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HARTFORD, Conn - The Hartford reported that many Baby Boomers are tapping into thier retirement to start and pay for new businesses. A survey conducted by the The Hartford Financial Services Group, Inc. (NYSE: HIG), of 500 boomer business owners, 75 percent tapped their personal savings, compared to only 20 percent who used credit cards and 16 percent who relied on bank financing, to fund the start of their businesses.
“More and more people are starting their own businesses later in life to pursue a personal passion or lifelong dream,” said John Diehl, senior vice president and leader of The Hartford’s Retirement Solutions Group. “We celebrate this entrepreneurial spirit, but also recognize that there are some practical issues these boomers should consider to effectively preserve and protect their wealth, such as understanding when and how to pay back any start-up costs, planning for cash flow crunches and availing themselves of potential tax advantages.”
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