Expert reveals tips on how to save for retirement
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Boomerpreneurs or olderpreneurs are terms used to describe anyone over the age of 60 who has set up their own business after retiring from their full time job. Traditionally, reaching later years was a time to put one’s feet up so why is this generation turning their back on retirement?
The decision to carry on working past retirement age isn’t always a financial one.
For those with an entrepreneurial streak, it could be the last opportunity to try turning their lifelong passion into a profitable business.
Suzanne Noble knows only too well the obstacles the older generation faces in the job market.
At 60-years-old, she set up a business running courses to help anyone over 50 regain their career confidence.
Speaking exclusively to Express.co.uk, she said that whereas the COVID-19 pandemic affected the younger generation and over 50s the worst, it’s the older generation who will struggle to pick themselves up.
However, one positive to come from this is that it can also make Britons realise ‘it’s now or never’ and spur them to set up their own business or side hustle.
Suzanne explains: “People should remember that they have lots of transferable skills that are relevant in the modern workplace.
“I’d advise them to stock of what they enjoy doing, especially around what’s known as soft skills such as creative thinking, adaptability, communication, curiosity and how they can use these to their advantage.”
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As a successful entrepreneur, Suzanne has some great suggestions for boomerpreneurs considering starting up on their own which include:
- Resisting the urge to delegate – the best way to learn is on the job
- Understanding the problem before finding a solution
- Considering where one might need to ‘upskill’ or retrain – perhaps in social media
- Deciding on whether you want a lifestyle business or a full-time income
- Avoiding registering your company until it makes money
- Finding a co-founder. Starting a business on your own can be incredibly lonely
- Taking advantage of free memberships like the Small Business Research and Enterprise Centre
- Doing what you like, rather than what you know.
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If anyone could inspire others to realise it’s never too late to start again, it’s Suzanne.
She has just relocated to Gran Canaria for the winter months to enjoy a laptop lifestyle while continuing to run Start Up School for Seniors.
Suzanne adds: “We often find Startup School participants coming on the course with a bundle of different ideas, some directly related to their previous role, others that stem from a passion or a hobby.
“If you’re coming to start a business in later life, now is the time to go out on a limb and explore what you enjoy. It’s now or never!”
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