25% of over-50s hope to start a business in retirement, study finds

POSTED: 1st March 2013
IN: Personal News

An ambitious 25 per cent of people over the age of 50 plan to start their own business when they retire, according to new research.

undefinedThe survey of 8,989 over-50s from Saga also discovered one in ten respondents already run their own business.

So it seems many small and medium-sized business owners may very well be older people looking to demonstrate their business savviness when they finally have the chance.

Indeed, Roger Ramsden, chief executive of Saga Services, thinks setting up a small firm can be a great way to keep older people happy and content in later life.

“It’s clear retirement is no longer about taking up golf or putting your feet up,” he said. “Working in retirement can benefit people’s social life, help them earn some extra cash and give them the opportunity to try something completely new and exciting.”

As the study showed, 37 per cent of over-50s running their own business set it up in retirement, with 26 per cent of men preferring to visit other people’s homes as part of their jobs, while 21 per cent of women let customers come to their home or office. 

Of course, there are many considerations people need to take into account before running a small firm and financing is just one of those issues.

It takes a lot of careful planning to ensure there is enough cash in the bank to keep a company afloat and small business loans can also help aspirational over-50s meet their business goals.

Once a firm has its financing sorted and begins making cash, it is also a good idea to invest spare money in a business savings account where it can work harder for the company than in a regular account.

Not only could the business grow and expand in future years, but it might also help over-50s to manage their costs in retirement. 

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