It’s never too late to pave the path you want for yourself – and many baby boomers are taking this to heart when it comes to working beyond retirement.
In fact, 54% of workers plan to work beyond age 65, according to the recent 13th Annual Transamerica Retirement Survey – but many won’t be in their old jobs. An increasing number of boomers are planning to become small-business owners before turning the page to retirement.
Whether it’s starting freelance consulting work, opening a specialty business or buying a franchise, taking on a new challenge seems to be on a lot of boomers’ minds.
There are a number of attractive reasons boomers want to become small-business owners, including being one’s own boss, making more money, and having a sense of personal accomplishment and pride.
But, while the benefits go on and on, there’s a list of things to consider before jumping the gun and starting up a business at this stage of one’s life. And experts warn boomers to think long and hard about these key issues before making their stop on the road to retirement:
Personal finances. Finding a balance between saving for retirement and investing in a business can be tricky.
Financing your small business. Positive cash flow is critical for success.
Have a plan. Set goals and follow up with a plan to achieve them.
Remember you will retire eventually. Develop a sound succession plan to ensure the continued success of your business.
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