Golden Years, Golden Opportunity to Become an Entrepreneur
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.
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.
Originally Published on https://www.aboutagingparents.com/
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