Felton Barner retired in late 2007 after spending 30 years in the information technology industry. But the 60-year-old Columbia resident didn't stay retired for too long. Earlier this year, Barner decided to pursue his lifelong interest in photography; he opened an art gallery business in May.
Peter Van Buren, too, was ready for a new start after a 25-year career in wine sales. Finding a company that matched his passion in promoting environmental sustainability proved challenging, though. So Van Buren and two partners founded the Baltimore home energy firm TerraLogos Green Home Services in 2006. He was 53 at the time.
For years after the dot-com boom, the 20-something upstart has been held up as a model of entrepreneurial spirit - take Google and Facebook, for instance. But contrary to such popular belief, it is the baby boomer generation - those 55- to 64-year-olds - that has the highest rate of entrepreneurship activity, according to a recent study by the Ewing Marion Kauffman Foundation, a Kansas City, Mo., nonprofit group that encourages entrepreneurship.
In fact, the study predicts the United States may be on the verge of an entrepreneurial boom because of a growing aging population. For the past decade, the 55-64 age group has been the most entrepreneurial. The youngest age bracket - 20 to 34 years old - has been the least active in creating new ventures, according to the study.
"I'm pleased to see that I'm not alone in looking out there and realizing the Elvis Costello [lyrics], 'Don't bury me 'cause I'm not dead yet,' " Van Buren said. "I've got a lot of life to live and a lot of living to offer, and I've got a lot of things to offer. The idea that I would go away quietly is ridiculous."
With baby boomers living healthier and longer lives, they are no longer following traditional retirement paths and instead seeking second and third careers. Part of that wave reflects a shift away from lifetime jobs with long-term employment falling for people ages 35 to 64 years old during the past 50 years, according to the study.
Besides, older Americans have the experience, skills, contacts and other resources to pursue entrepreneurial opportunities.
"They don't run out of ideas when they retire," said Dane Stangler, a senior analyst at the Kauffman Foundation who wrote the study.
Starting a new business during the worst economy since the Great Depression could have deterred most entrepreneurs, but Barner, feeling restless in retirement, decided it was the right time for him to take the plunge.
