If you want to spend your retirement darning socks or playing bingo then this information isn’t for you. However, if you want to invest your retirement funds into something that will generate continuous profit then consider opening or purchasing a small business or franchise. An article by the American Association of Retired Persons states that 70 percent of retirees report that they expect to continue working in their retirement years, even through self-employment. There are numerous benefits to starting a small business in your twilight years. Not only will you be able to further your passion for working, but also retain financial independence. Another big plus is that after working for someone else for years you can now take hold of the reins and be your own boss. Who hasn’t fantasized about that at one point in their career?
Remaining active after formal retirement is more common than you think. According to the National Academy on an Aging Society 61% of individuals aged 60-69 work full-time, and 72% of people aged 70 plus work part-time. Such people choose to apply their years of knowledge and experience to opening their own businesses with a generally high success rate. In a soft economy especially, there is more competition for jobs and older workers are many times passed over for their younger counterparts. So investing your retirement funds into a small business start-up is a smart move, particularly for workers over 50 that cannot find work easily after retirement.
As with any small business start-up, you must have the proper funding to be able to get off the ground. Older entrepreneurs with retirement accounts will have an easier time finding the funds they need than young dreamers with no money or experience. The DRDA P.C. firm is home to an innovative and powerful business financing program dubbed BORSA that can help you invest your retirement funds in a small business start-up or franchise with ease.
BORSA is a tool that allows prospective business owners of any age to utilize the funds accrued in an IRA or 401(k) for start-up capital, or for the equity injection required for an SBA loan. BORSA stands for Business Owners Retirement Saving Account and can be used to purchase an existing business, franchise, or start-up without incurring penalties such as taxes, interest or distributions.
There are a few things to consider when contemplating investing your retirement funds into a business such as:
Do you want to buy or start from scratch?
Do you want to offer a product or service?
Do you want to open alone or with others?
Whatever business you choose to open, DRDA can help you every step of the way with their numerous business advisory services and expertise on the BORSA plan. So get off the rocker and dive into entrepreneurship to supplement your retirement income with money made in a small business or franchise. To learn more about the BORSA plan call DRDA P.C. at 281-954-6040 today or visit www.drdacpa.com. Fill out the form below for more information.
