In the economic downturn, unemployment is on the rise, but so is entrepreneurship. According to a new study released by the Kaufmann Foundation last month, older adults age 55-64 have the highest rate of entrepreneurial activity. Older workers are using their skills to create small businesses to generate income.
Many workers are working longer to meet their financial needs. The Elder Economic Security Standard™ Index can serve as a useful financial planning tool for both older adults who want to know what it costs in their communities to get by, and also for younger generations as they look ahead to retirement.
Small businesses are a vital player in our nation’s economy and it will be exciting to see the new products and opportunities that become available due to the innovative ideas of older workers.