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Baby Boomers : Solution to Retirement Concerns

Baby Boomers – The Problem

Baby Boomers are the group of people born between 1946 and 1964.       Baby Boomers

The majority of Baby Boomers share a growing concern at their ability to ever retire.

Rob Fore posted this on Facebook recently. I shared it as did many others…….

“Did you know…

  • There will be 10,000 65th birthdays, celebrated each and every day for the next 16 years! (Thanks to the Baby Boomer generation.)
  • People reaching age 65 have an average life expectancy of an additional 18.8 years (20.0 years for females and 17.3 years for males).
  • The median income of older persons in 2010 was $25,704 for males and $15,072 for females.

My thought is…

When people “retire” their income tends to go down. MOST will have to downsize in some way to be able to afford to live another 18.8 years… OR… they will look for a way to make money online BECAUSE they are pretty much unemployable due to age AND it is much less expensive to start a home-based, internet-based business than it is to start a local brick-n-mortar business. “

I am sure this share by Rob is not new to you. We are all familiar with the problem, especially if you are like me a baby boomer.

Boomers are worried about living too long… not having enough savings…wanting to travel… yet cannot see how to do it.

 Baby Boomers need to think differently

I worked as a financial planner for some time and we used to help people plan for their retirement.

We calculated how much people needed to have invested to live a comfortable retirement. For many of us much of the nest egg we had saved was eroded or lost during the Global Financial Crisis.

This is where the thinking needs to change. Rather than a baby boomer thinking “how will I retire?” they need to start asking how they can build another independent income stream.

The reality of many retiring has gone but there is another way. A way that can be very rewarding.

I am not referring to getting a second job or any other employment. I am suggesting that baby boomers in this position need to build  some sort of home based business.

Baby Boomers – the solution

The answer is  to create a stable, location-independent income, from anywhere in the world. This way you can travel and continue to earn as long as you have an internet connection.

There are many home based business models and opportunities available but it is important to pick one you can do from anywhere in the world.   This way you can achieve your goal to travel if that is important to you.

If the idea of starting a business at this stage of life seems overwhelming it does not need to be. There are systems that are simple to follow and you can plug into.  It is important to pick one like this and also one that is lucrative.

I also have a video and a bit more information on my other blog. You can find it here.

It you are a baby boomer who is in this position I am very happy to talk to you about when I am doing and how I can help you.

 Please leave me your comments  below and if you found this valuable please share, I am sure there are other baby boomers that are looking for solutions.

Make it a great day.

SuejPrice.com

 

 

 

 

 

Sue Price
Skype: sueprice

PS

Click here to work with me personally

For more information about what I do check it out here.

42 thoughts on “Baby Boomers : Solution to Retirement Concerns

  1. Jeevan Jacob John

    I think this is a great way for baby boomers to make some money (while staying retired). Like you mentioned, a home based business allows people to travel around the world (I think most people have traveling on their bucket list) and work as they please.

    Plus, this is also a great opportunity to learn something new (assuming that they weren’t working in a related industry prior to their retirement).

    Anyways, thank you for post, Sue 🙂 Hope you are enjoying your weekend!
    Jeevan Jacob John recently posted..Social Media Strategy, Tips/Quotes and Socializing!My Profile

    1. Sue Price Post author

      Hi Jeevan

      Most boomers I know do what to travel or are traveling. The internet has given us so many more options. I just love that. I really want more people to understand there is hope for them.

      I agree learning something new is so important. People are never too old to learn and keeping our brain active is important 🙂

      Thanks for visiting here and for your comment Jeevan. You have a successful week ahead.

      Sue

  2. Barbara Charles

    Hi Sue,

    Great article. When I first started writing blogging I wrote about baby boomers, particularly because I am one. You make some great points and you’re entirely right about how we have to use home based businesses as a avenue to our success in our retirement.

    A good read. Thank you for reminding me.

    Barbara
    Barbara Charles recently posted..Over 50 EntrepreneursMy Profile

    1. Sue Price Post author

      Hi Barbara

      I remember you blogging about baby boomers. I also remember you discussing with our group names for your blog etc targeting our age group. I never wanted to really target boomers but I become distressed when I see so many who are so concerned about their future. As we know there are answers.

      Thanks for your comment here Barbara. Have a great week.

      Sue

  3. Zach

    Hey Sue,

    What an awesome post! While I’m only 20 I tell people all the time that I am creating a secondary income now so that when I get to 65 I have a serious knowledge base and stream that I can use.

    Having financial stability can be tough especially when you get older, so I think it’s good that your sharing that owning your own business or creating an online income stream isn’t just a young man’s game!

    Awesome post!

    Zach
    Zach recently posted..7 Things to Avoid if You want to Lose Weight PermanentlyMy Profile

    1. Sue Price Post author

      Hi Zach

      It is great that you are thinking like you are at 20. It is way better to start as you are than try to play catch up later in life. You have also made the point of having a serious knowledge base and yes it is about more than money.

      I agree the online world is not just for the young. It is a game anyone can play.

      Thanks for your comment here Zach.

      Sue

  4. Adrienne

    Hey Sue,

    Ah, another baby boomer here raising her hand going right on my friend. You’ve definitely spoken for a lot of people.

    If you weren’t in a specialized field then a lot of companies were hiring much younger help for a lot less and training them to do what we’ve done all our working careers. People lost their retirements when the economy crashed and this is not how most people thought their lives would be.

    I only wish I’d known about all of this when I was much younger but there is always today and now. For those who would love to retire but like you said can’t seem to live on what they make then this is the perfect opportunity for them to make a better life for themselves. It’s never an easy road to take but I believe it’s so worth it.

    Thanks for letting all those baby boomers know there is another way and it’s looking them right in the eyes.

    ~Adrienne
    Adrienne recently posted..Why Connecting With Influencers In Your Niche Is CriticalMy Profile

    1. Sue Price Post author

      Hi Adrienne

      You are really a perfect example of someone who was a victim of being downsized and then building your own business online. I know you know the whole story only too well.

      I have decided I really want to do what I can to encourage baby boomers to know there is an alternative to what they always thought would be there.

      I get a little disturbed when I here some people I know thinking they have no solutions. As Zach who is just 20 in a comment said this is not just a game for the young. I love it.

      Thanks for your comment here Adrienne.

      Have a wonderful week.

      Sue

  5. Kumar Gauraw

    Hi Sue,
    What an awesome perspective you have presented to all the baby boomers. Well, I am more closer to Gen-Y than I am to boomers. But I can tell you one thing, we all are going to be 65 just in due time and we, the younger generations need to learn from your experiences and dig out well before we can feel thirsty.

    That’s the reason I teach to younger people to diversify their income stream while they still can. I ask working professionals to add one more stream of income while they still are capable and resourceful.

    Thank you for speaking for so many people and putting everybody to think differently. Have a glorious week!

    Regards,
    Kumar
    Kumar Gauraw recently posted..Why You Shouldn’t Use WordPress.com If You Are Serious About BloggingMy Profile

    1. Sue Price Post author

      Hi Kumar

      Thanks for your perspective from a younger point of view. I am glad you are educating younger people on the importance of adding an income stream. I think the last decade has taught us there is no such thing as job security. It does not need to be scary it is a different time.

      Starting like you when you are younger is so wise. Many people in my age bracket just climbed the corporate ladder – or aimed to. There are more people now questioning things and looking for a better way.

      Thanks for your comment here Kumar and you have a wonderful week as well.

      Sue

  6. Donna Merrill

    Hi Sue!

    There are so many baby boomers that cannot make it on their pensions or savings. An on line business is the answer I believe. If it is not blogging, network marketing, etc. it can be something they love to do.

    Take a teacher for example. They can set up their own business online and teach just about anything. Met a man recently that tinkers with wood. Had a conversation with him to get on line. He’s thinking about it….

    I know for a fact that I’ll never stop until ill health gets me or I go to a better place.

    I am so glad you are gearing up those baby boomers!

    -Donna
    Donna Merrill recently posted..Time For A Blog Makeover?My Profile

    1. Sue Price Post author

      Hi Donna

      You are spot on there are many choices online. People can find something that suits them for sure.

      Your comment on teachers is an excellent one. Teachers can transfer their skills to so many things.

      I just had this vision of us blogging when we are 90 – well you never know. I am not sure what the topics might become but it could be interesting. I think keeping going in this world also keeps our brains active and that is important.

      Thanks for visiting and for your comment Donna.

      Have a great week.

      Sue

  7. Jon Rhodes

    Totally agree with you Sue. The internet is the BEST way of earning an income! Once my daughter has grown up I will be able to move anywhere providing there’s an internet connection. This is an amazing amount of freedom to have.

    Also you can work online well past your retirement age. I certainly don’t plan on giving up by 65. I love writing and producing content online, and can’t see that changing for a long time.
    Jon Rhodes recently posted..Comment on How To Promote The Hell Out Of Your New Blog Post by Jon RhodesMy Profile

    1. Sue Price Post author

      Hi Jon

      Thanks for visiting my blog and for your comment. Yes the internet does give us amazing freedom. I love the idea of being able to travel and work from anywhere. I have a friend who is doing house sitting all over the world and she has an internet business.

      Good to hear you are going to keep producing content for a long time. I will be the same.

      Have a great week Jon.

      Sue

    1. Sue Price Post author

      Hi Kareem

      Thanks for visiting my blog and for your comment. Yes baby boomers have been forced to become business people. I am grateful I was a business person for most of my life even though it was not online. People can learn though as long as they accept that they can.

      You have a great rest of the week Kareem.

      Sue

  8. Lisa Magoulas

    Oh Sue,
    You read my mind. I think about how old I am and how many years I still have on my mortgage. And it stresses me out. And I have been working heads down for a year on a home based business that isn’t moving forward at all. So, I just switched gears. I know this can work, but it’s not over night. I don’t want to have to give up everything I own in order to survive. It’s crazy. It all works out in the end right? 🙂 Have a great day, Lisa
    Lisa Magoulas recently posted..Heart Rate Training ZonesMy Profile

    1. Sue Price Post author

      Hi Lisa

      At least you are building your home based business so you are taking action. It takes time to build a home based business just like it does any business really. I have changed what I am doing and how I do it several times now and I think most of us go through that. There is also a learning curve.
      I think the first year is the most difficult as we have so much to learn.

      I wish you every success for 2014 Lisa.

      Sue

  9. Sherman Smith

    Hey Sue,

    I think it’s great when baby boomers start a home business. Especially when they don’t have the greatest pension that will cover them.

    I’ve talked to my parents and other people that retired, and it seems like they all want to start another job. And if I’m not mistaken, they can only make up to a certain amount, and if they go over that amount they’ll be taxed up to 50% of what they made over. That sounds to me like a rip off!

    I also find that a lot of baby boomers I ran into either have no interest or there’s that fear factor of starting a home business. But if they really let the benefits of starting one really sink in, then they will definitely be more excited to start one.

    Thanks for sharing!
    Sherman Smith recently posted..How Do You Get SearchedMy Profile

    1. Sue Price Post author

      Hi Sherman

      I guess I am different than your parents and some others because I have almost always had my own businesses and I can not imagine having a job. Also where I live is a tourist town and there is not too much available. I understand though that for many baby boomers it is all they understand.

      Wow that tax sounds a little fierce. In Australia taxes are the same for everyone but I people can have their pensions cut if they earn too much and they are on a government funded one.

      I agree there are many baby boomers who are fearful of starting a home based business and yes there is a lack of understanding.

      Thanks for your comment Sherman and have a great rest of your week.

      Sue

  10. Sylviane Nuccio

    Hi Sue,

    It’s interesting how the flow of economy kind of went with the baby boomers, especially the older ones born between late 1940’s to mid 1950’s. When they were in building a family age, the real estate boomed for example, and now that those people are approaching retirement it’s like society lets them down.

    That’s why we need to be OUR OWN boss and make our own money. There is never any security about what we’re going to get when we retire. The baby boomer case, really illustrate that.

    Great topic, Sue 🙂
    Sylviane Nuccio recently posted..7 Smart Ways To Leverage Your Blog ContentMy Profile

    1. Sue Price Post author

      Hi Sylviane

      That is a great point about the older boomers for sure. There were amazing property booms and yes it all changed. I think at some level it is why many cannot adapt. At least I had some ups and downs in business so never expected everything to always be up.

      I agree with you we need to be our own boss we cannot ever rely on others.

      Thanks for your comment here Sylviane.

      Sue

  11. Akaahan Terungwa

    Hello Sue,

    Though I am not a Baby boomer myself, I recognize the authenticity and great wisdom that lies in your suggestion. This is because financial freedom and the ability to travel the world while still earning are very central to my priorities.

    I also have a boy whom I seriously want to watch grow…and participate in his life as he conquers his challenges and surmounts them. So, in a curious way, I may end of in the shoes of a boomer, though, biologically not one.

    And believe me – the world of earning online is fun filled – though stressful and challenging!

    Always,
    Terungwa

    1. Sue Price Post author

      Hi Terungwa

      I do not think you have to be a baby boomer to live life in this way. I see many young people traveling and having internet businesses. I think the major difference is with baby boomers many see that time is running out for them. Many are angry that their retirement dream has been stolen from them.

      I agree the world of online is fun and full of potential but oh yes there are stresses and challenges 🙂 I think they are everywhere though.

      Thanks for visiting me and for your comment Terungwa.

      Sue

      1. Akaahan Terungwa

        Its great to connect once again, Sue.

        Do you think starting a venture (especially an online one) simply for the reason that you see time as being an enemy of yours would fetch results? In my submission, that’s the fastest way to fail!

        Always,
        Terungwa

        PS
        Enstine Muki left you a follow up comment on one of my entries (on which you commented). You may wish to check out the post “7 KILLER TIPS TO BECOME A DAMN GOOD WRITER” and reply him directly.
        Akaahan Terungwa recently posted..ONLINE WRITING JOBS: SCAM OR LEGITIMATE?My Profile

        1. Sue Price Post author

          Hi again Terungwa

          I was not clear with my comment on baby boomers it seems. I did not mean they should start a business because they were seeing time as the enemy, I was meaning many I know think it is too late to learn and start. I do not think that is the case.

          Thanks for the heads up on the comment from Enstine I will go over there now.

          I hope your week has started off well.

          Sue

  12. Viola Tam

    Hi Sue,

    I missed your blog so much! It is approaching two months since I was fairly active online. I have had my cataract done and recovered very well with the distant vision. Reading and facing the computer screen are the two main challenges!

    I absolutely love the way you organize this blog. The issues facing some Baby Boomers is quite obvious. Yet, many are still burying their head in the sand rather than finding creative ways to create wealth and better quality of life.

    This resonates very well with many Baby Boomers that I personally know –
    “worried about living too long… not having enough savings…wanting to travel… yet cannot see how to do it”. I close friend of my husband who lives in Canada cannot see himself retiring at 65!

    You are spot on about online opportunities. Better known (and proven) systems include online business, eBay, affiliate marketing and network marketing online. I am sure that there are many other viable choices as well.

    The key question is, who are ready to explore and take action?

    Thank you, Sue, for bringing this global challenge to open discussion! Keep up the fantastic work!

    Viola Tam – The Business Mum
    Viola Tam recently posted..Is Your Vision Crystal Clear?My Profile

    1. Sue Price Post author

      Hi Viola

      I am so glad to see you here. I was thinking a lot about you in the last week or so and was wondering how to contact you. I did not know you were having the surgery but glad you are recovering. That is quite a long time frame for sure. I hope you get back to the shorter vision tasks very soon as I can imagine how frustrating it is. Or maybe you are allowing yourself time?

      There are many people facing this dilemma I think more in North America than Australia but there are still many here. In Noosa there are also baby boomers who had retired but then when the GFC happened their savings went backwards and many are very concerned.

      You are spot on Viola about the key being people willing to take action. I think they are crazy not to but then you and I understand the benefits.

      Thanks Viola for your comment here and it is lovely to see you again albeit via the written word.

      Take care of you and heal soon.

      Sue

  13. Sherryl Perry

    Sue,
    As a fellow baby boomer, I can only agree that we need to be able to ensure our future financial freedom by finding ways to earn income while still being able to enjoy our retirement.

    I always look towards the Internet as a tool to make money from anywhere. On the other hand, my husband is constantly trying to think of a niche that we can fill even if it were only seasonal. (There’s no way we want to spend our winters in this cold New England weather. – That’s where my plan to make money lying on a beach somewhere will need to kick in!)
    Sherryl Perry recently posted..6 Specific Reasons You Ought to Blog – Nothing Else Will Do!My Profile

    1. Sue Price Post author

      Hi Sherryl

      Ah you could come and live in Australia in your winters 🙂 Each year there are more and more people from the northern hemisphere that spends some of your winter here.

      Now we are thinking the opposite that when it is winter here we want to head for the USA or Europe. Not that our winter is even cold really it is very much like Florida in the part of Australia I live.

      It is interesting isn’t it that people who are reading this post are already online and understand this message. I am not sure how we get to the people who are worried and not here 🙂

      What sort of ideas has your husband come up with so far for a niche?

      Thanks for your comment here Sherryl. Have a lovely weekend.

      Sue

  14. Angela McCall

    Hi Sue,

    I must be baby boomer then. 🙂

    Well, you know with the way we spare improving medicine in the 21st century, it is just amazing! I mean, prolly a century ago, tuberculosis was incurable. Tetanus didn’t have any medicine. You die of cholera. But thanks all that to modern medicine, right?

    Not only our new technology is rapidly changing and so as our health living. Because today many people are more conscientious of living healthy, some can even live up to 120 years! So guess we, baby boomers, are doing something right for establishing our home-based business, so we can have enough money when we retire.

    Thanks for a very provoking post.

    Angela
    Angela McCall recently posted..Best Spam SoftwareMy Profile

    1. Sue Price Post author

      Hi Angela

      There are a lot of us around 🙂

      I agree with you that modern medicine has certainly helped in many diseases last century. I remember when I first traveled overseas it was compulsory to have cholera shots.

      I have an American friend who lives in New Zealand who is certain he will live to 120. He is well into his 70’s now and doing really well so he may do it. I would love to live that long as long as I am in good health.

      Yes we baby boomers may well be here for a long time to come.

      Thanks for your comment Angela. Have a wonderful week.

      Sue

  15. Sire

    I’ve been pumping money into my superannuation for years now in preparation for my retirement. Unfortunately, like you mentioned in your post, the financial crisis has knocked that about for a bit, but it is slowly growing again.

    Even so I’ve been working on ways to build my online income so that once I do retire I hope to have a nice residual income to add to my retirement package.
    Sire recently posted..Make Money OnlineMy Profile

    1. Sue Price Post author

      Hi Sire

      Welcome to my blog.

      I think most people took a hit during the GFC. Good on you for working on your online income. I think there are many people who do need to supplement and a residual income is key.

      Thanks for your comment Sire.

      Sue

  16. retirement communities

    Thanks for addressing this issue. Great ideas on how to make additional income after retirement with the flexibility of travelling. Sounds almost to good to be true. I guess with the right advice and sound decision making anything is possible during retirement.

  17. Pankaj

    Yes, I think you are right due to retirement the salary goes down then they have to reduce their budget so that they can afford their daily needs. So they choose the online business. and this is quite good to choose internet as a source of earning.

    1. Sue Price Post author

      Hi Pankaj

      And I think not many people at that stage really want to reduce their budget. The internet certainly offers amazing opportunities.

      Thanks again for your comment.

      Sue

    1. Sue Price Post author

      Hi Moqtadir

      Thanks for visiting my blog. I wrote the post but maybe you were referring to Jeevan’s comment. Thank you.

      Sue

    1. Sue Price Post author

      Yes baby boomers do have many ways of generating more retirement cash flow. Property is certain;y an alternative. In Australia where I live the prices are over heated. I personally like he freedom of an online business. Thanks for your comment.

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