Many people envision retirement as a time for leisure and travel, but just because a road is well-traveled doesn’t mean it’s necessarily right for you. In fact, many seniors find success and purpose through starting a business in retirement!
This week, our financial guides delve into how you can leverage your many decades of experience, accumulated wisdom, and newfound freedom to launch a fulfilling business venture in your golden years.
And starting a business in retirement doesn’t necessarily have to be the traditional nine-to-five grind – you’ve already done that. Instead, Tim recommends that retirees think of a new company as an opportunity to live more intentionally while pursuing your interests and potentially turning them into an extra source of income to fund this new phase of your life.
Tim and Katie also emphasize that a desire to learn and grow as an individual should be at the center of your decision to pursue entrepreneurship.
“If you start from, ‘Well, I should become an entrepreneur because I should make more money’ – then you shouldn’t retire. Because if it’s a math problem, you’re always better off working.”
If you’re considering starting your own business, this episode can help you think through:
- Reasons why retirement might be the perfect springboard for becoming your own boss.
- Creative business ideas specifically designed for experienced adults.
- How to feel empowered and confident – rather than overwhelmed – by the prospect of starting a business from scratch.
- Financial considerations for entrepreneurs on Social Security
- And more
Whether you dream of turning your lifelong hobby into a side hustle or have a more ambitious business idea in mind, having a clear path forward can help equip you with the knowledge, motivation, and resources to turn your retirement into the most rewarding chapter of your life.
“Entrepreneurship is all about finding and solving a need, and doing it with something that you’re passionate about and you love,” he explains.
Ready to explore the possibilities of entrepreneurship? Listen to the full episode now and connect with a member of the PrairieView Wealth team today to get started on the road to a Two Comma retirement.
[Embed episode video here]
Key Timestamps and Topics
- 0:00:11 – Are you really retired if you become an entrepreneur?
- 0:03:14 – Starting a business in retirement for the right reasons.
- 0:05:17 – Tim’s personal approach to the Two Comma mindset.
- 0:06:53 – Entrepreneurship opportunities Tim has considered.
- 0:09:56 – What “retirement” used to look like (and what it’s becoming).
- 0:13:30 – Why passion and purpose are key
- 0:17:32 – Questions to ask when starting a business in retirement
- 0:23:40 – The parallel between entrepreneurship and motherhood.
- 0:30:27 – Where to find more content about starting a business in retirement
3 Key Takeaways
- Entrepreneurship in retirement doesn’t have to be a “traditional” business: It can be something as simple as driving for Uber or Lyft, or even selling homemade goods online.
- There are financial considerations for entrepreneurs in retirement: If you are collecting Social Security and you start a business, you may need to be mindful of how much money you make to avoid giving some of your Social Security benefits back.
- Retirement is a chance to design your life: Whether or not you choose to pursue entrepreneurship, retirement is a time to take control of your life and design it the way you want it to be.
Links
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