There’s no doubt about it – retirement, in the traditional sense, is changing, and Baby Boomers are the ones responsible.
Baby Boomers aren’t retiring into simple lives of leisure as expected. Whether it’s due to financial instability, unexpected medical expenses, restlessness, or the desire to leave behind a legacy, many Baby Boomers are finding work after retiring from their main careers.
But Baby Boomers aren’t just finding any old retail job – they are becoming “retire-preneurs,” people using their would-be retirement as a chance to be their own boss.
According to a recent Forbes article, today, three quarters of entrepreneurs are Gen X or older, with 70% of soon-to-be retirees saying they want to keep working. Boomers are now more likely to start businesses than their Millennial counterparts.
Why go through all the work to start your own company so late in life?
- Many Baby Boomers have the drive to keep going and build something of their own, and they finally feel stable enough financially to do so.
- Starting your own business allows for a flexible schedule, instead of having to report to a 9-5 job, usually with a younger boss at the helm.
- They’re able to contribute to the economy with their years of knowledge in a particular field and are able to influence the next generation. According to Forbes, these second careers are an opportunity for Baby Boomers to advise and coach business leaders of tomorrow.
It’s too soon to tell now, but it will certainly be interesting to see if Gen X keeps up the retire-preneur trend when they enter their retirement years.
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