A distinct trend is that of Baby Boomers choosing to continue working into their “retirement.” They want active, full lives. Complete retirement from work does not fit into that definition.
Some choose the path of getting a part-time or full-time job. Increasingly, however, we see Baby Boomer entrepreneurs — people starting or purchasing a business or a franchise for the first time later in life.
Korky Vann writes about this trend in Seniors Seek New Balance Of Work, Leisure, an article in the Hartford Courant. She was kind enough to consult me about the article, and one of the interesting aspects of her article is that she captures the growth industries that are popping up to help Boomers make decisions about their work later in life. She notes:
But figuring out what to do with the rest of your life can be challenging. To help make the best choices, soon-to-be retirees are turning to retirement coaches, retirement self-help groups and even retirement retreats for inspiration. These businesses are among the newest in the so-called “silver industries,” a term coined by Harry Moody, director of academic affairs for AARP, to describe new companies responding to America’s aging population.
Some answers might be as close as your library or bookstore. A new crop of books covering second careers, volunteerism, financial security, health and wellness, hobbies, downsizing and aging in style provides important information for middle-aged transitions.
In other words, not only is there a trend toward Baby Boomers undertaking new opportunities as entrepreneurs, but that in turn is giving rise to new opportunities for enterprising entrepreneurs to serve this huge demographic.