A New Start in Retirement (60+): Working, Starting a Business, Getting Involved
If you're 60 or older and don't want to retire yet, you have many options: continue working, start a business, volunteer, or move abroad. Find out what your options are, what the legal requirements are, and how to plan for the transition.
Subject Matter Expert: Jürgen Griesbeck, Product Manager for Home Care and Elder Care
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Why do many people over 60 want to keep working?
People who work as they age are happier: Among the older generation, those aged 66 to 70 who continue to work beyond the standard retirement age as “silver workers” are particularly satisfied with their lives. The primary factors influencing the decision to continue working are enjoyment of the work and social interactions.
Source: IW Brief Report 20/2024
Motivation: Money, Meaning, Health, and Social Participation
There are many reasons for wanting to remain active in the workforce:
- Financial needs: Ensuring the desired standard of living.
- Health: Work keeps you mentally and physically fit.
- Social Participation: Networks and team connections reduce isolation.
- Meaning and Structure: Work Provides a Daily Rhythm, Purpose, and a Sense of Accomplishment
Latest Figures & Studies
According to figures from the IW Cologne, workers today remain active in the labor market significantly longer than they did ten years ago. While in 2013 only about 43.3 percent of people between the ages of 55 and 64 were employed in jobs subject to social security contributions, that figure had risen to 57.1 percent by 2023.
KOFA Kompakt 4/2024: Older Workers in the Labor Market
Just over a third of salaried employees (36 percent) can imagine continuing to work after reaching retirement age.
IW Brief No. 74 (2024): Who Will Work After Retirement?
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To the data protection settings "What are some common concerns and barriers?
Common concerns among people aged 60 and older include:
- Fear of Age Discrimination
- Concerns About a Lack of Digital Skills
- Legal or tax uncertainty
- Concerns about being overwhelmed or health risks
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Many people believe that by age 60, one’s professional career is almost over. Yet the so-called “60-plus generation” is more active, more eager to learn, and healthier than previous generations. Perceptions of old age are changing—moving away from negative stereotypes and a deficit-based view of aging, toward an active, self-determined, and fulfilling stage of life.
Are you a client of pme Familienservice? Check out our Lesy courses! There you’ll also find the “Silver Power” course, which offers lots of helpful information.
Lesy Course: Silver Power—The New Freedom of Old Age
Your Options at Age 60 and Older — An Overview
Continue working at your current job
Advantages:
- Familiar surroundings
- Income Stability
- Minimal training required
Moderate reductions in working hours, job sharing, changes in responsibilities, or a transition to a mentoring or coaching role open up new opportunities.
Tip: Talk to your supervisors early on about more flexible work schedules and redistributing tasks.
What are the options for working while receiving a pension?
If you apply for a pension once you reach the standard retirement age and continue working at the same time (“active pension”), you will continue to receive your full statutory pension and can earn additional income without restriction (up to €2,000 per month is currently tax-free; any income above that amount is taxable).
If you take early retirement, your benefits will be reduced, and these reductions are permanent; however, you can also earn additional income. Those who continue working while receiving early retirement benefits continue to earn pension points. Those who work beyond the standard retirement age can continue to make voluntary contributions to the pension insurance system.
Tip: Request a personalized pension statement from the pension insurance agency.
What happens if I continue working without receiving a pension?
If you continue working after reaching the standard retirement age without applying for a pension, you will receive only your salary; in return, your future pension will increase due to deferral bonuses (approximately 0.5% per month). Delaying your retirement (e.g., by two years) significantly increases your pension, and you will also earn additional pension points.
Independence in Old Age
For many people aged 60 and older who want to start over, self-employment is an attractive option. It can make sense to start small, for example, by working as a self-employed person on the side. It is definitely advisable to seek advice, for example, from the Chamber of Industry and Commerce (IHK) or a startup consulting service.
- Use your many years of experience and your network as a resource.
- Connect with other founders to gain fresh perspectives.
- Connect with other founders to gain fresh perspectives.
- Be open-minded and take advantage of technological innovations (AI).
Business Succession
In a business succession, you take over an established business with customers, revenue, and existing structures, which reduces the risks associated with starting a new business. It is important to carefully review the business model, financial aspects, and legal framework.
You can get support and advice from the Chamber of Industry and Commerce (IHK), KfW, tax advisors, and networks. You can find suitable companies through nexxt-change, regional business succession exchanges, and by contacting local companies directly.
Volunteer Work and Community Involvement
Anyone interested in getting involved in the community will find numerous opportunities for volunteer work:
- Tutoring
- Club Activities
- Mentoring
- Environmental or cultural projects
Advantages:
- Meaningful work
- Social Interactions
- A manageable commitment
- Expense reimbursements and recognition packages, if applicable
Check out online volunteer directories, local charitable organizations, or volunteer fairs.
Working Abroad
Programs such as Senior Expert Service or Granny Au-pair people to combine work with travel during their retirement years.
Tip: Short-term work assignments and permanent relocation have different implications for taxes and social security contributions. Review the rules regarding taxes and social security, as well as visa requirements, and seek personalized advice.
Practical Steps for a Career After 60
To plan for working during retirement, get an overview of your income and expenses: Request a pension statement from the pension insurance agency, prepare an income forecast, and seek advice on tax issues and the potential implications for your health insurance.
Please clarify:
- How does working affect my retirement benefits?
- When is it worth deferring retirement?
- What are the exemption limits for additional income?
Take advantage of free initial consultations offered by the Employment Agency, the Chamber of Industry and Commerce’s startup advisory service, and local senior networks.
Why is lifelong learning important?
Lifelong learning is the foundation for success after age 60 and enriches both personal and professional life:
- Maintaining Mental Fitness
- Adaptability in a Changing World of Work
- Greater job satisfaction and job security
Outside of school, college, and work, there are numerous opportunities to continue your education, either online or in person:
- Online learning platforms such as Coursera, Udemy, and OPEN vhb, which offer courses on a variety of topics.
- Local workshops and seminars, such as those offered by adult education centers or public libraries.
- Reference books, academic articles, newsletters, or expert blogs
August 28, 2026, 9:00 a.m. – 11:30 a.m.
Your guide to a fulfilling retirement: We’ll explore topics such as self-employment, volunteer work, flexible work arrangements, continuing education, and social connections.
FAQ: Restart 60 Plus
Can I still start a side business as a self-employed person when I'm 60 or older?
Yes. Many people start a side business to test the waters and limit risks. Be sure to consider tax obligations, health insurance, and social security; seek advice from the Chamber of Industry and Commerce (IHK), a tax advisor, or business startup centers; and look into funding programs and legal structures (small business, GbR, sole proprietorship).
How can I find suitable volunteer or mentoring opportunities?
Take advantage of local volunteer exchanges, volunteer agencies, clubs, senior networks, and platforms such as volunteer agencies or Senior Expert Service. Ask libraries, schools, or social service organizations about short-term projects or mentoring opportunities.
Can I continue working while receiving my pension?
Once you reach the standard retirement age, you may receive a pension and continue working at the same time. If you take early retirement, different rules apply and reductions may apply; check the specific rules for your situation with your pension insurance provider.
How much can I earn on the side?
There is no general limit on additional earnings for recipients of standard-age pensions. For certain types of pensions or early retirement pensions, exemptions and limits apply (note that tax and social security contributions are handled separately).
How does work affect my retirement benefits?
Continuing to work can increase your pension (additional years of contributions, bonuses for deferral). If you take early retirement, reductions are usually not offset, except through additional payments or deferral arrangements.
Where can I find suitable jobs for people 60 and older?
Look for specialized platforms (e.g., Senior Expert Service, regional volunteer exchanges), job boards with filters for part-time/flexible work, IHK networks, business succession platforms (nexxt-change), and local placement offices of the Federal Employment Agency.
Related Links & Recommended Reading
IW Brief No. 74: Who Will Be Working at Retirement Age?
IW Brief Report 20/2024: People Who Work in Old Age Are Happier
KOFA Compact 4/2024: Older employees in the labor market
nexxt-change Business Succession Marketplace
