Ageless in America

Don't Retire. Rewire.

Plan "B" for Boomers & Beyond. Entrepreneurship over 50.

Retirement is no longer a transition into old age. But, an opportunity for new adventures. A lifestyle with more freedom. Often, a time for reinvention. 60 is the new 40. The global population is living longer. Individuals are healthier, more capable, and seeking new challenges & adventures. A 65-year-old today has a better than 1 in 5 chance of living past 90. (Click here to see SSA study )

The boomer generation is massive. There are over 77 million baby boomers (births between 1946 and 1964) living in the U.S., with 10,000 retiring every day. For many, this is the beginning of a new life stage filled with endless games of golf or pinochle. Or, playing canasta. Many are very happy simply keeping amused and riding into the sunset.

Others, enjoy working and choose to continue a corporate career -- doing what they know and love most. But, this option is not always available. Many employers hesitate to pay higher salaries for more experienced senior workers, favoring less-experienced, cheaper candidates. They also shun benefits 50+ workers expect.

Despite a 4.0% unemployment rate, older workers seeking employment are not finding work. Workers 34 or younger who have been laid off have a 36% chance of finding a new job within a year. For, those in their 50's, it's only 24%. Past age 62, it drops even more. Many in the 50+ cohort who want to work are involuntarily accepting part-time positions. More troubling, are the growing number so discouraged they're taking jobs they're highly over-qualified for. Or, have just quit looking altogether.

Entrepreneurship. Your Second Act?

Boomers seeking work during their retirement years, want to work on their terms -- with the ability to select assignments; structure work hours; and, have greater control over compensation. Becoming an entrepreneur after 50 enables this group to continue to be vital and produce income -- while shedding the less enjoyable aspects of full-time work and leveraging skills and experience they've acquired during their professional career. In addition, it enables them to maintain a professional identity it took years to build.

Business ownership is not for everyone. But, it can offer an important option to those seeking fulfillment, purpose, and growth at a stage in life when they can still be highly productive. It can also provide financial security, control, and flexibility in many new ways.

7 Reasons to Continue to Work Past 50

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Retirement... What's That?

Entrepreneurs who say they're never going to retire are usually in one of two buckets...

• Those who want to work because they always have and need the mental activity; and,
• Those that have to work because they didn't accumulate enough cash to retire.

A recent AARP study found that 76 percent of retirees work past retirement because they need the money, while an equal number reported they worked for the enjoyment of it. In addition to the financial rationale for continuing to work, some believe their quality of life and health would be diminished if they stopped doing the work they love. Life is growth. When growth stops, life withers away.

Are you ready for business ownership?

After a frustrating day at the office, you may picture yourself owning your own business. That thought is exciting and may seem more fulfilling than working for someone else. Perhaps, you’ve always had an idea for starting a business or have recently discovered an opportunity to purchase a business that interests you. How do you know if owning a business is the right move for you? Before you jump in, ask yourself these six crucial questions about becoming an entrepreneur.

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Franchising -- A flexible option that lessens risk, and accommodates different levels of investment, labor, and direct involvement.

Proven Business Models

Franchises offer a road-tested business model that are successful and reduce the uncertainties associated with starting a new business from scratch. The franchisor provides extensive training and ongoing support to franchisees and helps them navigate challenges and avoid common pitfalls. It leverages economies of scale, comes with a recognizable brand, and offers better access to financing.

Home-based Models

Home-based franchises can be an ideal choice for individuals seeking to start a business without the high capital investment or intensive labor typically associated with traditional brick-and-mortar models.

Home-based businesses don't necessarily operate out of your home. Instead of having customers come to you, you go to the customers. These businesses are often much cheaper to start compared to traditional brick-and-mortar establishments. You might not have any employees, but you could work with subcontractors or W-9 contractors. This model can be more lucrative due to significantly lower overhead costs. Additionally, many of these businesses are recession-proof and cater to essential needs, making them stable opportunities even in tough economic times.

Passive-/Semi-Passive Investments

If you’re interested in owning a franchise but don’t want to devote full-time hours to it, consider semi-passive franchise ownership. This model appeals to people in a variety of situations. Some want to keep their day job while growing a business on the side, while others are looking forward to retirement and want to build an asset they can pass on to their children. Some people want to grow a business as part of a portfolio of businesses. All of these scenarios are compatible with the semi-absentee ownership model.

A semi-absentee franchise model typically requires 10 to 15 hours a week once it’s up and running. It’s a concept individuals can start which does not require your full-time effort and allows you to do something else in addition.

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So, 60 can be the new 40.

It's a time to think about... What do you want to do during your next phase? How do you want to spend your time?

You may be an empty nester with plentiful time and energy to devote to a new calling. You may have realized after years in the corporate world that you’d like more flexibility and/or control. Maybe you’re also motivated by the desire to create wealth, to give back and help others, or to stay active and creative. Many people in their 50s, and older, find that investing in a franchise could be particularly rewarding.

You can find tremendous joy and fulfillment in reinventing yourself. It’s a wonderful second chance to build a life with meaning and financial rewards. With a little care and thought the best years in life can be ahead of you!