Boomers Eye Own Business In Retirement
Q: I’m an early baby boomer and am thinking about leaving my corporate job to open a business of my own. Do you have any advice?
A: You are not alone. Many of America’s 77 million baby boomers contemplating retirement are finding that slowing down is the last thing they want to do.
They’re seeking outlets for their experience, energy and drive that will be personally and financially rewarding, while also providing the flexibility and direction they might not have enjoyed in their previous careers.
Statistics show that of the nation’s 10.9 million self-employed workers, the largest category, 25 percent, is boomers 45 to 54.
As with entrepreneurship at any other age, a boomer’s entrepreneurial direction has many influences, such as interests, knowledge, location, financial resources and personality.
Some may relish the challenge of building a new business and working as many hours as they did before retiring.
For example, Mature Resources at www.matureresources.org, an online magazine that covers a wide range of issues related to aging, contains a business section with articles related to entrepreneurs over 50.
Marketing consultant Andrea Stenberg has started a blog at thebabyboomerentrepreneur.com, which provides small-business marketing strategies and motivation aimed at aspiring 40-plus entrepreneurs.
Another resource is All Business at allbusiness.com, an online service that helps address real-world business questions and presents practical solutions. Similarly, the Learning Center page of My New Venture at mynewventure.com has a section specifically for retirement-bound boomers.
For women considering post-retirement careers in small business, the TIP$, or Turning Ideas into Profits, Mid-Life Women’s Business Community offers free information, tools, support and networking opportunities. The Web site is www.tipscommunity.com.
Photo by mjamesno.
TJ McCue on April 3rd, 2008 10:13 pm
Hi Rich,
Great post. We are just starting a blog about the “unretired boomer” and the cool new companies they are starting. I’m not here to tout our services, but my partner has been an advisor to small businesses for years as a CPA and has helped people set up solo 401k plans so they can invest in other startups or real estate or what have you. The idea is you can control your own retirement assets .
But we’re looking for success stories of people who have self-directed 401k and IRA plans where they’ve done something smart with their retirement funds. For example, i recently set up a solo 401k and invested in a technology startup.
Gary Anderson and myself are new bloggers on AllBusiness.com (which you mentioned and we find useful as well) for Small Biz Retirement planning.
Thanks again. I’ll be checking back and looking at all these posts dealing with Boomers and Retirement.
Martin Zwilling on January 11th, 2009 7:27 pm
This article supports what I have been preaching for some time – that boomers are “the next big thing” in startups. See my article on http://blog.startupprofessionals.com titled “Engage Boomers in your Startup” which recommends specific roles where they are the best candidates.
Marty Zwilling, Founder & CEO, Startup Professionals, Inc.
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