If you’ve never been an entrepreneur before, rejoice. Your senior years are an especially great time to expand your interest, do something you love, and earn an income along the way. But, before you get started, it’s best to at least have an idea of what to expect.

 

About Aging Parents offers the following advice for seniors. For active seniors, one way to stay engaged is to start their own business during their golden years.

 

Home Business Basics

 

Starting a business today often means opening up from the comfort of your kitchen table, private home
office, or living room. There are many benefits of running a business from home, including being able to control your own schedule. As a senior, you might have plenty of time on your hands, but you want to make sure that you use that time in a way that makes you the happiest, healthiest, and most whole. Opening a home business means you aren’t driving on the roads and you can supplement your income by focusing on the things that you enjoy the most.

 

Possible Business Ideas

 

If you do not yet know what you’d like to do, you have options. Before you make any decision, consider your experience, mobility level, and how much money you have available to get started. A few low-cost startups here include:

 

      Writer. As a freelance writer, you can lend your wisdom to e-books, blogs, and more. As long as you have a computer, a mastery of the English language, and the ability to meet deadlines, you can earn an income from home.

 

      Seamstress. All those years ago when your grandmother taught you how to quilt might pay off now. As a seamstress, your sewing machine can earn you more than $70,000, depending on where you live and how much you want to work. You can monogram, make custom clothing, or hem wedding dresses.

 

      Tutor. Tutoring is an excellent income opportunity for retired teachers. Care.com explains that becoming a tutor means deciding which subjects you want to teach, choosing who you want to work with, and getting familiar with your state’s curriculum.

 

Yes, You Can Go Back To School

 

If you don’t have experience in the area where you’d like to start a business, you can go back to school at any time and at any age. Look for a business program that teaches management, strategy, and general operational procedures. You might even be eligible for scholarships based on your age, income, or personal history.

 

Income and Social Security

 

Many new retirees mistakenly believe they can’t work and receive Social Security benefits. Fortunately, this isn’t true, and depending on your age and income, you may be able to work without losing any benefits. If you reach full Retirement age, which as of 2022 is 67, you won’t be dinged. However, if you were born prior to January 2, 1960, you will lose half your benefits for every two dollars you earn in excess of the threshold of $19,560. If you’re not sure how to calculate your earnings and your Social Security benefits, contact your financial advisor. If you don’t have one, spend some time looking at options in your area, but make sure to avoid scams and steer clear of anyone claiming that there is no risk to your finances in Retirement.

 

Starting a business in your senior years is exciting. It’s a chance to do all of the things that you wanted during the trenches of your career. But there are things to know before you get started, and the more you prepare yourself now, the sooner you’ll be ready for success when it comes knocking.

 

About Aging Parents is a blog for seniors and caregivers alike. Kathy Quan RN BSN PHN invites you to bookmark the page to stay up to date on news and resources pertinent to you.

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This is a guest post from Donna Erickson. Donna Erickson is a retired public educator. She created Fit Memory with a few friends as a way to promote wellness among senior citizens with the hopes it will help inspire others to make the most of their golden years.

 

Photo by Ron Lach from Pexels


 

 

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Originally Published on https://www.aboutagingparents.com/

Kathy Quan Blogger & Author

Kathy Quan RN BSN PHN is an award-winning blogger and author. She has been an RN for over 30 years. Most of those years have been spent in home health care and hospice where she has worked as a field nurse, a nursing supervisor, branch manager and in quality improvement. Today she works part time in hospice as a Quality Improvement specialist.

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