Baby boomers becoming entrepreneurs in golden years


February 8, 2011

While movies like The Social Network may have many believing that the greatest entrepreneurial spirit exists in Generation Y, Forbes magazine recently stated that 62 percent of baby boomers expect to stay in the labor force until 2020. One study by the Ewing Marion Kauffman Foundation shows that they are driving an innovative boom in business.

This may surprise some but, in fact, baby boomers have accounted for the highest rate of entrepreneurial activity from 1996 to 2010 and these silver-haired workers aren't planning to call it quits just because they're entering their golden years. In fact, the Kauffman study indicates that retirement may be the best time for boomers to start their own business dreams.

Many older adults may also be caring for seniors, which may deter these ambitions. One may want to consider investing in an elderly alert system, which is a device that allows users to immediately send a medical alert if they require assistance. This may reduce the amount of times caregivers have to check on parents.

There are also twice as many founders of companies over the age of 50 as there are under the age of 25. This trend comes on the heels of increasingly prevalent technology use, as there was an 88 percent jump in the number of Facebook users aged 50 to 64, the news source reports.