TORONTO, ONTARIO — (Marketwire) — 08/01/11 — Canadian Boomers will be making the most of their down time, with millions expected to launch “semi-retirement” businesses as their careers wind down, according to a report from the BMO Retirement Institute.
The report found the following:
“For an increasing number of Canadians, retirement isn-t about a definitive shift from work to leisure,” said Tina Di Vito, Head, BMO Retirement Institute. “Rather, it-s more of an extended transition that involves a combination of both.”
This “Boomerpreneur” trend, where Canadians on the cusp of retirement are looking to realize their self-employment dreams, is expected to grow as Boomers start to retire in greater numbers over the next few years. However, those considering it should understand that entrepreneurship involves an enormous financial commitment that is best managed with the assistance of an experienced financial professional.
This year, the first of the Boomers became eligible for retirement (65 years old). As Canadians start to retire in greater numbers, the “Boomerpreneur” phenomenon could lead to Canada experiencing a surge of new businesses that, planned and managed prudently, should provide a positive economic boost in the long-term. Conversely, the lack of sufficient preparation could have an overall negative effect on the economy and the business owner.
BMO-s Tina Di Vito offers the following advice to Boomerpreneurs-to-be:
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