Recent times have shown a dramatic increase in the number of senior citizens becoming self employed. In these times of inflation, it is simply not enough for people to be living comfortably on their pensions. Ttherefore many look towards working again in their spare time. There are many reasons why people over their 50s decide to become self employed.
The Benefits of Being Self-Employed
Working once again after retirement is a way you can have a fresh start. Many people who were stuck in jobs that they were not interested in. They had to stay because of financial burdens or other obligations and can now pursue careers that they enjoy, and start their dream home business. Many senior folk still have the spirit to take upon themselves a new challenge and fulfill their lifelong ambition.
It is true when they say, “there is no shortcut to experience and experience only comes with age.” Thus, it is much easier for people in their fifties and over to establish a sustainable business as they are more likely to be proficient in whatever venture they set their heart upon. However, it is still highly recommended for you, if you are considering setting up your own business to first thoroughly research the market. You need to make sure there is sufficient demand for the products or services that you will be providing.
Of course, the most important and attractive reason for people over 50 becoming self employed is the financial freedom. A lot of seniors prefer to be financially independent and not keep having to take money from their relatives such as children or from the government. Working in their spare time adds to the pension they receive and this allows them to indulge in those luxuries that they would not be able to indulge in other wise. These luxuries can range from an expensive car to a five star hotel dinner or even holidays which often seem a thing of the past if you do not have that extra income.
Becoming self employed also yields other benefits for you if you are over 50 such as:
- Flexible working hours
- Making use of existing talent
- Not having to work for somebody else
Government Help for Self Employed
Since any kind of employment ultimately leads to a growth in the gross domestic product of a country, the government realizes what an asset even the senior citizens are to a country, and are quick to tap such potential. Therefore, the government has introduced many programs that offer incentives and provide assistance to people over 50 in getting self employed. For example, you can claim tax credits, if you are over fifty and have recently become self employed. The amount of tax credits you get depends on your income and the benefits you received before you found employment.
There are many organizations that provide help to newly self employed senior citizens.
As well as organizations there are other people like myself who have had years of personal experience and can help you walk through the pitfalls of starting a home based business.
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