You’re never too old to start a business. You have a lot of resources available that you may be overlooking. Consider the benefits of starting something to spice up your Golden Years.

Many of us have dreamed of starting a small business but never got around to it. Now that you have more time on your hands, starting a business could be a rewarding experience whether you just want to be self-employed or you want a full-fledged business that you can sell or leave to your kids, you can join thousands of seniors who don’t want to just be a door monitor at Wal-Mart but really want to accomplish something great.

Here are some reasons that you might want to make the move.

1. Income

Who wants to worry about running out of money in retirement? Given the uncertainty of the economy, we need to be concerned about this. Cashflow is better than pulling money out of an account and a business that can leverage your time and resources is a great way to expand your security and your options in retirement.
According to the Economic Policy Institute, the average household nearing retirement (past the age of 56) has just $163,577 in savings. Nobody wants to be forced to sell their home, so boosting income in retirement can be very effective and a small business is a great way to achieve this.

2. It will curb your desire to spend more

Time freedom is a big benefit of retirement but it has its dangers. Whether you call it recreational spending or “retail therapy”, it can be a big drain on your finances. Really you just need to be happy and active. You don’t have to go see a movie in the theater when you can watch it a few months later in the evening after a stimulating day at your business. Your business is an enjoyable and challenging way to fill your time while making money instead of spending it.

3. Pursuing a goal keeps you healthy

Many seniors struggle with a sense of worth after leaving their full-time work schedule. Depression can ensue which can then lead to a plethora of problems. This is especially true if you enjoy keeping busy and working. Starting a business can help you keep healthy in body and mind.

Not everyone has the discipline and drive to successfully start and maintain a business. But if you think you have a good idea, can make a plan and have the energy and time, then by all means chase your dreams. This might be the perfect time to create that business. Who knows, you might even be the next Colonel Sanders!