More Retirees Opting to Launch Startups
Terry Alderete and Leonard Liu don’t seem to have much in common. She’s the owner of a special events firm in Newark, Calif., and he’s chairman and chief executive of a software development company split between Silicon Valley and Shanghai. But Alderete, 61, and Liu, 65, are both part of a booming demographic: retirement-age entrepreneurs.For the past 10 years, adults ages 55 to 64 have been the group most likely to start a new business, according to a study released in May by the Ewing Marion Kauffman Foundation, which promotes entrepreneurship.
And now that baby boomers are reaching retirement age, the trend is only going to grow. People are living longer and are more likely to pursue dream businesses rather than tend to their gardens when their workaday lives are done. About 80 percent of boomers claim they want to work in retirement, according to Sara Rix, senior policy adviser at the Public Policy Institute of AARP.
“I think many of them will try self-employment,” she says.
Kirk on July 14th, 2006 6:52 pm
In a recent seminar on reverse mortgages we were told there are over 6000 americans turning 62 every day for the next 8 years. If that’s true, we should see a large proliferation of new internet business owners and advertisers.
Steve Farber on July 14th, 2006 7:22 pm
Not surprising…maybe the new definition of “retirement” will be “leaving the job that you’ve done to pay the bills to do the one that you love.” Based on that definition, I retired when I was 29.
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