How do you define baby boomer? What are the future challenges for baby boomers?
How will you fair when you hit fifty or sixty years old?
Various sources have conflicting dates for the baby boomer era, but generally
speaking it’s for people born after the second world war between 1946 and 1964.
I’m a baby boomer, born in 1955 and retired after 26 years as an educator.
Starting in 2011, baby boomers will start turning 65 years old at a rate of 10,000 per day,
according to AARP. By the time we finish the boomer generation, people 65 plus will have doubled and by
2050, 20% of the population will be over 65.
There are some unsettling statistics that will define how baby boomers will fair economically in the future:
*1% will be wealthy;
*4% will have adequate capital to retire;
*3% will continue to work
*63% will will be dependent on Social Security, family or charity;
*29% will be deceased.
The “Golden Years” will no be so shiny unless you plan and prepare to be in the 5% that will have the means
In our current economic situation, where experts cannot decide if we’re in a recession or a depression, unemployment is at an all time high, very little job security, and pension plans are being decimated by corporations. The Bureau of Labor Statistics indicate that at 65 only 5% of the labor force will have enough to retire.
So, what must the other 95% do to prepare for their “Golden Years?” One of the biggest mistake people make is to fail to plan or plan too late for their retirement. Most peopled don’t really think about retirement until much later in life. Most people don’t understand the implications of Social Security, health plans, health care costs, and how the cost of living will affect their future. One thing is for sure, the cost of living will be more expensive when you retire.
There are several ways to guarantee that you become part of the 5 percent that will be able to retire. Become pro-active about your retirement NOW, and seek expert financial planning advice. Another great way to insure a greater income is to join a home based business. CNN reports that a new home business is started every 11 seconds. A home business offers a low start-up cost, low overhead, start part-time, tax benefits and a residual income.
Start Now, remember procrastination is the #1 mistake of retirement success. Some of the richest business people are investing in home businesses: Trump; Kiyosaki; Buffet. A home business takes time to build, so when you are ready to retire you should have a residual income that will make your “Golden Years” shine.
Before you venture into a home business do your due diligence and talk to someone with experience.