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Starting Business At Retirement, Really

Starting business at retirement may sound absurd, but it is a lucrative option.  Having something to do  will enhance your growth which is good for your healthy being and may provide that extra cash to enjoy your leisure activities.

According to a recent study, the 55- to 64-year-old age group accounted for 26% of new entrepreneurs in 2017. In 1997, those between ages 55 and 64 constituted only 15 percent of entrepreneurs. By 2016, that number reached 24 percent, according to the Kauffman Index of Entrepreneurship. Moreover, the U.S. Bureau of Labor Statistics reports that those 65 and over are the most likely in America to be self-employed, with nearly 16 percent fitting that description.

It is to be noted that the traditional view of retirement have dramatically changed.  In addition, full time leisure is not always exciting as it is usually portrayed.  The purpose of life becomes meaningless, especially if you are still healthy and your mind is active indeed.

Earn, Accumulate & Invest- All In One Biz

Older professionals with long, successful careers under their belts can leverage their experience and talent. In a rapidly changing technology based world, what better retirement investment could there be? The middle-aged entrepreneur has a formidable range of weaponry to use against his young competitors, including depth of experience, wisdom, accumulated wealth and confidence.

Older entrepreneurs can team up with the younger generation. It is also sign of true diversity- diversity of age, diversity of background, diversity of thought.  Young entrepreneurs benefit a great deal as older partners usually bring plenty of industry experience and a lifetime of connections and potential customers into the business. They may also contribute some capital.

It is easy to understand that starting a business venture during retirement years is good idea as you have decades of life experience.  You are seasoned.  You are likely to have business acumen.  And yes indeed, your know-how is invaluable.

According to a Founder Institute study, a 55-year-old and a 65-year-old have more innovation potential than a 25-year-old. Harvard Business Review says experienced workers provide emotional and intellectual stability in the workplace, and both are essential to innovation success.

Having business is also likely to add to your income.  It is estimated that on average social security income is about $1500/month.  That is not enough to meet expenses or live in a lifestyle you deserve.  Surely, it is important to consider financial gains, the emotional benefits from starting a business is priceless.

Earn, Accumulate & Invest- All In One Biz

Starting a business at the retirement is very enticing. As the mature entrepreneur you exude depth of knowledge, rich expertise and wealth, making you a highly valuable commodity in the eyes of the investor and society.

This article was published on 24.09.2019 by Prakash Kunjeer
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