In recent years the number of retirees starting their own businesses has dramatically increased. In fact, 55-64 year-olds are 50% more likely to start up a new business than 20-34 year-olds. Some explain the rise in later-stage entrepreneurship as a result of a tough economy and a need for an income, or a way to keep busy and refrain from a retirement filled with golf courses. Others attribute it to longer life expectancy and modern medicine, which provide the potential for many years of healthy life after retirement and give the opportunity to make a business out of a hobby.
As baby boomers start approaching retirement age, we may see a resulting rise in start-up businesses. With the possibilities of self-employment, a lifetime of work experience and accrued wisdom, and much more free time, the boomer generation just might take us into an era of innovation and new businesses.
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