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Entrepreneurs - created their fortunes after 50!

Did you know that some of the most successful businesses in the United States were started by people over the age of 50?

A few impressive examples!

  • John Pemberton, age 55 - Coca Cola

  • Col Harland David Sanders, age 65 - KFC

  • Raymond Kroc, age 52 - McDonald's

For most, retirement conjures up images of an elderly people sitting in their home reading the newspaper, sipping tea!

Traditionally, retirement has meant an end to 8-hour work days and a regular income! With living costs rising and an aging population, there is now much discussion by governments around the world on the need to keep people working longer! "Retrain, get another job but for goodness sake keep working" is the common catch-cry by politicians but they just don't give any practical advice on how to achieve it! Which poses the question "should they"?

Baby Boomers (1946 - 1960) have been described as the "can-do" generation. As a group, they are the wealthiest, most active, and most physically fit generation. They were the first to grow up genuinely expecting the world to improve with time. Receiving peak levels of income, they could reap the benefits of abundant levels of food, apparel, retirement programs, and "midlife crisis" products. The increased consumerism for this generation has been regularly criticized as excessive.

With all this in mind is it any surprise that this Baby Boomer Generation who questioned and protested wars, lived the sexual revolution and got a University Education would be the ones to reinvent 'retirement'! A little research and it doesn't take long to see Baby Boomers are challenging the traditional definition of retirement. According to an info graphic published by Irish Life Insurance Company, one in three new businesses in the United States were started by someone aged 50 or older. The report also indicated that people in the 55-64 age bracket have actually had the highest rate of entrepreneurial activity in the last 10 years.

We are the "can-do" generation, so if for any reason your employment ceases before you are ready, give some thought to 'self-employment' and trying out new ideas. Provided you are not betting the 'house' on it, then what is the worst that could happen!

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