Monday, February 20, 2017

Over-50s are the new business start-up generation - FINANCIAL TIMES

by Lindsay Cook
Originally published: February 16, 2017

Age discrimination does not exist when you are your own boss. The growth in self-employment since 2000 has been fuelled by the over-50s who are finding it increasingly hard to find full-time work. With the sheer number of baby-boomers now approaching retirement age, the era of the “olderpreneur” is upon us.

Age may have dimmed their employment prospects, but older people often have the financial firepower to start up their own businesses — with the potential to embark upon a second career, doing something that they always wanted to do.

Pension freedoms have made it possible to access retirement funds from the age of 55, plus transfer valuations on final-salary schemes have soared in recent years. This means it is possible to access valuable lump sums — or even borrow against the value of a pension — in order to fund a new venture.