Many Baby Boomers intend to start a small business in retirement. According the a Merrill Lynch report called “The New Retirement Survey” about 13% of Baby Boomers intend to start their own small business. There are about 77 million Baby Boomers so that means approximately 10 million could start a small business in retirement.

This may sound like the perfect solution but is it? I’m a Baby Boomer myself. I’m not a gloom and doom merchant. I’m a realist. What I believe in is facing my own situation and honestly assessing the likelihood of success.

So before we should even consider retiring or purchasing/starting a small business we need to take good look at our financial position.

The number one principle is to protect our nest egg in retirement, so we can live off it for the next 25-30 years. So this needs to be secured first. Then we can look at starting a small business. Read the rest of this entry »

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