The Scouting Report: A weekly digest
Working late into life, gas stove bans, handsome cash buffalo
South Dakota has the largest percentage of self-employed people 67 or older among Baby Boomers in the Dakotas, Minnesota and Montana, according to a survey by the Federal Reserve Bank of Minneapolis.
Nationally, the number of retirement-eligible, self-employed people has been rising over the last 20 years. South Dakota’s share has risen more quickly and is well above the national average. Fourteen percent of self-employed people nationally were 67 or older. In South Dakota, 18 percent are 67 or older.
Many Boomers aren’t ready to retire. There are a couple reasons. Boomers are healthy enough to continue working, and they find meaning in running their business. But others might not have the financial resources to retire, the survey finds.
For others, the economy isn’t right.
“A lot of Boomers do want to retire, but if inflation and interest affects their business value by a lot, they’ll just wait,” said Stephen Wesolick, a Rapid City lawyer with Aspen Legacy Planning. “Unless they have cancer or some other urgent situation, they can sit on the business for another year or two.”
Aging farmers and ranchers may wait to see if a child or grandchild wants to carry on the family legacy, Wesolick said.