Home-Based Business – Great Choice for Those Looking for Post-Retirement Work

By the time you reach age 50, you possess an abundance of workplace experience and expertise. Many are looking for something fresh and are considering a second career instead of retiring. The options are endless.

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Home-Based Business – Great Choice for Those Looking for Post-Retirement Work
3 Min Read February 24th, 2021 Updated:November 24th, 2023

The average retirement continues to increase. More people, after age 50, start looking at a second career instead of seeking traditional retirement. There are many options available for those who wish to keep working into the classic "retirement" years.  

Seniors looking forward to starting new projects and pursuing their hobbies during retirement might want to consider starting a home-based business. A home-based business will allow you to make your interests profitable while staying active and maintaining social connections. 

To legally establish your business, you might be considering using LegalZoom for its simplicity and reputation. However, there are also other equally efficient options available. Consider checking this comprehensive list of LegalZoom competitors for more information. It provides a detailed comparison, potentially introducing you to other service providers you might find more fitting for your business needs.

Whether you are concerned about making ends meet post-retirement, covering the cost of future long-term care, or aren't enthusiastic about a life without goals and projects, now would be a good time to start researching home businesses and seeing if one is right for you.

Hefty Investment Usually Not Required

Even if you don't have a lot of capital to start with, there are many options available for home businesses that can provide a good return with little investment. Depending on your experience, you could offer your services virtually as a copywriter, proofreader, bookkeeper, or life coach.

In-person businesses that don't come with many upfront costs include selling baked goods or floral arrangements or offering your services as a photographer. If you have a larger home with additional rooms or a finished basement, consider using it as a short-term rental space through Airbnb. 

For retirees who are gifted in the arts or proficient invaluable life skills, look into creating online classes that can be marketed through various learning platforms. Pet-sitting or dog-walking might be a great way to make money while staying active — plus, many seniors find spending time with animals to be therapeutic.

Work Options Available for Those with Mobility Issues

Seniors facing mobility challenges can still look forward to running a successful business at home. Home businesses that could work well for less physically mobile seniors include editing, data entry, and medical transcription. 

If you cannot be physically active or do any heavy lifting, you can start a business crafting and selling artisanal products. However, you may want to consider bringing in a part-time assistant to help with packaging, storage, and mailing. If you are one of many seniors residing in a multi-generational home, see if some of your younger family members might be willing to help you out.

Never Too Late to Learn New Skills

If some of the above ideas catch your interest, but you feel you are unqualified, don't rule out the possibility of training for a new home-based career. You can learn valuable IT skills through remote learning programs without even having to leave your house. Colleges in every state offer discounts for retirees interested in pursuing education in a new subject or training for a new career — and some will even cover the cost of learning materials and added fees.

Even if you plan on basing your new home business off your existing skillset, going back to school for business management is a good idea. With an MBA, you are better equipped to strategize and manage a new business. If there are no easily accessible colleges or universities near you, look for online programs. Many seniors may find pursuing an MBA rewarding on a personal level, as well, as this can help develop valuable leadership skills and acquire greater self-knowledge.

Health Benefits of Running Home-Based Businesses

Staying active and pursuing goals is important for seniors to maintain a high quality of life and a confident outlook. Running a home-based business where you can use your existing skills and acquire new ones is a great way to do this. 

Keeping active, both physically and mentally, is always a good idea. You need a plan and then act on your plan. Seniors, and their family members, interested in staying fit and socially engaged may find additional helpful information in the articles published here at LTC News.

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About the Author

Mitchell Abbott is a co-creator of Elder Spark. The site aims to help provide resources to help seniors live healthier and happier lives. In his free time, Mitchell enjoys reading and hiking with his dog.

LTC News Contributor Mitchell Abbott

Mitchell Abbott

Contributor since December 22nd, 2020

Editor's Note

As you navigate the path toward retirement, it's vital to look beyond the horizon of leisure and travel and consider the realities of aging and long-term care. Chronic illnesses, mobility issues, accidents, and conditions like dementia can shift the landscape of your golden years, making daily tasks and self-care challenging. The cost of long-term care can be staggering, quickly eroding savings and investments you've dedicated a lifetime to accumulate.

You should integrate long-term care into your retirement plan, acknowledging that the need for assistance or supervision with everyday activities is not just a possibility but a common aspect of aging. Medicare may cover only a fraction of these expenses and only under specific conditions, leaving a significant financial gap. Planning ahead with options like Long-Term Care Insurance will safeguard your nest egg and provide the necessary support without overburdening your family or compromising your quality of life.

Consider this: the need for long-term care is often not a brief period at life's end but can span years. This care can be provided at home, in an assisted living facility, or in a nursing home, each with varying costs and considerations. 

·        LTC NEWS Cost of Care Calculator - Find Care Cost Where You Live

By addressing these needs in your retirement planning, you ensure that choices about your care remain in your hands, not dictated by circumstances. You have the power to access your choice of quality care in the setting you desire so you can shape your future comfort and dignity, but it requires action now—because when it comes to long-term care, hoping for the best without planning for it is a risky strategy.

Every insurance company has its specific underwriting standards that can vary widely - What Is Underwriting In Long-Term Care Insurance?

Your reasonably good health gives you the ability to plan effectively. Most people get coverage in their 40s or 50s, although if you have fairly good health, you can find options in your 60s and beyond. 

Advantages of an LTC Insurance Specialist's Expertise

Navigating the landscape of Long-Term Care Insurance can be daunting, with many options and complex underwriting processes. This is where the expertise of a qualified Long-Term Care Insurance specialist becomes invaluable. They bring a nuanced understanding of how different insurance companies evaluate risk and set premiums, allowing them to tailor coverage that aligns with your unique needs—taking into account your age, health, and financial objectives. 

A specialist will shop at all the top-rated insurance companies and provide you with accurate LTC Insurance quotes.

Furthermore, a Long-Term Care Insurance specialist offers benefits that a general insurance agent or financial advisor might not be equipped to provide. Here are key reasons why a specialist is the preferred choice for your Long-Term Care Insurance needs:

  • Access to Multiple Top Insurers: They usually represent the top insurance companies, not just a select few.
  • Comprehensive Policy Options: Experts in all types of policies—traditional plans, including partnership-certified policies; hybrid policies that offer death benefits; and short-term cash indemnity policies with broader underwriting rules.
  • Certified Expertise: Many hold a Certified in Long-Term Care (CLTC) designation, signifying specialized training and knowledge in long-term care planning.
  • In-Depth Underwriting Knowledge: Proficient in the full spectrum of underwriting rules, which can vary widely among insurers.
  • Regulatory Insight: They're well-versed in both state and federal regulations, which can impact policy details and consumer protection.
  • Claims Experience: Their experience at the claims level means they understand how policies are actually implemented, providing practical insights that go beyond the policy sale.

Choosing a specialist who embodies this wealth of knowledge and experience will guide you toward making an informed decision, ensuring you receive the coverage when it matters most.

·        Find a Qualified, Independent LTC Insurance Specialist

Discover Long-Term Care Planning Tools at LTC NEWS Resource's Hub

At LTC NEWS, a wealth of tools and resources awaits to guide you through the intricacies of long-term care planning. You can access an array of helpful features, including the innovative Cost of Long-Term Care Calculator, which helps you estimate future long-term care expenses across different settings and regions. 

Here are a few of the resources available on LTC NEWS:

Finding Quality Care for Mom or Dad

LTC NEWS offers help for you and your family in many ways. The LTC NEWS Caregiver Directory is an excellent resource where you can find the most comprehensive directory of all types of long-term care services no matter where your loved one lives - Long-Term Care Services Directory | Find Care Near You.

If your loved one has an LTC Insurance policy, that will open the door to many quality care options, as one of the first questions most home health agencies and long-term care facilities will ask you is if the care recipient has an LTC policy.

Be sure to use the benefits from a loved one's LTC policy; trying to save them for later is not a good approach since access to quality care improves a person's quality of life immediately.

LTC NEWS has combined efforts with Amada Senior Care, a leading in-home health care agency with locations throughout the country, to help you process a claim from any LTC Insurance policy.

There is no cost or obligation for this service - Filing a Long-Term Care Insurance Claim

If they don't have an LTC policy, Amada can still help develop a plan of care and provide you with many affordable in-home care options. 

Learn more now - Find Quality In-Home Care.

These four LTC NEWS guides will assist you in trying to find appropriate long-term health care services for a loved one:

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Benefits of Sponsored Content on LTC NEWS 

  • Drives website traffic: Sponsored content articles are placed on LTC NEWS's homepage and other high-traffic website areas, ensuring that a large audience sees your message.
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In summary, sponsored content on LTC NEWS is a powerful marketing tool that can help you boost website traffic, SEO, brand recognition, and audience engagement. Traditional advertising is also available to keep you in front of potential customers. 

Learn more about how LTC NEWS can help market your business, drive traffic, and improve SEO - Advertise With Us | LTC News.

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If your group, organization, business, or political committee has news to share, we encourage you to submit a press release to us.

You can submit your press release - newsroom@ltcnews.com 

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