The Kauffman Foundation, which studies entrepreneurialism in America, offers a neat infographic that highlights some of the data points related to boomers who are, or want to be, entrepreneurs. Some of the statistics worthy of mention:
- Boomers are twice as likely as Millennials to be planning to start a new business within a year
- Almost one-quarter of all new entrepreneurs are over 55 years of age
- 80 percent of boomers start businesses for lifestyle reasons
- Boomers are expected to remain in the workforce longer than earlier generations; by 2022, over 40 percent of those over age 55 and 23 percent of those over 65 will still be working.
The boomer generation has reinvented (or "rewired," as I call it) retirement. We are clearly a different kind of generation, living longer lives and wanting to be productive in our later years. Working during the traditional retirement years could be an economic necessity for some, but the data supports the notion that boomers are interested in working, volunteering, or some combination of the two, not just for income but to forge the right balance in their lives as they grow older. Interestingly, it seems many boomers consider working for themselves to be the most attractive lifestyle option.