Baby boomers born between 1944 and 1975 are turning anywhere from 55 to 75 years old this year. Many are approaching retirement, or already in the midst of enjoying it. But while well-earned years of leisure and relaxation are appealing for some, others are seeking an alternative.
Many retirees or soon-to-be retirees are looking to start their own side businesses to supplement income, keep themselves busy, or simply to inspire them to continue growing. Keep reading to learn more about why and how baby boomers are leading the side gig economy.
Growing Through Their Golden Years
There’s an unfair stigma that the time for figuring out where your passions lie and finding your calling in life is something that should happen while a person is in his or her 20s. A career change in your early 30s might not be too out of the ordinary. Just as long as you reach your late 30s, 40s, 50s, and beyond with a steady career and no sign of change besides the occasional promotion.
This is unfair for a couple of reasons. To start, the longer you’re in the workforce, the more you learn. In your 20s and 30s, you had less than a decade of experience. Now, armed with skills and knowledge about what works and what doesn’t, you’re more prepared than ever to take on the challenges of starting your own business. This, as well as a desire to continue growing when the daily demands of your career start to become mundane, is inspiring baby boomers to launch their own businesses.
Fueling Travel, Investment, and Other Interests
Another reason boomers are leading the side gig economy is because many are looking for ways to fund travel, investments, and more retirement or as a supplement to their current income. While many retirees dream of traveling or pursuing hobbies after retirement, many struggle to estimate how much they’ll need. In fact, according to one report, as much as 40 percent of retirees end up spending more than they expected on two big expenses: healthcare and travel.
Working another job in the evenings or weekends might have been an option when you were younger. But with families, children, and other interests taking up time, side gigs offer an obvious advantage. Boomers still have a chance to earn additional income, but without sacrificing the freedom to set their own schedules or travel at will.
Preparing for More in Retirement
Grandchildren or the dream home that you’ve worked so hard for are certainly something to look forward to after you retire from your career. But for many boomers approaching retirement age, the thought of getting bored has become a concern. That threat isn’t enough to keep them in the workforce. Instead, they are turning to the thought of starting their own business. Not a full-fledged, start-from-the-bottom-business. This would require more work and longer hours than they put in prior to retirement. Instead, they are turning to the gig economy for solutions.
Solutions like direct selling with Amway empower retirees with the tools they need to launch a business. If you’re worried about rumors of an Amway scam, don’t be; Amway equips its individual business owners with the tools and resources that they need to turn profits the tried and true way, by selling quality products directly to customers.
Joining the Boom of Boomer Entrepreneurs
Launching your very own business isn’t something that’s reserved for boomers with business experience. The side gig experience has inspired motivated individuals of all ages to take control of their futures, their schedules, and their finances by launching a small business or side job. Baby boomers are leading the side gig, thanks in part to a desire to continue growing, a need for more funding to travel, or out of fear of boredom after retirement.