TORONTO, ONTARIO — (Marketwire) — 10/06/12 — With a third of the Canadian workforce predicted to retire over the next five years, a growing number of retirees are looking to use the opportunity to start a business.
According to Industry Canada, 40 per cent of workers over 65 are self-employed and, over the past decade, the overall number of self employed workers has increased by 17 per cent. The “Boomerpreneur” phenomenon could lead to Canada experiencing a surge of new businesses that, planned and managed prudently, could provide an economic boost in the long-term.
“For an increasing number of Canadian boomers, their retirement picture isn-t a definitive shift from work to leisure,” said Tina Di Vito, Director of Retirement and Financial Panning Strategies, BMO Financial Group. “Rather, it-s more of an extended transition that involves a combination of both.”
With Canadians on the cusp of retirement looking to realize their self-employment dreams, the “Boomerpreneur” trend appeals to many for a variety of reasons. According to Ms. Di Vito, these can include:
Ms. Di Vito also noted that, while the additional income generated by a business can be helpful, many boomers do not chose to start a business for this reason alone.
While there are many benefits to opening a small business in retirement, -Boomerpreneurs- should understand that entrepreneurship involves an enormous financial commitment that is best managed with the assistance of a financial professional. Lack of sufficient preparation could have a negative effect on the business owner.
BMO-s Tina Di Vito offers the following tips to Boomerpreneurs-to-be:
For more information on starting a small business, please visit: .
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Contacts:
Media Contacts:
Rachael McKay, Toronto
(416) 867-3996
Valerie Doucet, Montreal
514-877-8224
Laurie Grant, Vancouver
604-665-7596