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Should You Start a Business in Retirement? Here's What You Need to Know

Whether you've always wanted to own your own company or just want to stay active or have more retirement money, starting a business in retirement is possible. Here's what to consider.
The article from Kiplinger discusses the considerations and benefits of starting a business during retirement. It highlights that many retirees are turning to entrepreneurship to stay active, generate income, and pursue passions. Key points include the flexibility of working on one's own terms, the potential for financial gain, and the psychological benefits of staying engaged and mentally sharp. The article also addresses the challenges such as the need for careful financial planning, understanding the market, and managing the physical demands of running a business at an older age. It suggests that while starting a business can be rewarding, it requires a realistic assessment of one's health, financial situation, and the business environment. Additionally, it mentions resources like the Small Business Administration (SBA) and SCORE for support, and emphasizes the importance of having a solid business plan and possibly consulting with financial advisors to ensure this venture aligns with one's retirement goals.

Read the Full Kiplinger Article at:
[ https://www.kiplinger.com/retirement/retirement-plans/should-you-start-a-business-in-retirement ]