Some people dream of the day that they can wake up with absolutely nothing to do. For them, retirement consists of sleeping in, lounging poolside, and doing as little as possible for the rest of their lives. But for most people, a life with nothing to do doesn’t sound so pleasant.
And with 72% of retirees concerned about running out of money during their retirement, doing nothing simply isn’t an option. After a few vacations and re-evaluating what retirement means to them, many people decide to nurture a business idea they have had in mind for a while — or turn a newfound hobby into a money-making venture. Seriously — if you are an entrepreneur, it is hard (if not impossible) to turn that off.
Starting a business over the age of 50 doesn’t need to be a huge endeavor.
You don’t have to make yourself crazy over your new business idea when you’ve retired — just have something enjoyable to pass the time and give a sense of fulfillment and satisfaction.
It may even surprise you to know that business owners over 50 are twice as likely to succeed than the 20 and 30 somethings who are also entering the entrepreneurial stage.
Whether it’s wisdom, experience, common sense, or a blend of the three, starting a business in retirement can be a great way to do something that you enjoy while earning an income to supplement your retirement savings.
Here are 10 business ideas for retirees over 50:
1 – Become a Life Coach or Mentor
As a forward-thinking and business-minded retirement-age person, you have been there and done that. This puts you in a great position to help others climb the ladder and give them the advice they need to succeed.
Becoming a life coach or mentor can be done without any certifications and only your experience as proof of your abilities. With so many people working toward laying their own foundations, they need your help to discover what is next on their path to success.
2 – Become a Financial Advisor
As a financial advisor, you can use your knowledge to build financial plans based on a client’s goals and budget. There are many 20 somethings that are working overtime to position themselves as a seasoned financial advisors.
But the over 50 crowd has something that they don’t: life experience. Sometimes consulting is a great way to give back.
3 – Start a Blog or Podcast
If you have a lot to say about a subject and you enjoy writing or having a good conversation, then you could easily share your knowledge on any number of subjects through a blog or podcast. These mediums are easy to monetize and can create a fun, steady income during retirement that doesn’t bind you to a certain location.
4 – Start a Freelancing Business
Perhaps you’re not ready to hang your hat on your career just yet but you are ready to move towards retirement. You could offer your talents to others as a self-employed freelancer, taking only jobs that interest you and serve your goals.
In order to keep your finances in order for tax purposes, it’s important to use a high-quality accounting service for freelancers that comes with crucial features such as invoice reminders and automatic payment reconciliation.
5 – Start a Marketing, Bookkeeping, or Administration business
If you have a business background with administration skills like bookkeeping, marketing, or accounting, then you could create a business of helping startups maximize their potential. And, you can do these activities remotely, meaning you could spend your retirement traveling the world while generating extra income at the same time.
6 – Invest in Real Estate
You don’t have to be a hardened tycoon in order to make real estate work investing work to your advantage. Invest in property in an area that attracts tourism and start a bed and breakfast.
Maybe you already have some property that you don’t plan on using anymore that you could rent out instead of selling. Or perhaps you could rent out your home on Airbnb or another similar website whenever you’re away on vacation.
7 – Buy a Business
If you’re not up to struggling to build a business fresh from the ground up and you have the means, then maybe buying an existing business could be the retirement gig for you. Oftentimes there can be immediate earning potential when a business already has an existing clientele, and you don’t have to do all the legwork to get started.
8 – Start an eCommerce Store
There are so many ways you can earn money by working online. If you have a craft or hobby that you’d like to make an extra income with, then starting an ecommerce store may be the correct route for you. You can use any of the numerous platforms that are available for individual sellers or even start your own website.
You don’t have to be an experienced web developer to create a professional-looking online store either. As web developer Gary Stevens of Hosting Canada notes, creating a new website today is easier than it ever has been thanks to website building tools that come equipped with user-intuitive drag-and-drop interfaces.
“A website builder interface is a WYSIWYG (what you see is what you get) experience,” Stevens says. “That means that as you drag-and-drop elements around on the screen you see a representation of your website. To the human brain, this visual aesthetic makes us feel happy and in control of our environment.”
9 – House Painting, Home Repairs and Gardening
If you’re the handy type then offering your services locally could be a great way to pseudo-retire without cracking your nest egg. Not only that, but landscaping and gardening can be a good way to make your own hours and choose what clients you’d like to take on and which jobs you would rather not participate in.
10 – Become a Consultant
Another way that you can use your well-earned wisdom is by becoming a consultant in your field. Young founders who may not have the knowledge and experience that it takes to build a business from the ground up will be looking to consultants to guide them.
There is no right or wrong way to retire. When the time is right to leave your career and enter your retirement years, there are plenty of things that you can do to occupy your time in a way that is fulfilling and relaxing without even having to dip into your retirement savings.
There are plenty of opportunities for the over 50 crowd to start a business and generate an income while still leaving plenty of room for travel, hobbies, and spending time with loved ones.
Remember: this is not a comprehensive list. You can look online and find that your possibilities are endless when it comes to retirement income — so spend your time wisely and do what has meaning for you.