These boomers have grand ideas for their Next Big Act. Money Magazine shows them how to pay for it.
A plan for Boyce Pearson
Starting a nonprofit
A plan for Boyce Pearson
It may be a hard pill to swallow, but instead of retiring, Simon advises Pearson to stay on and weave the foundation into his working life, perhaps by starting a summer arts camp.

If he can keep working for another 10 years, the Pearsons can bulk up their nest egg. Saving 15% of their salaries each year, and assuming a 6% return, they'll have around $340,000 to work with when he retires, not counting his pension.

Once Pearson's retirement plan is in place and he's ready to get his nonprofit off the ground, he'll need to pay a state incorporation fee of $50 and $2,500 or so to hire a lawyer and register with the IRS as a 501(c)3 tax-exempt organization.

But he can't fund the rest of the dream alone, says Pakroo. "He needs to attract the interest and financial support of other people," she adds.

More grounded in the reality of his situation, Pearson is considering staying on the job and starting a summer program. Despite a long road ahead, he remains enthusiastic and is already promoting the idea among family and friends: "Everyone is buying into the foundation. They're getting excited and catching the spirit of it."

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.