Seniors who are retired may find that they miss their careers, but it's not always practical to return to the office, store or field as you age. That doesn't mean you can't fan the flames of your entrepreneurial spirit, even from your own assisted living apartment.
The internet makes it easy for people of all ages, locations and backgrounds to start their own business. Seniors who know how to do or make something and are willing to learn how to leverage technology to sell their goods or services may be able to have some fun, seek fulfillment and make a little bit of extra cash while doing so.
Here's what you need to know about starting an online business as a senior.
According to the Social Security Administration, your government Social Security benefits can be impacted by income you earn prior to your full retirement age. If you are a senior who hasn't yet hit that birthday, your retirement income can be impacted if you earn more than $17,640 during the year. Once you reach retirement age, however, your current income is no longer a factor in what benefits you receive via Social Security. You do still have to report any income you receive from an online business on your tax returns, so keep that in mind.
If you're a senior in the Bethesda Gardens assisted living community, your day-to-day needs, including meals and housing, are covered under your service agreement. So if you do seek out an online business opportunity, ensure that it's for the purpose of fun and something to do — or extra cash you can use to fund your hobby or spoil yourself or the grandkids with. If the business starts to get so stressful that it's no longer fun, it might be time to do something else.
Many seniors like to turn a favorite hobby into an online or local business. You can crochet or sew items or craft things out of wood and sell them at local bazaars and church and craft fairs. You can also sell them via online marketplaces such as Etsy.
Seniors who enjoy crafting a clever turn of phrase might start a side gig writing, and those who have expertise to offer could set up digital shop as a consultant. Just remember that if you're retired, you may no longer be bonded or licensed professionally, so the consulting may need to be of a life/career coaching manner.