Retiring after age 50? What to consider if you’re starting a business when you do

Retiring after age 50? What to consider if you’re starting a business when you do

Dubai: If you’re planning to start a business after you retire, you may be tempted by the prospects of earning an extra income, supplementing your retirement savings, and pursuing a dream of finally becoming an entrepreneur. But do the risks outweigh the benefits of doing so? Let’s find out. While it’s widely believed that the most successful entrepreneurs start young, given that billionaires like Bill Gates, Steve Jobs, and Mark Zuckerberg were in their early twenties when they launched what later turned giant conglomerates, in reality, world statistics currently portray a reversing trend. According to multiple surveys, the number of retirees over age 50 who started their own business has risen dramatically in the past decade, accounting for nearly 60 per cent of those who have started their own business, from around 30 per cent in the decade prior. Another global study also showed that more than seven in 10 start-ups begun by retirees survived at least five years. So if you’re considering joining this fastest-growing segment of entrepreneurs aged 50 and over, referred to as 'seniorpreneurs' or 'olderpreneurs', here’s what you should know. Newbie entrepreneurs who are over the age 50 or 55, also referred to as ‘encore entrepreneurs’,