Mature man smiling while sitting beside the lake

Making Money When Retired: How to Start a Business in Your Senior Years

When we feel stressed and burned out, we imagine retiring someday and not having to wake up early in the morning to prepare for work. We imagine not having to answer to a boss or not having work responsibilities at all. But is lounging around in front of the TV really what we want when we’re in our 60s? Wouldn’t the inactivity bore and depress us even more?

Companies should think about the retirement benefits of their employees. For example, Lockheed Martin made their retirement packages more comprehensive to allow their former employees a chance to live more comfortable during their senior years. The package also fuels up their interests to maybe use their savings as capital for a new business venture.

In fact, the number of retired Americans who venture into their own business has been growing steadily. In 2015, the US Bureau of Labor Statistics said that there are 15.5 percent Americans aged 65 years old and up who are self-employed. The rate is higher than any other age group.

There are hundreds of businesses that you can venture into if you’re currently retired or thinking about retirement soon. You can start your own business from scratch, take over an existing business, or buy a franchise. The key is to focus on your passions and interests. It’s time to be your own boss and follow your heart instead of your bosses’ orders.

Identify the Things that You Love

What do you love doing? What are your interests and passions? Whatever it is that makes you happy makes other people happy, too. If you are fond of organizing parties and events, maybe you can be a party supplier. If you like playing golf or tennis, maybe you can be an instructor. If you’re a good cook, maybe you can sell your best dishes. Start by offering your products or services for a small fee to friends and families. Slowly, work your way from there.

Offer Consulting Services

What did you do when you were working? If you were an accountant or a lawyer, you can offer consulting services for businesses. Retiring doesn’t mean that you love your job less. It just means that you’re at a point in your life when you want to be in command of your time. You can still do your job minus the bosses and the pressure.

Start Blogging

What did you do immediately after retirement? Did you travel? Did you learn a new craft? People love reading about the experiences of others, especially if they can get a nugget of wisdom from your exploits. Why not start writing about your experiences, both in the workforce and now that you are retired? If you’re a foodie, you can start a food blog both to share some of your recipes and critique local restaurants.

Sell Online

Elderly woman smiling

There’s a reason why Amazon is the largest online retail store in the world. People love to shop conveniently. If you can offer the same service—vast options and fast shipping—you’ll be in a good position to earn by just uploading items for sale online. You can start by selling used items in your home that you no longer need. Eventually, you can venture out and look for suppliers and manufacturers that you can source the products from.

Start your business small. Remember that this is your retirement years. You should not be pressured to work 24/7 and without proper remuneration. Balance out the time you’re going to spend on your new business and the time you want to spend on your family. You want to enjoy this business, so find something that you can have fun with.

The Author


Most Popular

Recent Posts


Scroll to Top