Don't ease into retirement: Women age 65 and over are finding new success in business

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A small but growing group of women are starting businesses at age 65 and up, finding success just as their peers ease into retirement. This new group of entrepreneurs are creating new businesses at a faster pace than the general population.

Three percent of women ages 65 and up are involved in early stage entrepreneurship, up from 2.3% in 2016, and outpacing business formation among the general population.With roughly 10,000 baby boomers turning 65 every day, an encore career as a business owner is a way for women to maintain their energy, interest and creativity rather than ease into retirement.

It's not a massive trend. The most recent Global Entrepreneurship Monitor, a sweeping study of entrepreneurs produced by Babson College, found in its recent 2017/18 United States Report thatare involved in early stage entrepreneurship — starting a business or running one that is less than 42 months old. That is up from 2.3% in 2016 and 2.7% in 2017. And it is outpacing the general population: Total entrepreneurial activity was 2.1% in 2017.

Shirley Yearwood, 65, is a case in point. She retired from a career at the IRS in 2016 and spent two years as the primary caregiver for her 97-year-old mother. With her mother now living in a nursing home, Yearwood yearned to do something more. Laid off from her job as an escrow assistant at a title insurance company in 2013, Linda Clay, then 63, couldn't find another job. So she became a business owner.Some women who start businesses in their mid-sixties and beyond are looking to get into a new line of work that doesn't come with the pressure of an earlier career, according to Babson's Kelley.

 

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At 65 I better be having drinks with umbrellas at 8 a.m.

SamSanderson123 Love articles about how people don’t want to retire (because they can’t). 😂

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