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Seniors Enter Small Business Arena

Seniors Enter Small Business Arena

Upon reaching the age of 65 – or at another desired time – seniors may hang up their hats on longtime careers, but that doesn’t mean that they have to be done with the workplace in general. On the same token, the growing number of elderly U.S. residents will have a great impact on jobs, as they require more special care and services than other generations.

In fact, according to a recent report from the Pew Research Center, by the year 2050, the number of people who are 65 or older is expected to more than double – from 41 million in 2010 to 86 million. The job marketplace for older employees – those in their 50s to 70s – is changing as a result, with “some combination of phased retirement and bridge jobs being the norm among older career workers,” Kevin Cahill, an economist for Boston College’s Sloan Center on Aging and Work, told The New York Times.

“About 60 percent of the career workers take on a part-time job after exiting their main career,” Cahill said. “And many older Americans not only change occupations, but in large numbers they also transition from wage-and-salary employment into self-employment.”

The small business landscape in the United States may be altered drastically as a result, as a number of workers who cater to seniors are employed by smaller operations Рsuch as senior fitness trainers, drivers, personal assistants, and dietitians and nutritionists. This is especially applicable for the 90 percent of people aged 65 and older who reported in an AARP survey that they want to live in their homes as long as possible, increasing the need for workers who tend to their various needs.

These small businesses may be seeking more business capital loans from nontraditional lenders as they see a growing need for similar jobs to meet seniors’ needs.

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