Becoming an entrepreneur may be the answer for baby boomers who have not saved enough for retirement
I recently read a survey that when asked what about retirement savings decision they most regret, more than half of those between the ages of 40 and 49 say they didn’t start saving early enough.
Not all baby boomers may find the prospect of entrepreneurship appealing, but for many business ownership promises a level of autonomy and fulfillment that can’t be had otherwise. Some are able to turn their passions into second careers and couldn’t be happier. For those dreaming of turning a hobby into a living, or longing to be their own boss after years of working for others, a second career as an entrepreneur be a viable solution.
While the millennials may have the edge when it comes to being willing to stay up all night eating takeout pizza while working, older entrepreneurs bring the advantage of a deep knowledge built up from years in the workforce. Plus, some older entrepreneurs have management experience and large professional networks.
It’s been reported that 25 percent of baby boomers surveyed hoped to start a business or nonprofit within five to 10 years. In 2012, almost a quarter of new businesses were started by entrepreneurs 55 and older, a spike from 14 percent in 1996.
While some Baby Boomers may chose to continue to work at a job, which is not a promising prospect, based on the quality of government-issued employment statistics, highlighting the poor quality of the jobs created last month. Of the 273,000 private sector jobs created, most were skewed to the lowest rungs on the income ladder, which won’t help the economy grow.
The best prospect for baby boomers may in fact be to become entrepreneurs ( for those who have the capital) or network marketer ( for those with little capital), or Affiliate Marketing (for those with little capital and no desire to sell to their friends and family), in either case training will be required for them to be successful.