Starting a business in retirement

[retiresumtime]

Looking for advice, I am staring a business. I need around about 500k to get it off the ground. I have not left my company yet.....my net worth is 2.1mil cash house-other real estate 1.4 in 401k. Debt free for a few years.
Can I get a loan from the bank with out a job and with drawing 4 to 5% from my nest egg. My wife continues to work to 2021. School teacher I am 56 wife 55
Thanks for any and all advice. Would love to leave my company sooner than later, keep thinking the bank will not give me a loan while retired

 

[VanWinkle]

Looking for advice, I am staring a business. I need around about 500k to get it off the ground. I have not left my company yet.....my net worth is 2.1mil cash house-other real estate 1.4 in 401k. Debt free for a few years.
Can I get a loan from the bank with out a job and with drawing 4 to 5% from my nest egg. My wife continues to work to 2021. School teacher I am 56 wife 55
Thanks for any and all advice. Would love to leave my company sooner than later, keep thinking the bank will not give me a loan while retired

It is pretty easy to draw up a business plan, approach several financial institutions to "test the water" while you are still working. No reason to start the process after quitting the current job. Make sure you are not under a covenant not to compete if you are going into the same field of work as your job.

Good luck on your quest and I hope you are successful.

VW

 

[Senator]

Have you thought about risk mitigation? If your business fails, how does that impact retirement?

If it succeeds, how does that impact retirement? Often, that plan is even harder.

 

[retiresumtime]

Thanks for the advice.