Retirement: A New Vision for 50+ Entrepreneurs

Growing old isn’t for sissies. –Bette Davis

It was a short-lived dream: graduate high school & college, find a corporate job, work for 30 or more years and then retire. From there, kick back on a sunny beach or a mountain vista and visit the grandchildren on their birthdays.

My parents groomed me for this version of retirement and I pursued it with intense determination. However, the economy, reality, and change forced everyone to rethink ‘the ideal’ vision. Dreams of beaches and mountain tops fizzled as many of us were tossed into survival mode. What options were available at that time?

  • More education? Reality—too expensive.
  • Oddball jobs? Reality—not enough to cover bills, plus FIERCE competition.
  • Entrepreneurship? Reality—risky, but a possibility.

I chose the latter, as did many of my peers. According to the 1997 Kauffman Index of Entrepreneurship, roughly 15 percent of new entrepreneurs ranged between 55 to 64 years old. That figure grew to 24 percent in Kauffman’s 2016 Index.

This time period also saw a surge in caring for elderly parents while our adult children moved back home. Many of us survived by cashing in some or all of our retirement funds.

Results:

  • We’re embarking on new career paths of our own making. According to the Intuit 2020 Report: Twenty Trends That Will Shape the Next Decade, 46 percent of the work force will be freelancers by 2020.
  • Family members are moving in. Another report by Housing Perspectives states that multigenerational living in the US will increase by 46 percent over the next 20 years.
  • We’re recouping the retirement funds sacrificed for survival. Although finances are a concern, we’re happier, less stressed, and have more freedom as we build our own business opportunities.
  • We’re establishing a new vision for retirement: We’re encouraging entrepreneurship for our children and grandchildren.
  • Innovation programs and services are growing across the country to assist and encourage entrepreneurship and economic development.

It’s been a tough decade, but we’ve emerged with new plans, goals, and visions. What are you doing to redefine your retirement?

Kristen

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