The Benefits of Starting a Business as a Senior — Why Retirement is the Perfect Time to Pursue Your Passion
The majority of retired workers who are looking to re-enter the workforce (60%), say that they’re simply “looking for something to do,” according to one Joblist survey. While retirement is typically seen as the time to enjoy life, starting a business that you’re passionate about can be a great way to do just that, especially when your schedule is free of work obligations. Whether you’re looking for a way to stay busy while putting your business ideas to use or you’re seeking a way to make some additional income, here’s what you should know before jumping in.
The value of starting a business
Regarding the benefits of starting a business as a retired individual, there are several to take into account. The Centers for Disease Control and Prevention (CDC), for instance, notes “Loneliness and social isolation in older adults are serious public health risks affecting a significant number of people in the United States and putting them at risk for dementia and other serious medical conditions.” To further highlight the health issues that can become involved, the CDC states that there is evidence to support that many individuals aged 50 and older are “socially isolated or lonely in ways that put their health at risk,” with recent studies having found that loneliness was associated with higher rates of depression, anxiety, and suicide. It’s also mentioned that “poor social relationships (characterized by social isolation or loneliness) was associated with a 29% increased risk of heart disease and a 32% increased risk of stroke.”
Reigniting a sense of purpose — something that retired individuals may encounter losing — can be another benefit of starting a business during retirement. Medical Alert notes that having a sense of purpose is crucial to seniors, as it can keep the brain active through engaging in things that involve the use of critical thinking and short term memory. Medical Alert further goes on to mention that there are several ways that seniors can increase their sense of purpose, such as being part of enjoyable activities, staying socially active, changing up your routine, and creating new things. For retired individuals who may miss working, starting a business that you’re passionate about can be the perfect way to achieve this, while also generating a stream of income. Going out and filing paperwork, organizing/attending business meetings, and actively working on various aspects of your business are just a few ways that starting a business can aid in leading a more social lifestyle despite being retired.
For seniors who already have an idea as to what they want their business to be, starting with forming an outline or plan is a great way to begin. Business News Daily notes that refining your idea by addressing the basics — such as brainstorming your business name and thinking about who your customers will be — is a great place to start. From there, creating a business plan is essential, and will help you to address important questions such as the purpose of your business, your end goals, and how you’ll finance your startup costs. Business News Daily further points out the importance of writing a business plan, stating that “A lot of mistakes are made by new businesses rushing into things without pondering these aspects of the business.” Other factors involved in writing a business plan, like conducting market research (in order to help you understand your target customer, the industry, and your competitors) and even considering an exit strategy are noted to be particularly important.
Considering different structure options
While writing your business plan involves various aspects that can aid in solidifying your initial idea, considering which legal structure is best for you and your business is essential. With common structures including sole proprietorship, partnership, corporations, and Limited Liability Company (LLC), exploring the pros and cons of each is a great place to start when determining which will suit your needs best. For example, advantages of sole proprietorship include having complete control as the sole owner, an easier start up process, simple tax reporting, and privacy, according to Indeed. However this structure may not be for everyone, as you’ll be “personally liable for all of the business’s financial obligations such as debt and losses.” LLCs, on the other hand bring the advantage of limited liability, meaning your personal assets will be protected in the event that your company is sued.
For those looking into forming an LLC, the fees and costs involved will vary from state to state. For example, Nolo.com notes that while LLC filing fees in Hawaii are $50, and $90 in the state of California, those in Massachusetts can expect to encounter a filing fee of $500 (Nolo also lists varying ‘ongoing LLC fees’ for each state, and also explains that other costs, such as a professional registered agent, should be expected as well). If you do opt for silicon valley, to begin the process of starting an LLC in California, you’ll need to ensure that your desired name is available, select a Registered Agent, and file the proper paperwork — called Articles of Organization (which is currently free to file until June of 2023). Additional steps include getting an LLC operating agreement, applying for your tax ID number (EIN), and filing an Initial Statement of Information. Paying an annual franchise tax and estimated fee every year (which is $800 in California) is another consideration involved when looking into forming an LLC as well, and you may need to obtain certain business licenses or permits depending on your industry and location.
Starting a business during retirement may sound like an impossible feat, especially since retirement is often seen as the time to relax, though starting a business as a senior can be a great way to finally pursue a long lived passion, stay active, and generate income. With a comprehensive business plan and thinking through the logistics — including which business structure is best for you — you can get to work in setting the foundations for success.
As we age, there are more and more challenges to face. The body slows down and health becomes a concern. Things we used to be able to do are now not an option. It’s important to make some adjustments so that life can be lived on our own terms. The first area to be modified should be the house.
Your house is the biggest barrier to living independently when you start to age and the injuries mount. By making some changes to the house itself, you are less likely to have problems. This way, you can live at home and when you need help can call the La Jolla Nurses home care. In this article, we will go over some of the best modifications to make to your house.
1 - Upgrade the bathroom
The bathroom is one of the most dangerous rooms in the house for a person with mobility issues. Since there is often water around to slip on it can spell disaster. Also, moving around the space in a tub or on a toilet can be problematic since it requires dexterity that’s in short supply.
The first thing to do is to change the type of tub you already have. Substitute it with one that has high sides and a door so you can open it and walk right into it. These new versions are generally also built with a seat as part of the design so you can sit while washing yourself.
A bidet for the elderly and disabled is also something that will prevent some accidents. Since using the toilet is complicated this will eliminate a lot of twisting and turning since it uses a jet of water to wash up making it a hands-free experience. This eliminates the need to twist around to clean up and avoids a potential fall onto the floor.
Since maintaining hygiene is one of the biggest challenges that seniors face, upgrading the bathroom should be a priority.
2 - Open up the rooms
Over the years, a lot of things get accumulated and the house starts to feel cluttered. If you need to use a walker to get around then all of this stuff is going to get in the way. Furniture should be limited so that you have room to pass through. Think of the space as having roads and intersections so you can have a clear path to get from one room to the next.
Make an assessment of the furniture you use a lot and the rest that’s just in the way. The stuff that is there for decoration can be given away or even sold for some extra money.
3 - Use technology
Having a chair that lifts you up so you are at a standing position will reduce the chances of a back injury or a fall. They use motors so they are more high tech than your average chair. Automatic garage door openers should also be installed so you are never trapped without the use of a car.
Losing a loved one is always hard because it marks the end of an era for those who loved them. Yet, when the death is the result of wrongdoing or negligence in a nursing home or other care facility, the level of pain increases even more. Mostly because it is difficult to accept that this tragedy could have been avoided. Whenever this happens, attorneys Hipskind & McAninch recommend that the loved ones of the elderly who died under these circumstances file a wrongful death claim on behalf of the decedent.
What are the most common causes of wrongful deaths of the elderly?
When a loved one is living in a nursing home, it is expected that they will be cared for by staff that is kind, respectful, and professional. Fortunately, the vast majority of staff members do maintain these high standards, but there are some others that do not. Some may even carry out acts of elder abuse and neglect.
Other factors that may contribute to the wrongful death of an elderly person include carelessness, staffing shortages, and ill-suited temperaments. Common causes of wrongful death include:
What resources are available to family members of loved ones who die under these circumstances?
When a wrongful death occurs, family members may seek compensation by filing a wrongful death claim. This can serve to recover financial compensation while also holding the responsible parties accountable for the role they played in the wrongful death.
Where else do wrongful deaths of the elderly occur?
Besides nursing homes and care facilities, the elderly may lose their lives in car accidents, due to product defects, because of criminal actions, slip and fall accidents, and other types of accidents. When a wrongful death lawsuit is filed, it may also serve to raise awareness of the abuse and neglect that this vulnerable population group is at risk for and help others take actions to prevent this heartbreak.
Who can sue for the wrongful death of an elderly person?
The circumstances of the case and the state where it happened determine who can file the claim. In general, immediate family members such as spouses and children can file this type of lawsuit in every state. However, an unmarried partner may not file, although any children from this relationship do have a right to sue. In some cases, siblings may file, providing they show that they have suffered damages. If there are no living relatives, the estate’s personal representative may sue, or a plaintiff may be appointed by the court.
What types of damages may be sought in wrongful death claims?
In this respect, a wrongful death claim is similar to a personal injury case. This means that the claim may seek compensation for several types of damages such as medical expenses, pain and suffering, emotional distress, and funeral costs.
Sadly, for the surviving relatives, wrongful death laws are complex. If you believe that a family member died as a result of suffering abuse or negligence, you should get in touch with an attorney with experience in handling these types of cases. Keep in mind that there is a statute of limitations applicable to any wrongful death claim, and take immediate action to avoid missing the deadline.