Since 1996, the number of senior entrepreneurs has nearly doubled, according to AARP. Which makes sense considering people in their 60s are in better health today than seniors were 50 years ago. Becoming an entrepreneur takes time, effort, and money. However, it also comes with many benefits, such as being your own boss, generating income, and having freedom of your time.
What more of a perfect time to create a business than your golden years? When comparing a 20-year-old entrepreneur to a senior, senior entrepreneurs have the advantage of their experience and time in the workforce. Here are just five reasons to become a senior entrepreneur.
1. You won’t have a boss
The beauty of being an entrepreneur is having the ability to determine how your day and business is structured. You will no longer have a typical nine to five job or a manager create your work schedule. When you are your boss, instead of being assigned tasks that you dread, you will be able to focus on establishing a successful business.
This is the best of both worlds. You can spend time building your business and still have the freedom and flexibility to pursue your personal passions in retirement without checking in with your boss.
2. Freedom of time
Modern-day technology has given senior entrepreneurs the ability to work remotely. Whether you are on a plane, the road, or the beach, you can work from anywhere if you have Wi-Fi access. Today’s technology allows you to never miss your grandchildren’s games or miss any event you wish to attend.
Controlling your schedule is a huge advantage of entrepreneurship in retirement. After all, time is the one thing you can never get back once it’s spent, so having the freedom to spend your time on the things that matter is especially important to older adults.
3. Health benefits
A Centers for Disease Control and Prevention study found that seniors who work past age 65 are three times more likely to be in good health than seniors who retired.
Starting a business as a senior will not only help you down the road financially but may also protect and improve your health and mental wellbeing. According to the Institute of Economic Affairs, retirement increases the chances of suffering from clinical depression and being diagnosed with a physical illness by 40 to 60 percent. With that said, studies show that pursuing your passions can help improve your sleep quality, lower your blood pressure while also decreasing the risk of stress, anxiety, depression, and heart disease.
According to Total Brain Health, when you work at something you enjoy, you create a buffer against memory loss, stay mentally sharp, and improve your overall cognitive function. Who knew working could be so good for you?
4. Generate an income in retirement
Running out of money in retirement is a genuine concern among many senior citizens. The average annual Social Security benefit is $16,092. The average senior couple should expect to spend over $200,000 on health care in retirement. When you are a senior entrepreneur, you do not have to rely on your Social Security checks to pay your bills, as you will be generating extra income.
Even if your Social Security check covers your basic living expenses, the extra cash you earn from a new business gives you more opportunities to travel, try new restaurants, and even spoil your grandchildren.
5. You get to run a business
One of the best parts about being a senior entrepreneur is being the decision-maker. You decide where and how you want to operate your business—remotely from your home or in a co-working space or office, for example.
Entrepreneurship also allows you to define and present your business in your own way. You can create your own marketing and promotional campaigns, meet potential clients online or at trade shows, and determine how much money and effort you want to devote to building your business.
When you are a senior entrepreneur, you have the opportunity to build a meaningful business and give back to the community by hiring employees and helping to grow the local economy. These are just a few reasons to become a senior entrepreneur, but once you take the first step, you’ll discover even more reasons why starting a new business is a great way to spend your retirement.