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Weinert Director Shares Tips with Retired Entrepreneurs

Monday, September 13, 2010

The current economy may be the best opportunity to start a new business, especially if you are retirement age, says U.S. News & World Report. According to an AARP and Urban Institute analysis, nearly 25 percent of workers who change jobs after age 51 become self-employed.

When asked about tapping retirement savings to start new ventures, Weinert Center for Entrepreneurship Director Dan Olszewski suggests that older entrepreneurs may want to be very careful about using their nest eggs because to start new companies because the amount of time a boomer might have to recovered lost funds is dramatically shorter.

“You need to be able to feel confident that the worst-case scenario is something that you can live with,” Olszewski cautions retired entrepreneurs.

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