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76 million American Baby Boomers looking for work?

Now there’s a scary thought!  That in this economy there could be 76 million American Baby Boomers either out of work, facing layoff, facing early retirement or looking to avoid retirement altogether for lack of funds with which to live a lifestyle worth living is just mind-boggling.

1946 to 1964, the so-called Baby Boom years, saw nearly 76 million people born in America.  This year those born in 1949 turn 50…those born in 1946 turn 63 and those born in 1964 turn 45 – mid-life for them is fast approaching.

Here are some questions:

  • Are the oldest of the Boomers ready to retire?  At age 63?  Probably not.  They might be among the group however, who, when they were in their 20’s, found work that they thought would provide retirement funds…this probably isn’t the case.  A man age 63 might even still have children at home to support…we’re not all empty-nesters yet and many have “boomerang” kids – 20-somethings who return home because of financial difficulties of their own.
  • Are the oldest of the Boomers desirous of retirement?  At age 63?  Probably not.  Given the advances in health care and wellness the western world has enjoyed over the past 50 to 60 years, someone age 63 could conceivably live to be in their 90’s.  That means they still have 25-30+ years.  That’s enough time to have a whole new career.  That’s a lot of living yet to do.
  • Will 76 million American Baby Boomers be able to afford retirement?  Will Social Security either (a) even be there for them and/or (b) offer enough in monthly allotment to meet basic living needs?  Will a healthy 70-year old Baby Boomer retired from employment be content to live on $850 a month?  What kind of lifestyle do these people want in their elder years?
  • Can today’s job market sustain this number of workers plus the up and coming younger generation?
  • What kind of supplemental businesses can Baby Boomers get involved with to maintain or sustain their lifestyle?

There are answers to income questions, whether the need for income is immediate or looming on the horizon.  Some of the choices are:

  • home-based
  • online
  • franchise
  • affiliate
  • consultants

Each type would take different skills, differing amounts of buy-in monies, different kinds of time commitments.  Purchasing a franchise would take a chunk of change and a great deal of time and effort – you essentially would have your own storefront [a fast food eatery is a good example] but you also have a world of small business matters to contend with.  Being a consultant is an option for those with specific expertise and opportunities within their niche market.  For instance, there is a growing number of senior software engineers who are now in their 50’s…when they choose to retire, or are downsized, they might be able to set themselves up as consultants.  This might even be a needed niche as these engineers were schooled in software technologies from the very beginning of the age of computers…they know how to look at, read and fix legacy code for instance…can someone just out of college now do that?

Affiliate and online businesses could be one and the same and there are many types to choose from.  Some are time intensive involving hours of placing ads, clicking ads, checking emails…and the income can be very small to some with good potential.

There are many types of home-based businesses and the above, except for a franchise, can all fall into the category of home-based.  Direct selling income opportunities are good home-based business opportunities and are no respecters of age…anyone of any age can start a direct selling business.

So, for the nearly 76 million American Baby Boomers the financial future can be brighter than you think but you’d have to work out a way to make it so.  We Boomers were taught that we could do anything we put our minds to and many of us have fought for the opportunities we’ve made so far…we’re not about to give up now.

**my commercial: as a reminder, the direct selling income opportunity for which I am an independent distributor is offering free enrollment through the end of March as part of its way to help in this economy.  I’m a Boomer and I love this company.  For more information just send me an email.**

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6 Responses

  1. There’s been all sorts of stuff over here about people working to as late as stage as they feel able or need to and the UK government is gradually putting the state retirement age up to 68 years over the next decade or so. However, since this was all put into place, we have seen unemployment soar towards levels similar to the recession at the start of the 1990s … ! Who’s in control, eh? (lol)

  2. As to the question of wether baby boomers will be able to retire, and on possibly how little they may have to make it on when the time comes,
    it IS possible to retire on $850 a month here in the US and still live *reasonably* well, but to do this successully requires careful strategic planning and research, and buying your retirement digs in an area of the country where a little $$ goes a long way.

    Finding and identifying these “economic fallout shelters” is more than merely a hobby of mine – I intend to turn my talent and expertise in “livin’ on the cheap” into a business at some point down the road.

    That being said, I’d like to bring up a “food for thought” idea that would be of interest to your
    readers – particularly those interested in online businesses:

    The “Portable Income”.

    Wether it be your SS/SSI/disability check, your pension check, or regular proceeds from an online business, the portability factor of that income(however modest) makes it much more powerful and versatile than an income tied to a
    location. Why? Because a portable income that may only represent a near-poverty level income
    in one area of the country, may represent a decent income in another.

    For example, someone living on a SS pension of
    $1000 a month here on Long Island, NY, will *barely* be able to squeak by. Short of having
    made some prescient prior arrangements or having a fortuitous network of family nearby to help him/her out, this pensioner is going to be struggling and scrimping right to The Very End, never being able to enjoy their Golden Years as
    they had thought.

    But that same income could provide for a fairly *nice* retirement somewhere *else* in the country. And this is the KEY to living well on very little, that so many don’t seem to consider or ever think about.

    Barring some compelling reason to remain in a high cost-of-living area, if you have or can achieve a portable income of $1k a month, you can become a free-and-clear home-*owner* in
    other parts of the country. It just requires a bit of open-mindedness and a willingness to consider not merely “thinking outside the box”, but LIVING “outside the box”.

  3. Interesting blog, I’ll try and spread the word.

  4. You have an interesting idea for a niche business – that of helping people find locations that might fit their fixed income. I also like your phrase, “Living ‘outside the box’.” -Linda

  5. Hi Linda, well like you I am trying to think outside the box. I read you blogs and they are interesting. At this day and age I am trying to figure out the Internet business. Yes there are millions of opportunities online however, I am yet to find my niche. Put it this way yes, I am a baby boomer and that is how I ended up on your site blog reading everything I can. Most baby boomers dont want to work hard any more, what for? We are suppose to be retired and like they say enjoy the GOLDEN YEARS. That is all we have left. Now with the economy the way it is with younger people being laid off, standing in the unemployment line, tons of resume in peoples face is just another rat race. I want to retire not resort back to the past 40 years I have been working my but off. Did 20 years in the Navy. Did 8 years with SWA. Now I am with the Federal Government and cant retire. Just hitting 60 next year but still dont qualify to retire. Guess what ha ha ha yes, I have a two year old daugher. Cutes thing on earth. What is the future for her? I have no choice I have to work until she is able to do for herself. Well you say that is bad planning and your right but nothing is as precious as a life that is yours no matter what age. OK let me stop writing. I can only add that I found this small busines opportunity that I think is cheap, easy, duplicatable for all baby boomers. I do believe in internet marketing. It is easy, but still a matter of, “HOW DO YOU GET STARTED”. I do believe in leveraging my time and watch the money come in from around the world and better than a 9-5. Boy I wish I could give that up now. I hope my 2cents was worth your time and I wish you continued success in your writing abilities. As you can see I cant write worth a darn but plan to write a family tree book if I only had the time. It would take flying to 3 continents and lots of photos and videos, but would be well worth it for my daughter who has cousins all over the US, Canada, England and Jamaica. Well hope to hear from you. One of the 76 million baby boomers. Dont forget to check my site out. The organization is only a few weeks old but worth getting into.

  6. I, too, served in the US Navy, as did one of my brothers and my dad. The economy is not a friend to anyone, but I think especially not so to Baby Boomers reaching retirement age and unable, for financial reasons, to retire. I did take a look at your opportunity and hope it brings you what you’re looking for. I think one key for all of us, is to keep our attitudes positive and our goals clear. For me, it’s to leave a legacy for my 2-year old grandson and to provide for my “old” age needs – I have a suspicion that we’re going to be on our own 20 years from now as regards stuff like that. As for your concerns about getting your business going online, read everything you can about doing business on the internet. “Google” that very phrase and see what resources pop up. And, whatever you look at, be sure it is something you can be excited and passionate about…that will help drive your efforts. Also, I hope you do your family tree book…I think your family would find it of tremendous value. – Linda

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