Ina Harris, an 82-year-old resident of Easton, Pennsylvania, believes that launching a business is her best path to financial stability. For many years, Harris worked as a direct care professional, providing essential support to clients recovering from surgery or managing chronic health conditions. While the pay was not particularly high, the work offered her consistency and a sense of security. However, as time went on, she faced increasing difficulties in securing jobs. Without the ability to drive—a common requirement for positions in her field—Harris suspected that potential employers viewed her age as a liability. "I'm a single person, and if you're not working, you cannot give yourself necessities," she shared.
In August 2024, Harris took the bold step of starting her own business, which includes services like compassion visits, wellness checks, and assistance with medication and grocery pickups. To ensure she can reach clients effectively, she hires a driver to transport her to various jobs nearby. Currently, she works approximately 20 to 30 hours a week at a rate of $20 per hour, which helps her cover her monthly expenses, including a mortgage amounting to around $2,000. "You never know when you start a business, but it might be successful," Harris remarked, reflecting her optimism amidst uncertainty.
Harris is not alone in her endeavor. Thousands of older Americans are finding that paving their own path through entrepreneurship, freelancing, or independent contracting is their best option for achieving both financial success and a renewed sense of purpose. According to a Business Insider analysis of Census Bureau data, about 27% of nearly 550,000 Americans aged 80 and older are self-employed, mirroring the self-employment rate of the broader U.S. population.
This trend is further underscored by the experiences of many seniors who, after being laid off or experiencing financial instability, turned to self-employment as a viable option. A recent conversation with a dozen Americans in their 80s revealed that many had recently transitioned to self-employment due to a challenging job market and personal health concerns. Some had been self-employed for years, finding it a more suitable option than seeking traditional employment.
Cal Halvorsen, an associate professor of social work at Washington University in St. Louis, noted that the rate of self-employment trends upward after age 65, largely due to eligibility for Medicare and Social Security. This shift allows many seniors to leave traditional jobs to care for family members without the pressure of employer-sponsored healthcare. However, this independence has its drawbacks. "When you're self-employed, you are far less likely to save money for retirement," Halvorsen explained, highlighting the financial risks involved. Many self-employed individuals prioritize immediate needs over long-term savings.
Stories of older entrepreneurs abound. An 81-year-old woman in Connecticut is launching a greeting card business as her health issues prevent her from continuing at Home Depot. An 82-year-old man in Arizona started a tech company while managing $15,000 in debt. Similarly, an 81-year-old man in Pennsylvania has secured patents for a refrigeration system to help with housing costs. Many of these individuals suspect that age discrimination has played a role in their job searches, with some feeling forced out of companies in favor of younger workers.
Sheila Callaham, co-founder of the Age Equity Alliance, predicts that more individuals in their 50s and beyond will turn to entrepreneurship as traditional job opportunities dwindle. "Companies need to recognize the shifting demographics in their workforce and create an inclusive culture that appeals to workers of all ages," she stated.
Despite the challenges, many older workers view starting a business as a worthwhile risk, especially as they have limited time left to make an impact. Michael Clinton, founder of ROAR Forward, a business intelligence platform for individuals over 50, has recognized this trend and is helping older Americans transition into creative and entrepreneurial roles. He refers to these individuals as "Re-Imagineers," who capitalize on their unique skill sets.
While some older Americans have found success in self-employment, others face significant obstacles. Phyllis Miller, 82, previously a serial entrepreneur, now struggles to find funding or support for a new business venture. After years of various jobs, she relies on her $1,426 monthly Social Security check to get by. "This is the first time that I've really been at a roadblock," Miller lamented, emphasizing the challenges of starting over at an older age.
Christian Weller, a senior fellow at the Center for American Progress, warns that self-employed individuals often earn less than their peers in traditional employment, despite potentially having a bit more wealth. "Entrepreneurs may overvalue their business, and finding a successor can often be complicated," he noted.
As the job market continues to evolve, the reality is that many older workers are left with limited options. Ginger Wright, an 81-year-old who previously held a high-ranking position in a call center, sold her business for over half a million dollars last year but is now searching for new opportunities. The financial burden of home upgrades has left her reevaluating her lifestyle and employment options. "A door closed, and there's a door or window open, and I just haven't found where that is yet," she shared, reflecting the uncertainty many face.
Ultimately, for many older Americans, the journey toward financial independence and fulfillment through entrepreneurship is filled with challenges. Yet, as they navigate these waters, they continue to inspire others with their resilience and determination.
For older adults like Dianne Michels, who stocks shelves at Trader Joe's while planning her consulting business, the journey is about much more than just making ends meet. "I refuse to buy into the age discrimination in our country," Michels asserted. Her story, along with those of many others, underscores the importance of recognizing the value and capabilities of older workers, advocating for a society that embraces age diversity and fosters opportunities for everyone, regardless of their age.
