Finance News

Financing Your Second Career

The concept of retirement has changed drastically over the course of the last decade. From increased life spans to dwindling social security individuals of all backgrounds and professional niches have had to reframe their approaches to their twilight years.

For decades 62 marked the magical median age in which people could punch their time cards one last time, rely on their hard-earned pension plans and re-dedicate their lives to their hobbies and grandchildren. That 62nd birthday also marked the date in which individuals could access their social security plans. Today, the notion of slowing down at 62 is a relic of the past. Not only has the social security retirement date jumped to 66, but many people are not financially ready to quit working. With longer life spans people need to save more to ensure their health and comfort in their later years.

Additionally, 62, or 66 for that matter, is not what it used to be. Many 66-year-olds still have the energy to work and still have dreams to pursue. Now, retirement from a long-time career marks a new opportunity to pursue a dream that has always sat on the backburner.

It’s Never Too Late To Start A New Business

Some individuals aren’t even waiting for their sixties to pursue the second wind of their careers; Baby Boomers, which include all individuals born between 1946 and 1964, are taking their professional endeavors to Main Street USA and launching their own small businesses. Guidant Financial’s 2018 Small Business Trends for Baby Boomers report found that this generation accounts for 54 percent of current small business owners and 43 percent of aspiring entrepreneurs.

While entrepreneurship has historically favored the young, Boomers have the distinct advantage of experience on their sides. People in their fifties and sixties have decades of professional context and tangible skills to bolster their foray into new ownership territory. Additionally, some Boomers may also have slight financial advantages over their younger, millennial counterparts. With more than 40 years of working Boomers may have personal savings and investments to help them with the initial start-up costs of launching a business.

However, not every hopeful entrepreneur from this generation wants to pull from their personal savings to open up their own shops. For these individuals, financing options are abundant and readily available to help them transform their small business dreams into realities.

Small business financing resources

Every hopeful business owner knows that when it comes to getting a new business off the ground, traditional bank loans are always an option. However, taking this traditional route is time-consuming and (often) frustrating. Today, there are more options available, including alternative loans, equipment financing, and crowdfunding.

Alternative small business loans

Whether a first-time entrepreneur is looking for new lines of credit, merchant cash advances, or capital loans, there is a wide array of digital platforms designed to connect loan seekers with loan providers in the fastest amount of time possible. The benefit of using an alternative small business loan is speed; whereas bank loans can take months to process, thus delaying the launch of a new business significantly, many alternative small business lenders pride themselves on their ability to connect with loan applicants within a matter of days.

Equipment Financing

From computer systems to kitchen and cleaning equipment, every brick-and-mortar small business comes with a mountain of equipment costs. Determining which types of equipment are better to buy outright and which are better to lease is tricky and time-consuming. Platforms like Currency Capital make it easy to connect with dedicated experts to better understand how finance equipment needs and connect with equipment financiers. Working with experts makes it easier to understand the tax implications of leasing, the upfront costs, and the average lifespans of specific types of equipment.


For small business owners eager for options other than VC funding and Angel Investors the rise of crowdfunding represents a welcome alternative. Crowdfunding platforms enable anyone to financially back an emerging business. Using a crowdfunding model allows entrepreneurs to maintain ownership of their vision. Additionally, building a community of investors also ignites excitement and evangelism before a business’s official launch date. Platforms like Fundable allow new business owners to create campaigns, connect with individual investors, and raise capital.

Boomers today are enjoying a new lease on their professional lives. Unburdened by the financial and family responsibilities of their younger days, these entrepreneurs are taking advantage of their years of professional experiences to enter new career arenas. Just as there’s no single right way (or time) to launch a new business, there’s also no single right way to finance one.

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