Working After Retirement? The Truth About Employee vs. Entrepreneur
Retirement today isn’t always about putting your feet up, working in your garden and watching your favorite tv programs. For many retirees, it’s a chance to do something different, a chance to finally do things that you are passionate about. Whether you’re looking for ways to supplement your income, stay active, or just get out of the house, you might find yourself at a crossroads:
The question you need to ask yourself is…should you work for someone else or become your own boss?
Let’s take a closer look at what each path offers once you retire.
The Employee Route: Comfortable
A lot of retirees choose to re-enter the workforce part-time or seasonally. Think customer service roles, consulting gigs, or positions in retail, education, or hospitality.
The Perks:
Stable Income: A regular paycheck can bring peace of mind, especially when managing a fixed monthly income.
Less Responsibility: You show up, do your job, and go home, you don’t have to worry about marketing, bookkeeping, social media, or finding clients.
Social Connection: Being part of a team can help with loneliness and keep you engaged.
Skillset: You can use your existing expertise without learning something new.
The Trade-Offs:
Limited Flexibility: Your schedule and sometimes your wardrobe is decided for you.
No Say So: You're following someone else’s rules, systems, and decisions.
Possible Age Bias: Some employers tend to overlook older workers despite your vast knowledge and experience.
The Entrepreneur Route: Freedom With a Side of Risk
Starting your own business might sound like something out of your reach, but these days it's more attainable than ever. Whether it's selling crafts online, offering virtual bookkeeping, consulting, or tutoring, you can turn your knowledge or hobby into income.
The Perks:
Total Flexibility: Set your own hours, choose your clients, and work from wherever you like…yes, even in your pajamas.
Purpose Driven Work: You’re building something that reflects your values, skills, and passions.
Unlimited Income Potential: You’re not capped by someone else’s salary structure. If your business grows, so can your earnings.
Modern Tools Make It Easier: Technology has simplified many aspects of business, from invoicing to marketing.
The Trade-Offs:
Inconsistent Income: Especially in the beginning, your earnings may fluctuate.
More Hats to Wear: As your own boss, you're also the accountant, tech support, and customer service, unless you outsource.
Steep Learning Curve: There may be new online skills to learn, from setting up a website to managing social media.
The Real Truth: It’s Not Either Or
Many retirees do both:
Freelance or consult a few hours a week.
Work part-time seasonally, then enjoy the rest of the year.
Start small with a hobby business and grow as you feel comfortable.
The goal isn’t to hustle, it's to create harmony. You’ve earned the right to choose how (or if) you work in this next chapter of your life.
Ask Yourself These Questions:
Do I want flexibility or structure?
Am I more comfortable following a system or creating one?
Do I enjoy learning new tools, or prefer using the skills I already have?
How much income do I need or want to generate each month?
Final Thought
If you're considering working after retirement, whether you work for a company or start your own business, it's really important that you find something that fits your lifestyle, not the other way around.
Retirement isn’t the end of work, it’s the start of working on your terms.
Have you returned to work after retirement? Considering a side business? Share your story in the comments, I’d love to hear it!
