Will You Be Starting a Small Business in Retirement?

Unfortunately, the United States is presently in serious economic turmoil. People are losing their jobs, their pensions and some are losing their homes. If you are currently 50 Plus what will YOU be doing to survive and hopefully have a long and prosperous retirement life? Will you depend on Uncle Sam for all your retirement finances OR will you venture out with the help of Lifelong Learning courses and possibly a ‘business support group’ for mentoring and coaching, to start a small business in Retirement?

Seniorpreneur

Will You Be Starting a Small Business in Retirement?
No

no, actually, i’ll be winding one down

i’m 61 and i really don’t want to start up anything new

i make just enough to pay for rent and beer and internet access

and, of course, living in canada, my medical care is free

:smiley:

Still just those two choices?

This is a very interesting answer. I am also based in Canada and I am also grateful for the Public Health Care system in Canada. I strongly believe that the high cost of Health Care will be the main influencing factor for most Americans when they consider whether or not they decide to startup a new business when they are 50 Plus.

I’m 65 and have recently retired. You mention that you don’t really want to start anything new at 61. Myself, instead of operating any of those traditional businesses I decided to write and self-publish a non-fiction book, and of course I’m hopeful that any royalties received will supplement my pension income.

How so? Starting a business is a great way to reduce health care costs for many people, and health care in the US is undergoing a slow but radical change so it’s not that easy to predict how things will go.

As you must know the Health Care systems in Canada versus the United States are very different. Americans have more out-of-pocket outlays for medical fees and expenses than Canadians have. As a result, a small business startup in the USA would probably have more financial pressures than a comparable startup in Canada. eg. extra medical fees, expenses and insurance costs as a business owner.

Also, it looks like the current Republican Party could take back some or most of those Health Care gains that Obama was able to put through. Where is the radical change?

This topic will take the thread off topic, but the US is an excellent place to start a business and many small businesses will find that there are abundant tax benefits to be derived by owning a business - including health care.

The US is widely held to be one of the best places to start a business, largely because of the relatively low tax burden and the business-friendly legal structure.

As for radical change, your analysis is reductionist at best. There are efforts to overturn large parts of the 1700 pages of legislation that have been passed, just about all political analysts are predicting substantial change in US health care, regardless of how the current legislation is changed.

‘Slow but radical change’ means that you have to read beyond the headlines.

I’d just like to stay on the topic for now anyways. I’m really interested in knowing what experiences (good and bad) all the 50 Plus members on this forum are having in regards to possibly starting a new business in their retirement. Yes, I know that it’s a personal choice. Question for ALL with a business interest only- Are you having any success finding cost-effective Lifelong Learning programs/courses in Business that are Senior (50 Plus) friendly? Also, do these facilities have qualified coaches or mentors that are experienced in teaching business courses to Seniors (50 Plus)?

Back to the other topic, I do appreciate your comments regarding the US as being one of the best places to start a business. Without a low tax burden and the business friendly legal structure, the business environment for most Seniors (50 Plus) would be just too challenging to be worth the effort.

Thanks for your reply. If there were more ‘business support groups’ such as Hands-On Micro-Business training for Seniors 50 Plus, would your answer still be No?

Yes

Supplementary Question:

If you are 50 Plus and already starting a business in retirement what kind of business are you setting up or plan to set up? Will you need your own personal website to succeed? How will you plan to get the the computer component into your business plan? Will you create your own website design or need to hire a computer specialist or web designer to help you?

Thanks.