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Growing Percent of Seniors Choose Entrepreneurship Over Retirement



(p. A17) Fed up, Mr. Grupper decided to try something new: being his own boss.


. . .


"The risks have paid off," he said. "I'm making money doing what I love to do."


. . .


These "encore entrepreneurs" are increasingly finding their niche: Their numbers are growing more than twice as fast as the population of New Yorkers over 50. Now a new report by the Center for an Urban Future, a nonprofit research and policy organization, has documented the trend using an analysis of census and labor data and dozens of interviews with organizations that work with entrepreneurs.

"Ask most New Yorkers to picture an entrepreneur, and they imagine a 20- or 30-something in jeans and sneakers. But the face of entrepreneurship across New York City is changing," reads the report, "Starting Later: Realizing the Promise of Older Entrepreneurs in New York City."

The number of self-employed New Yorkers who were at least 50 rose to 209,972 in 2016, up 63.7 percent from 128,282 in 2000. By comparison, the number of city residents overall who were at least 50 rose just 28.5 percent to 2.67 million from 2.08 million during that same period.

These older New York entrepreneurs are also part of a national trend, driven partly by the financial crisis a decade ago. Still, their numbers have grown even as the economy has rebounded. In August [2018], the national unemployment rate was 3.9 percent overall, and 3.1 percent for those 55 years and over, according to the Bureau of Labor Statistics.

For many, it means no more answering to bosses half their age, or making do with part-time jobs bagging groceries to get by in their golden years.



For the full story, see:

Winnie Hu. "They're Over 50, and Excited for a New Start(up)." The New York Times (Tuesday, Sept. 18, 2018): A17.

(Note: ellipses, and bracketed year, added.)

(Note: the online version of the story has the date Sept. 17, 2018, and has the title " of the New York edition with the headline: "Retire? These Graying 'Encore Entrepreneurs' Are Just Starting Up.")






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