There are many reasons to start a business when getting close to or in retirement.
Some of these reasons include:
Surveys have shown that as many as 72% of those who will retire in the next 10 to 20 years have little or nothing saved for retirement and 30% have less than $1000 saved. Gallup reports that retirement is American’s top financial worry. Others worry about the ability of the Social Security system to continue its rate of payments creating a need for additional income.
In these cases, starting a business to have adequate retirement income could be a great reason to start a retirement business. Even those that have been saving for retirement appreciate the additional independence and security that the income from a retirement startup could provide.
Others simply enjoy working and have always wanted to start a new business. Some, want to combine a hobby with a business to offset the costs of that business. It is also possible to blend starting a business with helping others.
Whether there is a financial need, a desire to help others, or wanting to stay active in retirement, a retirement business can be very rewarding as well as lots of fun.