Why start a business after you retire? To earn money, keep sharp and pass on your skills
Finally, a chance to put up your feet, enjoy the grandkids and sip piña coladas by the infinity pool.
Or is it? Instead of getting ready to slow down, some of the 50-plus crowd is revving up to become business owners.
One-third of all small-business owners are ages 50 to 59, 17% are 60 to 69, and 4% are 70 or older, according to the 2018 Small Business Trends for Baby Boomers from Guidant Financial.
Don Russell, 66, retired twice – the first time in 1994.
“II retired from investment banking, which turned into an 18-month sabbatical before I got the itch to return to work doing merchant banking and private equity sales,” Russell says. “In 2014, I retired again.”