So, you’re excited about retiring, right? You’ve worked every weekday from nine-to-five for nearly four decades. Finally, no more back-to-back meetings. No more awkward conference calls, office politics, or sad lunch sandwiches at your desk. You deserve this! Now your days will be spent catching up on your reading at the beach, being the best grandparent ever to your grandkids, or enjoying a cold beer after a sunny day out on the links. It’s everything your hard-working self ever dreamed of.
What if all of those things you’ve looked forward to for decades aren’t enough to sustain you? Well, for starters, you wouldn’t be alone. In fact, some 28% of recent retirees said that life wasn’t as fulfilling as it was when they were working.
So what can you do now to make your retirement years happier, gratifying, and rewarding? Here’s an answer you might not have thought of—go back to work. But after 40 years of working for someone else, this time, consider flipping the script. What if you could finally fulfill your dream of business ownership and work for yourself?
If you’ve ever thought about starting your business after retiring, you’d be in good company. According to the 2018 Small Business Trends for Baby Boomers from Guidant Financial, one-third of all small-business owners age 50 to 59 and nearly 20% are 60-69. In other words, retirement might be one of the most ideal periods to pursue a venture of your own.
There are a lot of great reasons to spend this new chapter of your life as a business owner.
Here’s Why Retirement is the Best Time Ever to Kick Off a New Journey
1. It's A Great Way To Generate Extra Income
A majority of retirees have saved up enough from their retirement plan to cover the basics. But what about the other stuff you undoubtedly deserve, like long-overdue vacations to the beach or that new car you told yourself you’d get one day?
According to a Gallup News Survey, only 24% of Americans actually feel confident they’ll have enough money to live comfortably in retirement. That’s where starting a small business can come in handy. Working during retirement means it's possible to keep your existing savings—and continue earning interest—while living off your extra income.
2. You Can Finally Pursue What You Love
Maybe you loved your past job. Or maybe you were just in it for the paycheck. Whatever the case is, retirement is a fresh opportunity to do something you really care about. Think about your favorite hobbies or a passion that’s taken a backseat because of your nine-to-five. Write down all the things you love to do in your spare time, then take a hard look at that list. Can any of those ideas translate into a business? With the right support and business plan, that weekend activity you always loved can turn into a brand new startup.
Love hospitality? Consider opening your own Bed & Breakfast. Love animals? You can finally start that dog walking and pet sitting business. Love cooking? Launch that local catering business you always dreamed of. Or maybe you’ve always been a do-it-yourselfer who isn’t afraid to get their hands dirty. In that case, consider starting your own home repair, house painting, or landscaping business. The list could go on and on, but identifying the business type that suits you best is the first step.
Here are a few popular business opportunities for retirees to help you get started. And the best part? They’re relatively inexpensive to start and can be operated as part-time or home-based, depending on your preference:
- Offer tutoring services to students
- Provide language lessons
- Take up painting and interior decorating
- Go into in-home child care or babysitting
- Become a chauffeur with popular rideshare services
- Build a local pet walking or pet watching service
- Start an online retail store selling handmade crafts or collectibles
3. It’ll Keep You On Top Of Your A-Game
It's not always easy to go from a full-time work schedule to suddenly having no structure whatsoever (especially if you’re the type who loves staying busy). But, contrary to what the word “retirement” implies, this is the best time to stay active and invest in your own wellbeing. If you’re thinking about starting your own business, there are a ton of classes you can take to learn everything you need to know—and most of them can be done right on your computer.
If you’re brand new to the business world, you can find a comprehensive training from this specialized course available on Coursera. This will teach you everything from developing an entrepreneurial mindset and business idea generation to creating a business plan and model for a successful launch.
Financial management is an essential skill you can study up on, too. This 101 course is ideal for new business owners who need a working knowledge of financial and accounting concepts. As the name suggests, Finance and Account for Small Business & Entrepreneurs from Udemy provides a foundation for new business owners to learn accounting, inventory costs, preparing financial statements and more.
4. It’ll Help You Cut Back On Discretionary Spending
If you weren’t spending your days running your new business, what would you be doing? To avoid cabin fever, chances are you’d be out and about seeing new movies, grabbing dinners, or visiting local art galleries—just to name a few. According to data from Global Atlantic Financial Group, two out of five retirees are spending more money than they thought they would in their golden years, with $2,008 a month being spent on discretionary expenses. Those costs can deplete your hard-earned nest egg pretty quick.
Starting your own business gives you a clear way to occupy your time and keep trips to the coffee shop in check—so you won’t spend all that money on things you might not need in the long-term.
5. It’ll Help You Keep Up With Living Expenses
According to the Bureau of Labor Statistics, retirees are spending, on average, $3,800 a month just for cost of living. But it’s estimated that the average monthly Social Security retirement benefit is $1,461. That’s not nearly enough to take care of necessary expenses like housing, transportation, and health care.
Starting a new business is a smart way to keep up with fixed living expenses you can’t do without, especially as it builds on your full Social Security benefits month after month.
The First Step to Starting Your New Business
Are you feeling inspired to finally start that perfect retirement business? Retirement is the perfect time to get the venture you've always dreamed of up and running. If you’re ready to talk business, Swyft Filings’ business specialists will help you form your new business the right way—saving you time, money, and headaches along the way. Contact a Swyft Filings expert to let them handle your business filings while you focus on the fun stuff—growing your new business!