Retiree Leverages Montana’s Aging Population to Build a Service-Based Business
Tom, a 66-year-old retiree in Great Falls, Montana, turned personal errands and local services into paid work after retiring with only $180,000 saved. Faced with rising costs of living—particularly for housing, healthcare, insurance, and fuel—he chose to avoid depleting his IRA or claiming Social Security early. Montana’s aging population is driving demand for personal service jobs like transportation, home maintenance, and errand-running. By 2030, nearly a quarter of the state's residents are expected to be over age 65, while labor-force participation has declined due to an increasing number of retirees. This demographic shift creates both challenges and opportunities in local economies. Tom’s situation reflects broader financial tensions among retirees with limited savings. Withdrawing from his IRA at a rate that doesn’t cover expenses is unsustainable long-term. Earnings from his service work help reduce the need for early Social Security claims, which could otherwise permanently lower future benefits due to the earnings test.
Topics: aging population income generation local services retirement