Starting A Business
Retaining some form of meaningful engagement and having a sense of purpose is critical to enjoying retirement. Many high-powered former business executives and professionals still need some semblance of a structure in their lives.

“Men, in particular, can go stir-crazy,” says Mitch Anthony. Earlier this year, Anthony found himself talking with a 75-year-old ex-CEO who had been retired less than a year and was re-entering the job market for reasons of mental health.

But today’s Darwinian labor market isn’t inclined to roll out the red carpet for folks in their mid 70s. That helps explain why both entrepreneurs and retired executives with substantial means who always had an entrepreneurial itch find the temptation to start a business irresistible.

If a client can get a new company up and running without a substantial capital commitment, most advisors will applaud them. But according to Salvatore, finding consulting work or engaging in some type of service work that doesn’t force them to dip into their capital is usually preferable.

Balasa recalls that in 2009 a number of clients viewed the devastated real estate market as an obvious opportunity to make a killing. Real estate requires capital and expertise. Many giant investors with deep pockets, invaluable connections and access to capital like Blackstone had the exact same idea and numerous advantages.

The post-recession experience of Balasa’s clients as real estate investors varied. Some lost serious amounts of money, while others treaded water or eked out marginal gains. But none earned what they would have if the funds had remained in their portfolios.

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