More Older Americans Are Starting Their Own Business

September 19, 2018  
Filed under Business, Money

By Robert Yaniz Jr.

 

Traditionally, we tend to think of aspiring entrepreneurs as young professionals with decades of potential ahead of them and energy to spare. However, judging by current trends, perhaps it’s time for this outdated notion to be refreshed.

According to recent estimates, nearly a quarter of new entrepreneurs fall between the ages of 55 and 64. Given the rise in technology and the accessibility it provides, it makes sense that more workforce veterans might decide to start an LLC of their own. But while they certainly have plenty of knowledge, starting a business after retirement has its own set of challenges. Thankfully, finding your way doesn’t have to be so difficult. So strap in: Let’s discuss what you bring to the startup world and the first steps you can take now to bring your vision to life.

Advantages of Starting a Business After Retirement

No matter what stage of life you’re in, it’s never too late to pursue your passions. Such is definitely the case for retirees looking into the startup space. Age, after all, isn’t only a number — it’s an indication of a life lived and lessons learned. With that in mind, let’s explore some of the ways late-in-life business owners can leverage their circumstances to fuel the success and promise of their latest endeavor.

Experience Is Still Key

Retired entrepreneurs may initially feel in over their heads. But despite the appearance of insurmountable odds, don’t overlook everything you’ve accomplished up to this point. Your experience — both in business and in life — can often inform your decision-making. Don’t forget that you have the invaluable assets of intuition and savvy that simply can’t be won any way other than through the rigors of time. So rather than lamenting your age, harness everything you’ve absorbed and weaponize it instead.

Financial Flexibility

Although many young and hungry entrepreneurs may have big dreams and high hopes of where they want to take their business, one thing that few have on their side is a reliable source of funds. By the time you reach retirement age, you may have developed significant savings you can use to infuse your new business with some startup funds. The financial standing of your business when you start out has a huge impact on its potential; this is another advantage older entrepreneurs are likely to have in their back pocket (literally).

Solid Support System

Often, young aspiring entrepreneurs dream of the startup they want to leap into after college, only to encounter a ton of resistance. Why risk your future when you could embrace the comfort of a cushy corporate gig?, they’re told. But it’s an entirely different story for retired entrepreneurs. At this stage in your life, you may already have a family of your own, longtime friends and trustworthy colleagues who can give you honest feedback. Moreover, knowing that your social life is beyond stable allows you to relax and take your startup one measured step at a time.

How to Get Started

Now that you have a better sense of how your business can benefit from your age and experience, you’re probably wondering what you should do to actually put it into action. As you brace for the next stage of your professional life, be sure to keep the following tips in mind to maximize your chances of achieving your startup goals.

Know Yourself and Your Limits

One reason your age is such a critical ingredient in your business is that it helps you gauge the terrain ahead. Carefully consider all your options before investing your time and money in a new business venture; if something doesn’t add up, doggedly pursue the answers you need and the level of risk involved. Regardless of what business you’re getting into, you’re certain to face a variety of setbacks as you get your bearings. Use your experience to keep you ready for them before they’re upon you.

Outsource and Assemble Greatness

Even the most heralded professional minds of our time can only accomplish so much as single individuals. Remember that — and don’t burden yourself with the notion that you need to wear all hats indefinitely. The most successful companies got that way because of their leadership…but also because of the team that leader assembled to execute their vision on a grander scale. No one knows your goals better than you do, but you need other passionate team members who can contribute to them and complement your own role in the process.

Practice Self-Care Above All Else

This is a critical point for all aspiring entrepreneurs, but especially for those of advanced age. In the early days of your new business, you may be obliged to drive ceaselessly toward your next objective. While this persistence is a testament to your passion, don’t let it run your life. In other words, know when to disconnect from your work and connect with loved ones, have some fun or just get some rest. Most retired entrepreneurs will need to consider their health more seriously than their younger counterparts. In the end, remember that you won’t be able to push your business forward if you’re feeling run down.

It’s Never Too Late

With any luck, we’ve helped you feel empowered to more confidently move in the direction of your startup dreams. Now we want to help you take the next steps to make your business a reality.

Incfile has already developed easy-to-use guides for businesses across a wide range of industries, and there’s no time like the present to begin exploring your options and plotting out your startup strategy. Are you ready to get your business up and running in three simple steps? We can help you form your company and manage it as it grows, too.

This article was originally published on the Incfile Blog.

Robert Yaniz Jr. has been a professional writer since 2004, including print and online publications. Much of his experience centers on the business world, including work for a major regional business newspaper and a global law firm.

 

VOLUNTEERS NEEDED FOR AARP FOUNDATION TAX-AIDE PROGRAM

September 12, 2018  
Filed under Money, News

 

AARP Tax-Aide Wants You!

 

Want to volunteer to help neighbors in your community?  Want to be engaged in a meaningful way?  Want to give back?  AARP Tax-Aide is looking for volunteers for the upcoming tax season. Tax-Aide volunteers make a difference in their communities by assisting many older, lower-income taxpayers who might otherwise miss out on the credits and deductions they’ve earned. Volunteers receive training and support in a welcoming environment.

 

In addition to tax preparers, there are several important positions that help the program run successfully that don’t require tax knowledge:

-Technology Coordinator

– Site Coordinator

– Electronic Returns Originator

-Volunteer Recruiting Specialist

-Communications Specialist

 

Following the training most positions require 4-8 hours a week during the tax season but most schedules can be accommodated. There are tax sites throughout Vermont.

 

In Vermont last year, 187 AARP Tax-Aide volunteers helped more than 14,400 people file their federal and state tax returns. The program is offered at approximately 35 sites in Vermont, including senior centers, libraries and other convenient locations. Older Vermonters received some $4.4 million in tax refunds as a resulted of this program.

 

To learn about our volunteer opportunities, contact kathiebtv@comcast.net or visit www.aarpfoundation.org/taxaide . AARP Foundation Tax-Aide is offered in coordination with the IRS.

 

New Consumer Brochure from National Reverse Mortgage Lenders Association Helps Seniors Spot and Stop Financial Abuse

June 19, 2018  
Filed under Money, News

The National Reverse Mortgage Lenders Association is proud to participate in World Elder Abuse Awareness Day today with the release of a new consumer brochure, Recognize & Report Elder Financial Abuse.  The free tri-fold brochure, available for download from NRMLA’s consumer education website athttps://www.reversemortgage.org/ReportFraud, helps seniors, and their loved ones, avoid common scams, spot signs of elder fraud and exploitation, and stop and report wrongdoing.

“As professionals who serve older homeowners, we have a special responsibility to ensure the safety and fair treatment of seniors,” said NRMLA Executive Vice President Steve Irwin. “NRMLA’s new brochure, which we encourage all members to print and share widely, is another example of our work to raise awareness about the increasing number of financial crimes perpetrated against seniors and steps we can all take to report mistreatment.”

Each year, an estimated five million, or one in ten, older Americans are victims of elder abuse, neglect or exploitation. According to the National Center on Elder Abuse, the annual financial loss by victims of elder financial exploitation was estimated to be $2.9 billion in 2009, a 12 percent increase from 2008.

Common signs highlighted in NRMLA’s Recognize & Report Elder Financial Abuse brochure include unpaid bills, eviction notices, or notices to discontinue utilities; withdrawals from bank accounts or transfers between accounts that the older person cannot explain; new “best friends;” legal documents, such as powers of attorney, which the older person didn’t understand at the time he or she signed them; and a caregiver who expresses excessive interest in the amount of money being spent on the older person.

If the situation appears threatening or dangerous, NRMLA advises readers to call 911 or the local police for immediate help.

World Elder Abuse Awareness Day was launched on June 15, 2006 by the International Network for the Prevention of Elder Abuse and the World Health Organization at the United Nations. WEAAD aims to provide an opportunity for communities around the world to promote a better understanding of abuse and neglect of older persons by raising awareness of the cultural, social, economic, and demographic processes affecting elder abuse and neglect.

 

A 3-Point Check-Up for Your Retirement Plan

June 14, 2018  
Filed under Money

By Pamela Yellen

Your financial goals and objectives have likely changed dramatically since you started a retirement account like a 401(k) or IRA. Now is a good time to put your retirement plan through a 3-point checkup to see if it still makes sense: Read more

4 Common Retirement  Planning Mistakes

June 14, 2018  
Filed under Aging Parents, Health & Wellness, Money

And How to Avoid Them

Constructing a smart retirement income plan isn’t easy. Throughout the working years there are many factors to consider, such as salary, expenses – monthly and unforeseen – debt and college for the kids, just to name a few. Read more

Burlington Edible History Tour 2018 Season Opens June 14

May 31, 2018  
Filed under Food, Money, News

Burlington Edible History tours, rated five stars on Trip Advisor, begin June 14 for its fourth full season.

 

Over a 1.5-mile walk, participants discover the local history and food traditions of 11 immigrant groups that built Burlington: Abenaki, African Americans, French Canadians, Germans, Greeks, Irish, Italians, Chinese, Jews, Lebanese, and Yankees.

 

Tour groups sample food at five restaurants that serve local foods. This year we are delighted to welcome two new restaurants – The Gryphon and Deli 126. They join Penny Cluse, Sugarsnap Catering at ECHO, and Monarch and the Milkweed at Maglianero.

The Gryphon is located in the first Hotel Vermont, once Burlington’s largest and most prestigious hotel, and the Deli 126 is a New York-style deli combined with a 1920s style jazz cocktail lounge.

Deli 126 Bar General Manager Emily Morton enthuses, “We are a great match with Burlington Edible History. We’re both excited to let people experience our local food and drink history. Elise and Gail discovered the existence of the Good Templars and Vermont Anti-Saloon League offices on this block and the next, two groups that pushed to prohibit the sale of liquor.”

 

Tours run Thursdays, Fridays, and Saturdays, 1:00 – 4:15pm, through October 13. Tickets must be purchased in advance through Seven Days Tickets via their website at www.sevendaystickets.com or through the Tour’s website at www.burlingtonediblehistory.com.

 

The tour donates 10% of profits to New Farms for New Americans to help new immigrants and refugees stay connected to their culinary traditions. Burlington Edible History Tour is the only Vermont destination in the tourism blog Roaming the Americas on “How to Support Immigrants and Refugees Through Travel in the United States.”

 

 

 

 

 

 

 

 

My Relatives Fell For This New Scam: Be On the Lookout!

February 13, 2018  
Filed under Money, News

By Ismat Mangla

 

I recently learned about a nasty new scam making the rounds while visiting older relatives in Michigan during the holidays. Read more

How To Protect Yourself From Holiday Season Charity Scams

December 18, 2017  
Filed under Aging Parents, Money

By Justin Lavelle
The holiday season is a time for giving and most charities are working double time to get a piece of the donation pie. Unfortunately, the holiday season is also a prime time for scam artists to get to work and separate you from your hard Read more

Four Ways Baby Boomers Can Avoid Going Bust

December 18, 2017  
Filed under Money

On Their Kids’ Student Loan Debt

Crushing student loan debt is usually thought to be the younger generation’s problem. But more and more, with graduates unable to handle it on their own, mountains of student loans are becoming mom and dad’s albatross, as well. Read more

What Collection Agencies Can And Cannot Do

October 19, 2017  
Filed under Money

It can be frustrating and scary to fall behind in payments on your credit card or other accounts. When the calls from collection agencies start, it adds a new level of stress. Don’t panic. Take a deep breath, learn about what collection agencies can and can’t do, and work to resolve your issues. Read more

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