Southern Coast Home Design - Index

Southern Coast Home Design - inSouthern Coast Home Design, Decorating, Gardening, Cooking, Real Estate, Lifestyle and more. - Index

In the age of innovation, new ideas grow more and more popular
every day. Plans for a new kind of retirement are no exception. The
old idea of retirement doesn’t have the appeal it once did and
boomers are now planning for a new stage in their life – one which
will keep them active so they can fulfill the passions and dreams
they weren’t able to pursue when they were working. Retirees are
now healthier—and often wealthier—than they have been during any
other time in history, and one common dream that many share is
starting their own business.
According to a 2005 Rutgers University study, at least three million
entrepreneurs are 55 years or older. They have embraced their entrepreneurial
spirits and started their own businesses. This number is up
more than 30 percent from 2000. Nearly seven out of 10 workers
believe they will work in some capacity after age 55, and 15 percent
of those intend to start their own companies after retiring.
Why Build a Business After 55?
Retirees decide to take on the challenge of starting a business for
many reasons:
• They are still physically able to work
• They want more money to accommodate a long retirement
60 SOUTHERN COAST HOME DESIGN www.SouthernCoastHomeDesign.com
Silver Entrepreneurs
How to start a business as a retiree
BY MAC GARDNER OF MERRILL LYNCH
• They want to pursue a passion
• They want to stay active and intellectually stimulated
If you are nearing retirement and think the entrepreneurial path
might be right for you, make sure you consider all the factors, both
emotionally and financially, before getting started. Partnering with a
Financial Advisor will help you to examine your goals and options,
including emotional and financial factors so that you can make an
informed decision whose outcome can be a financial success.
Raising Capital
Retirees often face tough decisions when it comes to financing
their own business, such as deciding whether to use their retirement
nest egg as start-up capital. The answer depends on a number of
factors, including your age, the size of your retirement savings, your
risk tolerance and your lifestyle. If you have a modest nest egg that
you anticipate will be just enough to provide you and your spouse
with retirement income, avoid using your nest egg money for your
business at all costs. Tapping into these savings may result in an
unacceptably high likelihood of your outliving your retirement
assets.