Jamaica Gleaner:
The changing paradigms of economies across the globe have redefined how one works and at the end of it all, when does one ‘retire’ from work. Retirement is no longer seen as a time for chilling out on the beach and slowing down in life, it is about pumping more to keep pace with the times.
Entrepreneurship is a viable option for those who want to continue to work post-retirement. ‘More people are drawn towards self-employment after they have retired,’ says Aldain Reid, an entrepreneur and the president of the Young Entrepreneurs Association of Jamaica.
According to Reid, a recent study found that 76% of retirees work post-retirement because they need the money, while an equal number reported they worked for the enjoyment of it.
Reid says that there are three key factors driving people to become entrepreneurs:
1. People are living longer and are in better health.
2. People are recognising the need for additional income, especially those forced into early retirement because of layoffs.
3. People are looking for intellectual stimulation.
In Jamaica, Reid says, older people are drawn to self-employment for a variety of reasons. ‘Some are disenchanted after years in corporate Jamaica and crave the autonomy of being their own boss, others see a chance to finally pursue a dream or hobby,’ he says. There are others who are driven by pure necessity, ” they need income and can’t find other work,’ adds Reid.
But not everyone is prepared for the realities of being self-employed. ‘One of the biggest risks to starting a business later in life is money,’ says Reid. By their mid-50s, many adults have stashed away a nest egg or have inherited money that can be used to fund a new business. Read more.
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