RRA Educational Resources/Blog/Reasons to Pursue Entrepreneurship in Retirement

Reasons to Pursue Entrepreneurship in Retirement

Filling the time retirement allows is never the same for everyone. For some the relaxation is important and long overdue. Others may struggle to fill that free time, even with travel or hobbies. To feel fulfilled starting a new business may be just what your retirement lifestyle needs. The following are reasons starting a business in retirement may help you:

Staying Active
Unfortunately, within ten years of retirement retirees begin experiencing significant health issues such as heart disease, depression, or arthritis. Staying active is a good way to combat health declines. Starting a new business keeps you exercising daily—be it running errands, learning new skills, and attending networking events like conferences or local flea markets.

Sociability
Strong social ties are key for aging adults and leaving your workplace may reduce most of the social interactions you received. And unfortunately, retirees are reported to be the loneliest group. Starting a new business may replenish some of those interactions as you run more errands, take classes, attend local sale events. You should even consider the online communities!

Mental Alertness
The saying goes “always a child at heart,” right? Exercise is important for your brain, too. When you become more stationary you become less engaged mentally, too. Keeping up with mental activity reduces the risk of cognitive illnesses like dementia and Alzheimer’s. What better way to do this than learning new skills to run your business?

Passion
Goals and dreams do not stop once you retire. On top of already having physical, mental, and social benefits, studies confirm that having a purpose leads to longer, happier life. Since you have more time on your hands, few obstacles stand in your way of turning a hobby since as crocheting or pottery into a business.

Supplemental Income
​Oftentimes after retirement retired CPAs experience a reduced means of income. Your small business would act as income. Whether it be you start your own part-time firm or you repurpose your skills and teach them to others, there are many ways to continue using your CPA knowledge to boost a new business in retirement.

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