Older Entrepreneurs Rise 22% as Social Security Faces 22% Benefit Cut After 2032
Updated
Updated · West Virginia MetroNews · Jul 5
Older Entrepreneurs Rise 22% as Social Security Faces 22% Benefit Cut After 2032
3 articles · Updated · West Virginia MetroNews · Jul 5
Summary
Late 2032 is the new projected depletion date for Social Security’s retirement trust fund, after which payroll taxes would cover only about 78% of scheduled benefits under current law.
A proposed response shifts attention beyond Washington: entrepreneurship among Americans aged 55 to 64 who incorporated new businesses rose 22% over the past decade, while that population grew just 0.6%.
Margo Clayson, 68, nets about $800 a month from a nutrition and food business, helping preserve her family’s $5,000 savings and $60,000 401(k).
Roger Smith of Texas invested $430,000—less than 10% of his $5.5 million net worth—in an indoor golf simulator franchise and aims to earn about $10,000 a month.
The argument is that encouraging later-life work and easing taxes on retiree entrepreneurs—such as cutting the 12.4% self-employment burden—could reduce pressure on Social Security alongside any broader fiscal fix.