Advice On Home Business Ideas For Retired Seniors

by JeanS

posted on 10/10/2009

Just because you're a senior citizen and legitimately retired from the full-time workforce doesn't mean that you can't earn some extra money by starting a home-based business. Retired people don't just shrivel up when they get out of the nine-to-five rat race; they can still be valuable and contributing members of society and earn money doing it.

There are advantages to starting a home based business if you're over 65 and retired. Here are a few of them:

You can still collect social security and have a side business. Once you reach full retirement age, you can work an unlimited number of hours and earn as much money as you wish without having to sacrifice any of your social security benefits. (If you are under full retirement age, the social security administration adjusts your social security benefits accordingly.)

You can deduct your home office business expenses from your income taxes. Yes, you can deduct legitimate expenses from your taxes, as long as they adhere to the Internal Revenue Service guidelines. That includes a portion of your mortgage, utilities, office supplies, postage and other expenses.

You have a lifetime of experience and credibility to offer. Many other seniors would prefer doing business with people their own age, rather than younger workers who do not have the cadre of skills you possess. There is a built-in customer base!

So what types of business can you pursue at home? Here are just a few suggestions to get your started.

Consultant. Perhaps the best of all worlds, being a consultant allows you to continue working in the field that you know best, setting your own hours and working when and with whom you wish. Plus, you can charge an hourly wage that reflects your experience.

Sales. If you're a former sales or marketing professional, then a home-based sales job might be the perfect opportunity for you, since you can draw on your background and skills. Although most sales jobs are commission-based, your contacts and experience could serve you well in a position of this type.

Service related jobs. If you know how to sew, do carpentry or plumbing work, are a musical genius or have good computer skills, you could hire yourself out to do odd jobs for friend or neighbors. Altering and tailoring clothes, replacing washers on faucets or teaching a child how to play the piano are all ways to earn extra income while using the practical skills you have honed over the years.

Retirement is a time for fun, but it can also be a time to earn some extra money doing what you love. If you're a bit short on cash, one of these ideas may just be what you're looking for.

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