Prior to the 1980's people began retiring earlier and earlier. It wasn't until the economic downturn in 2000 that the trend began to reverse. People were working longer, not because they wanted to, but because they had too. Now that Americans are not eligible for full retirement benefits until the age of 67, the entrepreneurial activity of those aged 55-64 is at the highest it's been in 10 years.
According to a study published by Irish Life Insurance, 1 in 3 new businesses are started by an entrepreneur age 50 or older. Of these business owners many were victims of corporate downsizing, finding themselves left without job options or a steady paycheck far before their expected retirement. Others were simply not mentally or financially ready to stop working, but looking for new business ventures that they could be passionate about.Read More