Your own business in retirement

Your own business in retirement

Society appears to view ‘retirement’ rather differently now than in the past. Once upon a time there was a cut off date to an individual’s working life. At this age a man gathered his pipe and slippers and faded away. Grandma collected her shawl and sat quietly in her rocking chair knitting for her children’s offspring. All that has changed.

There are various reasons for this:

1. Lack of sufficient pension

2. We are healthier and fitter than their forebears

3. We are not expected to give up on a full life

4. It is hoped we won’t become a burden on the state

So now there are many who would like to carry on contributing. This will be for need or fulfilment.

According to a AARP/Roper survey in America 55% of baby boomers said they would work part time for income or enjoyment while 15% said that they’d like to start their own business for their retirement. This may be an American survey but I believe that it would hold good in all developed countries.

Reasons given for wanting to continue working:

1. Money – to bolster pensions

2. Enjoy working and fulfilment

3. Meeting people / making friends

4. Lack of any other social contact or aim in life At the age of 60/65 an individual can look forward to a further 15 – 20 years of active life. Now that is plenty of time in which to enjoy the satisfaction of owning a well run business.

With careful thought and organisation the business will produce a very healthy income. Later, depending upon the type of business, it can be handed over to a family member to oversee in order to pay a pension.