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:
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.**
Filed under: Direct Selling, Economy, Home-based Business | Tagged: baby boomers, business, consultant, Direct Selling, economy, franchise, home-based business, income opportunity, independent distributor, retirement, supplemental income |