Solopreneurs: Age Is On Your Side

One third of the aging have started their own businesses. Many of the forms those enterprises take is simple: being a solopreneur. That is, it's just them. No partners. No employees. The latter means not being responsible for a payroll. That opens the door to the adventure of more risk-taking.

As a coach I have observed this: The leap into self-employment is not just to counteract the ageism in hiring for full-time, part-time and contract jobs. Age actually brings edges when you're a business owner.

Of course, at the top of the list is experience. That puts the entrepreneur ahead on the learning curve. 

Another is the loss of youthful self-absorption. Over the years, after weathering so much professionally and in life, there's a humanizing force. Yeah, we are all in this together. So there's more a natural vibe to be out there totally with clients and customers. 

But, right now, the growing advantage in following the solopreneur path when 65 or older is this: Medicare covers health insurance (and, of course, you probably add on a free or low-cost supplement such as from United Healthcare, Humana and more). For 2026 you will pony up monthly $202.90 for Medicare per se. My United Healthcare Advantage supplement plan is at no-cost, as long as I use the HMO option. 

That's $2,434.80 a year for health insurance coverage. Compare that to the average yearly nut of $7,000 those pay per person on the Affordable Act marketplace. And that could increase significantly.

Well-known is that most personal bankruptcies are attributable to medical bills. Almost 67% of those filing a bankruptcy blame that inability to manage debt on some kind of medical problems. 

With the combination of Medicare and a supplement there is a cap on how much out of pocket has to be paid each year. For me it's in the $6,000ish range. If my medical bills reach that I handle them through a scheduled payment plan or from my financial reserve. When I had a stroke on April 27, 2024, out of pocket I only had to pay about a $1,000 on the six-figure bill. Had I not been on Medicare I could have gone bankrupt from all the medical bills associated with such a medical condition. 

A solopreneur startup can be done on the side or full-time. The majority of clients began thinking about it when their jobs became insecure or overly stressful. The concrete steps taken usually align with attempting to monetize a hobby or some kind of obsessive interest. Professional anonymous networks such as Reddit and Fishbowl provide excellent information and perspective bundled in a big hug of caring. Just post the questions. The answers will come. 

Success is a mental game. Failure comes from being done in by the “committee” in your head.

Together, we reprogram your thinking. Then we change your story. And, unleash success.

Intuitive Coaching. Special expertise with transitions, becoming a solopreneur and aging. Psychic/tarot readings, upon request. Complimentary consultation with Jane Genova (Text 203-468-8579, janegenova374@gmail.com). Yes, test out the chemistry. Zero risk.

Don’t give up before the miracle.