Is Retirement Even Relevant Anymore For Midlife Entrepreneurs?
This is a guest post from Dr. Susan L. Reid. What does "retirement" mean to a person who has successfully woven a passion into their life as an occupation. Comments were not functioning properly on 1/24. If you would like to comment, please try again.
My grandfather worked as an electrician up until the day he died, he was 98. My father worked as an expert psychological witness up until three months before his passing. What about me? What will I do? I expect I will do the same. Why? Because I am an entrepreneur, as were my father and grandfather before me. They enjoyed their work, found meaning and value in what they did, and were passionate about making a difference in the world. Me, too.
The Changing Face of Retirement
Retirement, and how we view retirement, has changed dramatically since the beginning of the 20th century. Particularly since WWII when pension plans became standard offerings to U.S. workers. Prior to that, most workers continued working until their death, relying on personal savings and family support to sustain them.
While 65 is considered the normal retirement age in the U.S., many midlife entrepreneurs eschew that age, preferring instead to remain actively involved in their businesses, well into their 80s. And entrepreneurship among seniors is growing! Nearly half the country's self-employed workers — 7.4 million — are Baby Boomers, reports the U.S. Department of Labor.
People turning 50 today have about half their lives ahead of them, and each year more than four million men and women join their ranks. So, what is retirement, then? Is it the time when you stop work completely or is it the time when you retire from one job and begin another? Does it begin at a certain age or depend on the number of years you have served in a specific capacity? Is it based on your physical condition or your personal choice?
Today retirement is what you make it. The Baby Boomer generation is redefining retirement, shunning the conventional traditions of stopping, ceasing, and leaving in favor of staying involved, continuing to contribute, and following their passion. That’s why it makes sense to be a midlife entrepreneur.
10 Reasons for Being a Midlife Entrepreneur
If you are in your 40s or 50s, you’ve already begun to think about retirement. But what is retirement? Is it a stopping point or a place to start? An ending or a beginning?
What are your thoughts on retirement? Does it make sense to you to be a midlife entrepreneur?
Dr. Susan L. Reid is a Small Business Start Up Coach, Consultant, Online Accidental Prenher™ and author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success
My grandfather worked as an electrician up until the day he died, he was 98. My father worked as an expert psychological witness up until three months before his passing. What about me? What will I do? I expect I will do the same. Why? Because I am an entrepreneur, as were my father and grandfather before me. They enjoyed their work, found meaning and value in what they did, and were passionate about making a difference in the world. Me, too.
The Changing Face of Retirement
Retirement, and how we view retirement, has changed dramatically since the beginning of the 20th century. Particularly since WWII when pension plans became standard offerings to U.S. workers. Prior to that, most workers continued working until their death, relying on personal savings and family support to sustain them.
While 65 is considered the normal retirement age in the U.S., many midlife entrepreneurs eschew that age, preferring instead to remain actively involved in their businesses, well into their 80s. And entrepreneurship among seniors is growing! Nearly half the country's self-employed workers — 7.4 million — are Baby Boomers, reports the U.S. Department of Labor.
People turning 50 today have about half their lives ahead of them, and each year more than four million men and women join their ranks. So, what is retirement, then? Is it the time when you stop work completely or is it the time when you retire from one job and begin another? Does it begin at a certain age or depend on the number of years you have served in a specific capacity? Is it based on your physical condition or your personal choice?
Today retirement is what you make it. The Baby Boomer generation is redefining retirement, shunning the conventional traditions of stopping, ceasing, and leaving in favor of staying involved, continuing to contribute, and following their passion. That’s why it makes sense to be a midlife entrepreneur.
10 Reasons for Being a Midlife Entrepreneur
- You’re healthier and living longer.
- You want to stay involved and engaged.
- You enjoy generating extra income.
- You get to build a business around something you enjoy and are passionate about.
- You have a full rolodex and 20-30 years of experience to back you.
- You want the independence and flexibility that comes from working for yourself.
- You have confidence and experience, and know what you’re good at.
- You may already have a pool of money saved to help finance your business.
- You can do business from home, using the Internet as your storefront.
- You aren’t discriminated against because of your age.
If you are in your 40s or 50s, you’ve already begun to think about retirement. But what is retirement? Is it a stopping point or a place to start? An ending or a beginning?
What are your thoughts on retirement? Does it make sense to you to be a midlife entrepreneur?
Dr. Susan L. Reid is a Small Business Start Up Coach, Consultant, Online Accidental Prenher™ and author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success
ThinkRetirement is but one stop on Susan's Virtual Book Tour. Visit WME Books to see the tour itinerary and see where she's been and where she's going!
Susan's main site is Alkamae.com. Check out her blog.
You can buy Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success directly from WME Books.
Or, through Amazon.com.
Susan's main site is Alkamae.com. Check out her blog.
You can buy Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success directly from WME Books.
Or, through Amazon.com.6 Comments
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Thank you, so very much, for being a "stop" on my Virtual Book Tour and inviting me to write a guest post.
Let me encourage everyone to take the candidate poll. Here, your voice counts!
Greetings Susan,
We are very pleased to have you! Many people we know are working well past the traditional retirement age. Some are still working at the same occupation, and others have found new ways to engage their passions.
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Retirement represents freedom to most people. Freedom to be, do and have anything you want at last. I agree with Susan - don't wait to grow old before cultivating that feeling of freedom within. "Love what you do, do what you love" and life becomes a "string of happy moments." Why would anyone want to retire from that?
I absolutely agree with Susan's comment that retirement is what you make it. In my work as a career change consultant I've seen an increase in the number of clients of all ages who want to make more of a difference through the work they do.
In the last few years I've seen more and more clients, again of all ages, searching for ways they can help the environment and contribute in a sustainable way.
The opportunities to become a green entrepreneur are huge right now. Take an existing business and turn it green. OR watch for a gap in what's being offered and launch your own green business. You choose the scope of influence your business has---do you want to play at the global level and have deductible business trips all over the world? or do you want to have an impact in your local community?
The entrepreneurial lifestyle is a great option for someone who wants to create a more flexible lifestyle. Whatever you do, follow your passion and let your interests guide you toward a solution that will work for you both personally and professionally.
Agreed, Dana . . . if you are loving what you do and doing what you love, why would anyone want to retire from that? My grandfather sure didn't want to!
Great point, Carol! Whether you are changing careers, searching for a way to contribute to your community, or wanting to make a difference in the world, the key is to follow your passion. Let passion be your guide.