June 22, 2009
Over 50's Look to Become "Older-Preneurs"
The trend for 'older-preneurs' is set to increase with 8% of UK adults aiming to start a business in retirement – but it's a risky step and one that would need some careful financial advice.
According to Standard Life and YouGov, the number of those looking to go self employed unsurprisingly rises to 11% of those currently aged 18-25 – in the downturn a lot of people are thinking of going it alone and becoming their own boss.
But it's not surprising that many want to be their own boss in retirement – 85% of the population do not intend to stop work post retirement age and a third of the population want to continue in full time work post retirement age. Also, 31% want to carry on in a similar role but on their own terms.
John Lawson from Standard Life says: "Quite simply, people do not get old like they used to. The Baby Boomers started a trend for redefining what is effectively their 'third age' and these findings point to a continued trend for re-writing the rule book for younger generations.
"Whereas a 'job for life' is now a thing of the past, fulfilment and job satisfaction are expected. So having worked over 30,000 hours before feeling confident and until age 50 to feel fulfilled, it stands to reason that people will choose to continue to do a job that they enjoy and are good at."
If you are thinking of going it alone later in life, there are a lot of practical financial matters to deal with. All of a sudden you will be a self certifiable borrower, and will therefore find it a lot harder to find credit and a new loan. You will also have to deal with your own pension, your own insurance, your own tax and your own business debt. It's a tall order, especially if you have been employed all your life – that's why a financial adviser is crucial insetting up your own business.
An adviser will be able to help you find financial products tailored to your needs. They will help you with your debts and your assets to make the most of your money and your retirement, however that may be spent.
SOURCE: Standard Life, 12/06/09
Keep up with the latest news and comments on Self Employed Mortgages at the Self Cert Mortgage Blog
