Many seniors are eager for retirement, as retirement can be a time to travel, relax, and make new connections. However, retirement can mean something entirely different for some, such as the time to pursue their passions in the form of creating a new business. The number of senior entrepreneurs is steadily increasing as Baby Boomers generation prove that there are benefits in following your dreams after you leave the workforce. Here are just five reasons why you should start a new business in retirement.
1. You have financial stability
Creating a business from the ground up takes a lot of time and money. However, by the time you retire, you likely have a financial cushion, which takes away a lot of the stress of starting a new business. With a steady income in retirement, you can devote the time needed to create a successful business.
When you own a business in your later years, you will have that financial security blanket that gives you breathing room to enjoy your retirement the way you choose. Even if you make a few hundred dollars from your business each month, it’s still more money added on top of your Social Security check.
2. Occupy your free time
When you retire, you may find that you have more free time on your hands, which can be a good thing. However, considering senior citizens are living longer than ever before, you may be glad to have productive ways to occupy your time. Starting a new business in retirement can be a fulfilling way to stay occupied.
Seniors who work after retirement typically remain more active and have a great social life, which can contribute to overall better health.
3. Good for your health
When you start a new business, you might not be aware of the potential health benefits. According to research by the Institute of Economic Affairs, retirement increases the chance of developing clinical depression by about 40 percent to 60 percent.
In addition, a Centers for Disease Control and Prevention study comparing retired seniors to seniors who work past age 65 and found that working seniors were about three times more likely to report being in good health compared to seniors who stopped working.
Research also shows that seniors can experience a cognitive decline when the brain isn’t stimulated. By having a business in retirement, you engage in activities every day that help keep you sharp.
4. You are your own boss
Being your own boss means that you get to determine your schedule and shape your days the way you like. When you work for someone else, your work hours are at your boss’s discretion. Owning your own business gives you control over your time and schedule.
A major perk of being a business owner is that you can work from anywhere with today’s technology. If you decide to stay home for the day or take a vacation with your family, you can bring your office with you wherever there’s Wi-Fi.
5. Pursue your passions
There’s no better time to pursue your passions than in retirement. If there’s something you are passionate about make it into your new business!
A study conducted by the Annals of Behavioral Medicine discovered that people who pursue hobbies had lower stress levels, heart rates and an overall more positive mood. Engaging in your hobbies and passions can play a big part in sustaining good health as you age.
If you love to play the piano, start a business giving lessons. A woodworking hobby can become a lucrative side gig. If you’re a great cook, sell your sauces, jams, and baked goods at local farmer’s markets. The possibilities are endless.
Conclusion
Being a business owner in retirement can be very rewarding and a great way to fill your time. If you have any business ideas floating around in your head, retirement could be your time to shine.
