We are seeing a huge trend of business startups by senior citizens who get cracking soon after retiring from their work life. It makes perfect sense, as the word ‘retirement’ has been redefined by the aged who want to retire to something rather than from something. Almost all of them feel that starting a new business post retirement is one of the most thrilling experiences of their life but it should be done with a lot of planning. Not just a simple plan, but a proper financial plan along with proper time management. Or else you may end up in a financial mess and face difficulties. One should always make sure the investment in the business is not more than they can afford to lose if the business goes bad.
Studies have shown that elders are in the best position to start a business. With life span increasing, they will be an economic force to reckon with in the years to come. Their strong point is that they have years of expertise gained from their work and life. Starting a business with their intellectual property and wisdom will help them in their decisions. Even the younger entrepreneurs who give wings to their ideas usually hire experienced mangers to execute the decisions.
Being committed to a task and target even after you retire can do wonders. Apart from the financial benefits, it can actually lead to better health and longer life. And the 60-year mark is not a constraint or drawback. Remember the inspiring story of Harland Sanders, the founder of Kentucky Fried Chicken. At the age of 65, he retired, and regardless of his failures in his life, he has lived his dream by starting an empire and becoming a billionaire by the age of 88. Everyone has it in him/her to be successful. You are never too old to dream.
(The writer is Analyst- Fund Management with Moat Multi Family Office)
