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Color of Money: Here's how to retire to a rich life as an entrepreneur

Michelle Singletary on

WASHINGTON -- You don't have to retire.

Maybe you don't want to be the on-call babysitter for your grandchildren. You have no desire to play golf or travel the world.

What if your retirement meant finally pursuing your lifelong passion of becoming an entrepreneur?

After all, you have a wealth of work experience you can apply to your new venture as you enter the next season of your life.

And you would have plenty of company.

Self-employment is increasing among seniors. In 2015, people 65 and older had the highest self-employment rate (15.5%) of any age group, according to a report by the Bureau of Labor Statistics.

 

You can retire to a rich life of self-employment, according to Kerry Hannon, author of this month's Color of Money Book Club pick, "Never Too Old to Get Rich: The Entrepreneur's Guide to Starting a Business Mid-Life."

The title is a bit of a tease, Hannon admits. Yes, it's great to make money, but the entrepreneurs she interviewed -- there are 20 profiled in the book -- talk about something more priceless than what money can buy.

"The title refers in many ways to the inner richness of doing work you love, with people you care about and making a difference with your work," she says.

Hannon lives what she preaches. She started her own company at 42. She's the author of a dozen books. She writes a column for Forbes on second acts and retirement, and she is the entrepreneurship and personal-finance expert for NextAvenue.org.

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