Boomers turn to entrepreneurship in tough job market

Although many people may think that the economic downturn has impacted only younger employees, it has also affected how baby boomers are working. Many people who lost their job are finding it difficult to land a new position, but some of them are simply choosing to become self-employed as a solution, the Financial Post reports.

Starting his own business was the choice that 66-year-old Michael Morris made. The long-time fashion industry employee knew that any government assistance would not allow him to live comfortably in retirement, and when businesses did not hire him, he simply took matters into his own hands and created a consultancy group centered around baby boomers. He says that his story is not unusual in the wake of the 2008 financial crisis.

"Boomers around the globe are struggling with the same problem of how to regain their financial independence and self-esteem," he told the publication.

The good news is that baby boomers are especially well-suited to become entrepreneurs. In addition to having decades of experience in their field, they have a number of new tools at their disposal in the form of social networking and other technological advances they may not have had in their younger years.

While working past retirement age might seem like it carries a significant downside, experts say that if you manage to start a business in something you're passionate about it can be an enjoyable experience. The key is finding something you enjoy doing, and according to AARP it's a trend that seems to be catching on.

Recent research has shown that adults between 55 and 64 are launching start up companies much faster than their younger counterparts and have been doing so every year since 1996.