Older Americans Shun Retirement at 65 for Risky Startups

Older Americans such as Kinsey are increasingly shunning retirement to start companies because they see job opportunities limited after age 55, don’t have enough savings to retire comfortably or want to work for themselves. People from ages 55 to 64 started 23.4 percent of companies in 2012, up from 14.3 percent of new entrepreneurs in 1996, according to the Kauffman Foundation’s research.

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“The 30-year corporate job with a gold watch isn’t there anymore,” said Dane Stangler, vice president of research and policy for Kansas City, Missouri-based Kauffman. “A lot of people are not ready to retire. We are living healthier for longer, and they are looking for a main income or a supplementary income.”

While Mark Zuckerberg started Facebook Inc (FB:US). as a college student at Harvard University, experienced managers may be better prepared for startups, said Jeff Mariola, 59, who in October started Chicago-based Digital BrandWorks, which acquired an electronic commerce company, www.buyhappier.com.

Read full article by Steve Matthews Businessweek.com