Top 18 Best Retirement Business Ideas to Start Today

Have you ever wondered what happens after retirement? Contrary to popular belief, 50+ entrepreneurs are the fastest-growing demographic in the business world.

A recent study by SCORE found that over 40% of new businesses are launched by people over 50. Retirees are tapping into a booming market worth trillions of dollars.

Starting a business after retirement can boost your income and improve your mental and physical health. Your years of experience, network, and wisdom are a unique edge to excel in your business choice upon retirement.

At this age, retirement businesses grow better when hobbies and interests drive them. You have finally found your freedom from 9-5 pm jobs, and wondering what retirement business you can start, right?

This article compiles all you need to know about retirement business ideas. Read this profound step-by-step guide on how to start a small retirement business and scale it.

What to do in retirement to keep busy
Can you retire and start a business?
Why start a business in retirement?
How to set up a retirement plan for small business
Top 18 Best Retirement Business Ideas
Frequently Asked Questions
Conclusion
References
Recommendations

What to do in retirement to keep busy

Retiring to solitude and an idle lifestyle after retirement is detrimental to your health.
Retirement is a time to finally break free from the shackles of the daily grind and explore all the things you never had time for before.

Unlike your younger years of working to make ends meet, you now have a chance to rediscover yourself, pursue your passions, and make the most of your golden years.

There are endless possibilities for staying busy and engaged in retirement. For instance, you can start ticking off your bucket list.

With more time and flexibility, you can visit your desired travel destinations, learn a new skill, or volunteer your time. If you have always wanted to play the piano or speak French, retirement is the perfect time to enroll in a class.

Go for a hike, bike ride, or swim. Spending time in nature is a great way to de-stress and improve your overall well-being. Find a group that shares your interests, whether it’s a book club, a gardening club, or a travel club.

Whatever is fun for you, now is the time to explore it. However, if you would love to rake in more money, start a retirement business.

Can you retire and start a business?

While starting a business in retirement is ideal, you should consider your financial strength and the cost of running the business.

If you can afford to live comfortably without a steady income from your previous job, you may want to explore other ways of getting busy after retirement.

Also, if you lack the necessary skills and expertise to run the type of business you’re considering, starting a business after retirement may not be a great plan.

However, if running a business has been a passion you shoved aside for a 9-5 job, retirement is the perfect time to start our own business. You should start small, test your concept, and adjust your plans as you scale your business.

You can also consider investing in an existing business for returns while you relax and enjoy your retirement.

Why start a business in retirement?

Either to get busy, to fulfill a long-term ambition, or to remain active and physically alert, starting a business in retirement offers tons of benefits.

Retirement savings and pensions may not always cover desired lifestyles. A business can generate extra income to maintain pre-retirement spending habits or travel, pursue hobbies, or provide financial cushion for unexpected expenses.

Taking your grandchildren on long road trips will cost fuel and picnic boxes. A retirement business can help pay these expenses. Other reasons you may consider starting a retirement business include:

Leave a legacy: Building a successful business can create a valuable asset to pass on to children or grandchildren.
Tax benefits: Starting a business can offer tax advantages like deductions for business expenses and startup costs.
Purpose and fulfillment: Retirement can lead to feelings of emptiness or lack of purpose after leaving a long career. Building a business provides a new challenge, goal, and reason to get out of bed every day.
Flexibility and control: Owning a business offers control over schedule, workload, and decision-making, allowing retirees to choose their pace and structure their work around their priorities.
Stay mentally active: Running a business keeps the mind sharp and engaged, preventing cognitive decline and promoting mental well-being.
Pursue a passion: Retirement presents an opportunity to finally turn a lifelong passion or hobby into a viable business, combining enjoyment with work.
Social interaction: Running a business can involve interacting with clients, partners, and employees, combating feelings of isolation, and offering opportunities for social connection.
Improved health: Studies suggest active engagement in retirement can benefit both mental and physical health. The challenge and purpose of running a business can contribute to overall well-being

How to set up a retirement plan for small business

If a lack of resources will stop you from enjoying your retirement, a small retirement business will help you generate the funds you need to tick off your retirement bucket list.

Look inward and gain clarity from your years of expertise, hobby, and passion. Decide what business you wish to set up and go through this guide to set up a retirement plan for a small business.

Generally, setting up a retirement plan for your small business can be a rewarding way to attract and retain talent while saving for your future and that of your employees.

#1. Choose a plan type:

Solo 401(k): Ideal for self-employed individuals or small businesses with no employees (or only a spouse). Offers high contribution limits and tax advantages.
SEP IRA: Simple and cost-effective option for businesses with up to 25 employees. Employers contribute a percentage of each employee’s salary, but employees cannot contribute directly.
SIMPLE IRA: Similar to SEP IRA but with employee contribution options. Employers can match employee contributions up to 3% of salary.
Small business 401(k): More complex and expensive than other options, but offers greater flexibility and features like vesting schedules and employee loan options.

#2. Research and choose a plan provider:

Compare fees, investment options, and customer service of different providers.
Consider online platforms, financial institutions, or payroll services that offer retirement plan administration.

#3. Complete the plan document:

This outlines the plan’s rules and benefits. Many providers offer templates or assistance with this step.
Ensure the document complies with IRS regulations.

#4. Set up trust accounts:

These accounts hold the plan’s assets and must be separate from your business accounts.

#5. Communicate with employees:

Explain the plan details and enrollment process to your employees.
Provide educational materials and answer any questions they may have.

#6. Make contributions:

Determine your contribution schedule and ensure timely payments.
Track employee contributions and account balances.

#7. File required paperwork:

Submit annual reports and other filings to the IRS.

Top 18 Best Retirement Business Ideas

Starting a business can be a great way to stay active, and engaged, and even make some extra income. However, deciding what business to start may become an arduous task.

Here are 18 retirement business ideas to consider:

#1. Consulting

Starting a consulting business upon retirement is one way to earn by sharing your years of experience and expertise with businesses or individuals in your field. This could be anything from marketing and finance to human resources and operations.

First, you should define your target audience and specific area of expertise to attract clients. Create a professional website, portfolio, and networking strategy to showcase your experience and credibility.

Afterward, research market rates for similar services and consider value-based pricing for your expertise. Consider attending industry events to connect with potential clients, and build relationships to generate leads. If it gets tasking, consider hiring a virtual assistant for administrative and customer relation purposes.

#2. Coaching or mentoring

Guide and inspire others with your knowledge and wisdom. This could be done in person, online, or through group coaching programs.

This is an ideal retirement business because it offers flexibility that allows you to enjoy your days without a tight schedule. You can choose your clients and set your hours, creating a work-life balance that suits your retirement lifestyle.

To get started, you take formal training or certification programs to strengthen your coaching techniques and knowledge. You can offer pro-bono coaching or mentoring opportunities to give back and establish yourself as a valued resource.

#3. Freelancing

Offer your skills in writing, editing, design, marketing, or any other area you excel in. Many websites and platforms connect freelancers with clients.

Freelancing appears to be the new order of the world. For a retiree, starting a freelancer business offers freedom, flexibility, and purpose. You can always decide what projects you want to work on, set your rates, and control your workload.

A freelancing retirement business allows you to create a schedule that fits your retirement rhythm. You can supplement your retirement income by charging for your services and attracting clients from various industries.

First, you must analyze your wealth of experience and expertise to determine what services you can offer effectively. Second, researching and understanding your target audience and their specific needs will help you choose where to find potential clients.

Lastly, by prioritizing excellent client service and delivering work that meets or exceeds expectations, you can expand your clientele base.

#4. Teaching or instructing

Share your passion for a subject by teaching online courses, workshops, or private lessons. This could be anything from cooking and gardening to music and art.

Teaching or instructing business offers retirees not only financial benefits but also intellectual stimulation, a sense of purpose, and the joy of witnessing student growth.

You can utilize online platforms to share your expertise with a global audience on various topics, from cooking and gardening to history and art.

With online tools and platforms like video conferencing or learning management systems, you can expand your reach and teaching possibilities from the comfort of your home.

#5. Handmade crafts

Turning your passion for crafting into a thriving business in retirement can be incredibly rewarding, offering creative expression, financial independence, and a sense of accomplishment.

If you are creative, your retirement is a perfect time to give wings to your artistic flair and create unique, handcrafted pieces that reflect your style and personality.

#6. Dropshipping

If you don’t want to get entangled in administrative work, dropshipping is a perfect retirement business for you. Unlike traditional businesses, dropshipping doesn’t require upfront inventory investment or physical storage space.

You control your workload and set your working hours, allowing you to maintain a desired work-life balance and enjoy other aspects of retirement.

#7. Photography or videography

Capture stunning visuals and offer your services to individuals or businesses. This could be anything from wedding photography to product photography to videography for events.

Get a good camera or a phone. Capture the beautiful and ugly sides of life and sell online to rake in some dollars. Capture stunning scenery, wildlife, and natural wonders. Utilize social media, online directories, and local advertising to reach your target audience.

#8. Travel blogging or vlogging

If your retirement plan is to travel the world, consider travel blogging as a retirement business plan.

By sharing your adventures and expertise with the world. you can earn through ads and sponsorships. This is a great way to travel the world and get paid for it!

Fulfill your bucket list destinations, explore hidden gems, and immerse yourself in diverse cultures all while earning income.

#9. Senior care services

Offer companionship, transportation, and assistance with daily tasks to retirees in their homes. This is a growing field with a lot of demand. By applying your life skills, organizational abilities, and empathy, you can create a supportive and caring environment for seniors.

You can consider partnering with other experienced professionals to offer comprehensive care and cover operational needs. To scale in this business, you need dedication, strategic planning, and a genuine passion for supporting the well-being of older adults.

#10. Home improvement and repair

Put your handyman skills to use and help seniors maintain their homes safely. This could include anything from painting and plumbing to electrical work and carpentry.

If you have a knack for fixing things, you should put your years of DIY knowledge and handiwork to use, helping others maintain and improve their homes.

#11. Errand and concierge services

Run errands, make appointments, and manage logistics for busy seniors. Generally, the number of retirees is increasing, and many require assistance with daily tasks due to various reasons.

Your business can be a valuable source of support and independence for this demographic. This is a great way to help seniors stay independent and live comfortably in their own homes.

#12. Fitness and wellness coaching

Create exercise programs and healthy lifestyle plans tailored to older adults. This is a great way to help seniors stay active and healthy.

If you were active during your working years, consider helping others improve their physical and mental well-being by sharing your knowledge and experience in fitness and wellness.

Design your coaching schedule around your desired lifestyle, choosing your clients and preferred training times.

#13. Blogging or podcasting

Share your wisdom and experience on a niche topic you’re passionate about. This is a great way to build an audience and connect with like-minded people.

The interesting fact is blogging and podcasting allow you to share your wealth of experience.

Also, while researching, writing, or recording your thoughts, you can keep your mind sharp and engaged, fostering continuous learning and exploration.

#14. E-commerce store

Sell curated products online, catering to a specific market or interest group. This could be anything from vintage clothing to gardening supplies to gourmet food. Offer products with custom options like engraved jewelry, printed t-shirts, or handmade gifts.

You can turn your retirement days into an exciting entrepreneurial journey, creating a thriving online business that reflects your unique interests and provides you with financial rewards.

#15. Invest in someone else’s business

It’s okay if you do not have the strength to build a business from scratch, you can always invest in an existing business for returns. This retirement business plan may include becoming a franchise owner, funding a startup venture, or buying into a minority stake.

By this, you invest your capital and potentially receive regular returns without the workload of actively running your own business. You should spread your financial risk across different businesses, mitigating the impact of potential failures.

#16. Rental

You can rent out a property, and items for social events, or machinery. This way, you generate regular income from tenants renting your property or equipment, allowing you to enjoy more leisure time.

First, determine the type of rental business that aligns with your resources, budget, and local market demand. Then, leverage online platforms, rental management software, and smart home features to streamline operations and maximize efficiency.

#17. Pet sitting or dog walking

Take care of pets while their owners are away on vacation or at work. This is a great way to get some exercise and spend time with furry friends.

#18. Lease Plants

If you are a great gardener, grooming, and leasing plants is a profitable retirement business you should start. It is a fantastic option for retirees seeking a creative, flexible, and potentially profitable business in their post-work life.

You can provide lush greenery and improve air quality in corporate environments, bring life to apartments, houses, and balconies with curated plant arrangements, or enhance event spaces with temporary greenery and floral arrangements.

Frequently Asked Questions

Should I start a business when I retire?

Yes, if running a business is a passion, you should start a business when you retire.

What are the benefits of starting a retirement business?

Increased income, intellectual stimulation, purpose, flexibility, and staying engaged are some of the benefits of starting a retirement business.

Do I need experience to start a retirement business?

Yes, some retirement businesses need a wealth of experience to start while others do not. For instance, you need experience to start a consulting business. However, pet sitting or dog walking need no experience.

Are small businesses required to offer retirement plans?

No, small businesses in the United States are not required to offer retirement plans to their employees

Conclusion

Retirement traditionally signifies the end of full-time work, marking a transition from paid labor to a phase focused on leisure, relaxation, and personal pursuits. However, it could also be the right time to start a business you have always wanted.

This article compiles the top 18 retirement business ideas for you to consider. You should find one that interests you and get committed to establishing it.

References

Legalzoom.com – 13 retirement business ideas
Zen Business.com – Starting a Business in Retirement: Retiree Business Ideas
Northone.com – The 18 Best Retiree Business Ideas to Start Today