Guidant Financial Group Blog

A recent article on cnbc.com suggests that baby boomers over the age of 50 may want to consider using retirement funds to start a small business to help supplement their income later in life.
The article, entitled “Boomers: Action Plan if your 50 and Haven’t Saved a Dime,” highlights several options for baby boomers who have recently been laid off, or who have found themselves close to their dream retirement age without the funds to support their exit from the workforce, to jump-start their savings.

The article cites a recent survey by Guidant that shows that 80% of our 401(k) Small Business Financing clients are between the ages of 40-60. “The recession wiped out trillions of dollars in retirement savings and many excellent workers have been downsized” The article says. “But this environment has also motivated many Boomers a lot of motivation to evaluate other options and pursue their dream of owning their own business.”

Other suggestions the author has for pumping up retirement savings later in life:
- Contribute the Max to your 401(k)
- Don’t Look for the “Magical” Investment
- Convert and/or Contribute to a Roth IRA
- Delay Retirement Age