Shunning Retirement At 65
Older Americans such as Kinsey are increasingly shunning retirement to start companies because they see job opportunities limited after age 55
On his 65th birthday, physical therapist Gary Kinsey incorporated a company that makes medical devices.
“It is a huge risk,” said Kinsey, now 67, owner of North Florida Medical Solutions Inc. in Gainesville. “I have sunk everything I have into it the last two years. I have put myself out on the line.”
Older Americans such as Kinsey are increasingly shunning retirement to start companies because they see job opportunities limited after age 55, don’t have enough savings to retire comfortably or want to work for themselves. People from ages 55 to 64 started 23.4 percent of companies in 2012, up from 14.3 percent of new entrepreneurs in 1996, according to the Kauffman Foundation’s research.
“The 30-year corporate job with a gold watch isn’t there anymore,” said Dane Stangler, vice president of research and policy for Kansas City, Missouri-based Kauffman. “A lot of people are not ready to retire. We are living healthier for longer, and they are looking for a main income or a supplementary income.”
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