Sadly, gone are the days when retired people could live off their savings. Today, with growing needs, savings and social security benefits are not enough. Thus, many retired people are looking for income opportunities from the comfort of their home. Working from home gives them independence and freedom to work on something inspiring.
Surprisingly, many advantages exist for entrepreneurs looking to start their own home based business after retirement age. One such advantage is time. Once a person has retired and completed his or her job tenure, there is ample time to work on a new home based business. Moreover, depending upon the amount and type of work, the retired can also enjoy social security benefits while earning additional income from home based businesses.
Another advantage of working after 65 is deduction in business expenses from income taxation. It is possible to deduct legitimate expenses like medical expenses, mortgages, utilities, postage, and other expenses from being taxed as long as it sticks to the guidelines outlined by the IRS (Internal Revenue Service). In essence, there are many business ideas for retired people, especially the ones who want and need to stay busy.
Are you a Car guy? Can you imagine getting paid to look at cars and write off the related expenses?