Meet a few entrepreneurs who keep working late in life
In the United States, entrepreneurship is often associated with youth, innovation and rapid growth. However, a growing number of entrepreneurs are working well into later life.
Older entrepreneurs — those who start or continue businesses in their 60s, 70s and 80s — play an increasingly important role in the U.S. economy. Their experiences, motivations and contributions reveal that entrepreneurship can be a lifelong pursuit shaped by experience, resilience and changing social and economic realities.
We recently spoke with six local entrepreneurs — some in their 80s — who say they still enjoy going to work and getting things done.
Take, for example, Richard Shatrau, the former owner of N.E. T. & Die in Fulton, now owned by his daughter Michelle.
At age 84, Shatrau still goes to work every morning. He works a half day and goes home at noon for lunch. Or Dennis Ouellette of Sterling. Ouellette grew up in a farm. He and his wife June converted an old, two-story barn into the farm store that is still in operation to this day. Oulette — like others entrepreneurs we spoke with — still works long hours at the business.
Better health is a large factor. Longer life expectancies, the shift toward less physically demanding, remote-friendly jobs make continued employment more feasible.
The fastest-growing segment of the workforce is those older than 75, as longevity often necessitates longer earning years, according to Reddit, a massive network of online communities focusing on niche interests, news and discussions.
While many older adults do retire around age 65, a sizable and growing share of that population continues to work either out of necessity or because of personal preference, according to the Pew Research Center, a nonpartisan American think tank based in Washington, D.C. It provides information on social issues, public opinion and demographic trends shaping the United States and the world.
Pew’s analysis of census data showed that the labor force participation rate for older residents increased by 2 percentage points nationwide from 2013 to 2023 (from 17.2% to 19.2%).
Local entrepreneur Bill Nelson said, for him, it is about having purpose. “I want to stay active!”
Factors Leading Older Workers to Stay on the Job
Some factors driving continued work according to findings discussed on Boldin, a comprehensive, digital-first financial planning platform designed for retirement planning, DIY investors and recently, incorporating AI assistants:
• Healthcare Coverage: Retaining employer-provided health insurance.
• Financial Necessity: Many workers lack sufficient retirement savings.
• Improved Health and Longevity: People are living longer, healthier lives.
• Purpose: Work provides social interaction, structure, intellectual stimulation and a sense of purpose, helping to avoid isolation.
