What Starting an S-Corp Could Look Like for You in Retirement, Ep #217
Description
Today we’re diving in to a specific path that many retirees consider as they move away from the “corporate” world and enter their second act – which is starting a business.
With increased life expectancy, cost of living increases and a desire for continued fulfillment, many retirees are excited to begin a new experiment in an area they are passionate about.
Some surveys show the proportion of people starting businesses at ages 55 to 65 has increased in recent years and, at one point, even surpassed the typical entrepreneur age group of 25- to 35-year-olds.
So today we’re speaking to those currently operating sole proprietorships and single-member LLCs OR those considering starting their own business. We’re going to shine the light on the S Corp business type and provide some details on why this could be an opportunity to explore.
Outline of This Episode
- [0:55 ] How to know when you have enough
- [2:09 ] Starting a business in retirement
- [6:02 ] Why it's important to understand what an S-corp is
- [10:10 ] An example
- [14:54 ] The downside of the S-corp
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