cafe has received Idea Cafe in the News Idea Cafe's Kudos Kudos for Idea Cafe Advertise on Idea Cafe Advertise on Idea Cafe Privacy Policy Privacy Policy Contact Idea Cafe Contact Idea Cafe Link to Idea Cafe Link to/from Idea Cafe Join Idea Cafe
Search Idea Cafe Site Directory Site Map Online directory to business resources Biz Web Guide

Expert Answers to Biz Questions

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

color business bar

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.


Small Business Tax CenterIdea Cafe HomeSign UpBiz Grant CenterCyberSchmoozCoffee Talk with ExpertsPeople in Biz ProfilesStarting Your BizBiz PlanningRunning Your BizFREE Trade PublicationsMarketingFinancing Your BizHuman ResourcesLegal & Biz FormsManaging Your BizeCommerceYou and Your BizGen XWork@HomeThe FridgeDe-StressSend an AwardSend an eGreetingYoga @ Your DeskWeb GuideIdea Cafe in the NewsAbout Idea CafeAdvertise on Idea CafeContact UsPrivacy PolicySite MapSmall Biz News

Copyright 1995-2024, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc.

DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages.

TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business™, CyberSchmooz™, and BizCafe™.