Retired and in Debt: Can Owning a Business be the Answer?

Surely the hard-working and industrious South Korean Boomers planned well and are retiring in comfort, right?

Wrong, according to a report from Reuters.

A study by the South Korean government revealed that most of the more than seven million Baby Boomers there did not plan for retirement–and in a country where the average retirement age is just 58 years old, that is proving disastrous for many.

It could be a case of too much confidence in entrepreneurship. South Koreans are leaving the corporate workplace and starting up small businesses–normally, a great idea. In the current economic downturn, though, those businesses are failing in droves.

Worse yet, when the parents lose their shirts, their children are getting angry as they watch their inheritances go down the drain and the parent’s homes be taken to pay off loans.

Surely, that couldn’t happen in America …

Boomers, beware.

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