Type of Content: News
Subtype: Newspaper or Magazine Article
Resource Title: Making a New Start in a Business of Their Own
Publication Title: New York Times
Publish Date: October 21, 2020
While the coronavirus pandemic is causing many older workers who have lost jobs, or who have been offered early retirement severance packages, to decide to leave the work force, others like Mr. Summers are shifting to entrepreneurship.
In fact, older Americans had already been starting new businesses at a fast rate. In 2019, research from the Kauffman Foundation, a nonpartisan group supporting entrepreneurship, found that more than 25 percent of new entrepreneurs were ages 55 to 64, up from about 15 percent in 1996.
It turns out that the importance of entrepreneurship, or self-employment as a form of work, increases significantly with age, according to a report by Cal J. Halvorsen and Jacquelyn B. James of the Center on Aging & Work at Boston College.
According to the report: “While about one in six workers in their 50s are self-employed, nearly one in three are self-employed in their late 60s and more than 1 in 2 workers over the age of 80 are self-employed.
Resource URL: https://nyti.ms/3jl4Ioy