Why retirement is the best time to start a business

Retirement has arrived and you can finally stop working. Well, stop working for someone else that is. You’re now in your golden years and it’s time to start something exciting.

Gone are the days when retirement means you stop being adventurous and stop being you. Instead, retirement is now seen as the start of a new chapter and an opportunity for change.

Business woman wearing glasses

Retirement doesn’t mean over the hill. It means experienced, wise and ready to start something of your own – such as your very own business.

Why now?

You’re at your peak

It’s said that 65 to 79 is the happiest age group for adults, according to the Office for National Statistics. The report shows that the average anxiety levels were greatly reduced in those aged 65 and over.

Gone are your days filled with anxiety. You’re now in your peak and content and confident within yourself. Whatsmore, you have years of like and work experience right at your fingertips – and the time on your hands for a new challenge. So, what better time than now to start your business?

It’s what – and who – you know

Don’t let your age discourage you when considering entering the workplace again. You have decades of practical experience along with infinite knowledge that would be highly valued in any work environment.

Plus, you’ll more than likely have a broad and deep network of contacts after years of building and securing relationships. Having a reliable network is a great asset when starting out on your own.

Make extra money in retirement

People are living considerably longer these days, with over half a million people reaching over the age of 90 in 2015, according to the Office for National Statistics. A government report released in 2013 also suggested that 25% of the population would be over the age of 60 by 2033.

With this in mind, the State Pension may not be economically sustainable in its present form. This means it might not supply you with the ideal income for a comfortable retirement and you may find yourself running out of money.

While some look to raise the extra funds by downsizing or releasing equity from their property, the retired entrepreneurs out there look to boost their finances by starting a business in their golden years.

It’s good for your health

However, for some, it’s not all about the money.

It’s important as you get older to keep your mind active and alert. And, by starting your own business, you’ll continue to apply your expertise, expand your knowledge and keep your brain active. By developing new skills and doing something you enjoy, you’ll also boost your self-esteem.

A lot of people say they find retirement lonely and miss the network of people they once worked with. So, starting a business will help you remain social and engage with people. There is no doubt that keeping a positive, active mind and body leads to better health and wellbeing.

It’s time for you

If you have children, they have more than likely flown the nest. So, retirement is a great time to focus on you again.

You’ve spent your life working to keep a roof over their head and make sure they have a secure upbringing, but now they’re grown up and standing on their own two feet, it’s your time again.

Do you have what it takes?

So you want to start a business, but you have what it takes? Below are the habits often associated with great entrepreneurs. How many do you have?

Habits of great entrepreneurs

  • Keep to a strict daily schedule
  • Wake up early
  • Eat a healthy breakfast
  • Keep fit and exercise regularly to stay productive and creative
  • Network with people
  • Don’t give up and they don’t take no for an answer
  • Constantly look to learn and read
  • Set goals and have a clear vision
Mature man running

Take the test

Find out where your strength lie by taking the High 5 Test.

It’s never too late

You may think that being retired means it’s too late. Not at all. It’s now that you have the time to really pursue your business plan.

Now, with all the experience and contacts you’ve made along the way, you have all the tools to succeed. So, if you’re looking to start a business in retirement, check out our ultimate guide: 5 Steps to Success: Retirement and Your Startup Business Plan. It’s filled with expert advice and free business resources to help get you started.

Good luck!