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Should you use your retirement to start a business?

This article is reprinted by permission from NerdWallet.

Skip Sheppard took a bet on himself in 2011: The 59-year-old used $200,000 from his retirement accounts to buy a business.

Using a financing option called a Rollover for Business Startups, or a ROBS, he reopened and expanded Three Lantern Marine and Fishing, turning the Gloucester, Massachusetts, fishing supply store with $275,000 in sales into a $3 million business.

“We were very fortunate with the location and the type of business we are in, and the market was rebounding,” Sheppard says.

But not every business will succeed, and a ROBS carries one particularly notable risk: You could jeopardize your retirement.

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