Retire? Forget About It
Which age group do you think has more entrepreneurs–twentysomethings or those over 55? If you guessed the latter (because it seems less likely so it must be true) you guessed correctly.
According to the Ewing Marion Kauffman Foundation, a nonprofit organization dedicated to the research and support of entrepreneurship, in the past decade the highest rate of entrepreneurial activity belongs to those between 55 and 64 years old. According to the study, “The 20 to 34 age bracket…which we usually identify with risk-taking youth (think Facebook and Google), has the lowest rate.”
Recently, many factors have encouraged entrepreneurship, including layoffs–which increased steadily for those over 55, and stand currently at 7 percent–according to the Bureau of Labor Statistics. While lower than the national average, this represents a higher unemployment rate for older Americans than at any time since 1948, and those out of work are staying unemployed much longer. Couple that with the fact that many have witnessed the balance in their 401(k)s and IRAs take a tumble, forcing them to postpone retirement.