Using Your Retirement Fund to Start Your Small Business

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Where do you see yourself upon retiring? Do you intend to spend some quality time with your grandchildren? Or would like to be the head of your own business? If the latter appeals to you, that’s not surprising. The American Association of Retired Persons said that 70 percent of retirees want to continue working and be their own boss. Many cherish the idea of self-employment.

According to the National Academy on an Aging Society, many retirees actually stay active after retirement age. The Academy found that, “61 percent of individuals aged 60 – 69 work full time, and 72 percent of people aged 70 plus work part-time.” Individuals in this age bracket have a wealth of lifetime experiences and generally good business acumen. They tend to be more risk averse and this lends to their success in taking on a business venture or starting up their own business. And during an economic downturn, retirees also find it more difficult to be hired as they compete against younger workers.

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