Published on January 12th, 2015 | by Millennium Magazine Staff0
Boomers Pursue Business Ownership Over Retirement
(NAPSI)—Small businesses create jobs, help sustain communities and are a driving force behind the U.S. economy. What you may not know is that many take the leap to business ownership as an alternative to traditional retirement.
In fact, 62.2 percent of almost 1,000 small-business clients surveyed by Guidant Financial are 50 or older, with the highest percentage of new entrepreneurs between the ages of 51 and 58.
Why are many baby boomers leaving corporate America—or postponing retirement—and turning to business startups? According to the survey, approximately 10 percent of respondents cited not being ready to retire or coming out of retirement as their primary reason. For others, dissatisfaction with the corporate lifestyle or position, or fulfilling a lifelong entrepreneurial dream, drove the change.
Many of these entrepreneurs started their “encore” career with the help of a financing option called ROBS, or Rollovers as Business Startups. ROBS let prospective business owners leverage existing retirement assets to finance a business or purchase a franchise free of tax penalties. ROBS can also be used with traditional funding options, such as SBA loans, for supplemental financing.
For many who have trouble securing necessary business financing, ROBS can help make the startup dream a reality, and can be especially attractive to those who have spent a number of years in a corporate setting acquiring the assets and expertise to make their startup a success.
To learn more, you can call (888) 472-4455 or you can visit www.guidantfinancial.com.