The nature of work continues to change, and many people find it necessary to work for a living for more extended periods. Older workers are increasingly interested in self-employment to generate income and stay connected as they age. Self-employment in one of its many forms—side gigs, freelancing, contracted services, or starting a small business or microbusiness—can contribute to their financial stability. Moving into self-employment at an older age can be difficult and risky, especially if it involves spending savings or pension distributions to launch a new project. Older workers need assistance as well as greater access to creditTax credits directly reduce the amount of taxes owed. if their entry into self-employment is to succeed.
Barriers to self-employment
Federal and state policymakers should work to eliminate barriers to self-employment, which include lack of access to capital, technical assistance, and training.
The Small Business Administration and the departments of Labor and Commerce should coordinate programs designed to assist individuals in their efforts to become self-employed.