A recent study was conducted by the University of Oregon that found if you work one year past age 65, you can lower your risk of death by 11%. Many seniors look forward to retirement so they can stop working, relax, and travel. However, there are many seniors who find that retirement is their time to pursue their dreams, such as starting a business.
Starting a business can be rewarding, and retirement might be your chance to become self-employed while establishing a successful company. With that said, here are five reasons to start a part-time business in retirement.
1. Money management skills
There are many seniors who near retirement with a sense of worry that they do not have enough money saved in the bank. The average retirement savings for Americans age 55 to 64 is $107,000, according to Investopedia — this may not be enough for seniors if they pay their bills, have health conditions and plan to live a long life.
When you own your own business, you have the opportunity to improve your savings for retirement. You will find yourself learning and bettering your money management skills, while also building a consistent income. Instead of spending your money on museums, theaters, and early-bird lunches like many retirees, you can dedicate your time and money into pursuing your dreams and passions while also gaining a return on that investment.
2. Pursuing your passions
Most seniors work throughout their lifetimes, leaving retirement to be the perfect time to seek out their dreams. Whether you enjoyed your previous employer or not, retirement gives you the fresh opportunity to merge your most passionate hobby into a job you care about.
Engaging in your passions and hobbies can play a significant role in good health for senior citizens. According to Total Brain Health, engaging in hobbies we love can lead to neuroplasticity and help fight memory loss. Creating a business based on your passions will lead you to a happy life and make your day-to-day living more enjoyable.
3. Maintaining good health
As briefly mentioned above, seniors can find improvement in their overall health when they combine their careers with a hobby. According to Harvard Health, people in their 60s are in better health today than they were 50 years ago. CDC has mentioned that seniors who work past 65 are three times more likely to report being in good health and are half as likely to have severe health conditions, such as heart disease and cancer, compared to those who do not work past 65.
A research study done by Economic Affairs states that 40% of retirees can suffer from depression — this is due to seniors not feeling like they have a purpose to fulfill. When you work at an older age, you will be able to keep yourself mentally sharp, socially connected, and physically active.
When you own your own business, you will have social interactions daily, whether with customers, vendors, or employees. You also will be creating a social atmosphere for yourself, as well as your employees. Owning your own business will do the opposite of social isolation, which many seniors experience once they retire.
4. You stay occupied
Many senior citizens want to own their own business to stay engaged and have emotional satisfaction driven by their company. Owning your own business will keep you busy and active throughout the week. When seniors stay moving, they can have fewer medical issues due to physical activity.
Staying busy is one part of retirement seniors may struggle with. Owning your own business and only working part-time could give you the best of both worlds — maintaining a busy schedule, while also creating your schedule so you can enjoy yourself in other activities outside of work.
5. Being your own boss
When you are a senior and are applying for a job in your 60s, you may find it challenging to locate someone who will hire you. Now, becoming your own boss will beat any hardships you typically could face in getting hired on at a company. When you are your own boss, you get to shape how your days will go during the week. You get to be on your own schedule, while also choosing what you would like to focus on.
One of the perks the 21st century has brought us is the ability to work from anywhere. If you have a Wi-Fi connection and a laptop or smartphone, you can work from home or even the beach. Technology will keep you connected and involved in your business without being physically present.
Lastly, being the boss gives you the perk to create a positive work environment. You will have the opportunity to develop meaningful relationships with your employees while giving them a job they enjoy going to every day. Creating your own business gives you the chance to give back to others while also generating jobs within your community.
Retirement is an exciting milestone in someone’s life and creating your own business can add to it. If you are interested in owning your own business after retirement, start making your business plans before retirement to ensure you can get a head start on the path of your dreams.