Seniors mind their business

These baby boomers and seniors take on and deftly handle entrepreneurship in the latter part of their lives.

Earl Reed, 67
Earl Reed, 67
Location: Alexandria, Va.

Working as an Air Force pilot and later as a government-contracted program manager, Earl Reed traveled the world and lived a life most people could only dream of.

Unfortunately, while living out of suitcases grew old, the prospect of retiring altogether seemed boring and certainly not profitable. To combat a diminishing 401(k) and depreciating real estate assets, Reed decided to make one last gamble and open an urgent care medical facility last April.

"My peers think I'm crazy for starting a business at this age," said Reed. "But I consider this my new retirement plan."

The risks were great -- with a $500,000 SBA loan plus personal investments, Reed's total commitment is in the seven figures. But so far it's paying off. In a fairly lucrative market with no competition, he expects to break even within the next couple of months.

"We are open seven days a week and after hours, and we usually see people within 45 minutes," he added. "This is an underserved area, and I consider this facility an asset to the community."

By Andrea Williams, contributing writer @CNNMoney - Last updated December 16 2011: 10:24 AM ET
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