Baby boomers retiring is a day which a lot of people nearing retirement age are not looking forward to. A large percentage of them are filled with concern of how they are going to manage financially once their last salary payment has been drawn.
Baby Boomers Retiring Facts
The combination of living during one of the worst recessions in history, coupled with their home value having depreaciated out of all expectations, have left baby boomers retiring with the concern of whether they will be able to even find a part time to balance their expernes, in view of the high jobless rates now common worldwide.
The baby boomers retiring situation which has left many others wondering, given that they have the opportunity to stay on in their jobs, if they will ever be able to retire due to their retirement fund mistakes of the past.
Baby Boomers Retiring – 3 Retirement Errors
1 – They were not in a position to save enough money throughout their working life. This can have resulted from the fact of bringing up their children and putting them through education. Marriage breakups can be another reason why a retirement fund has not matched their expectations.
2 – Purchasing a property with a view of using the colateral as a retirment fund, has been the practice of many people over the years. However, with the property values no longer affording that opportunity, that security has been wiped away for many baby bookmers retiring.
3 – Pension insurance policies. Many have been sold the wrong insurance policies which has meant either they will not have enough funds on retiring or worst still, their insurance company could well have ceased, taking their pension fund with them.
We have all heard of such cases.
What can you do to protect yourself in the future against this happening?
Whilst, we look back at our grandparents and their slow pace of life, we are fortunate to be living in such an amazing age of opportunity, no matter what our ages, as long, of course that we have our health. Health issues can relate to any age, so should not deter the baby boomers retiring from being positive that there is something we can do to earn extra income.
Baby boomers retiring opportunities
Some ideas include:-
- writing a book and putting it on Amazon, an easy option for anyone, even if they don’t write it themselves
- a plumbing service, even general household repair, in other words a Mr, or Mrs, FixIt service
- cake ideas can genertate income
- a photography business
- dressmaking alterations and repairs
- a fashion business can be started at any age because you would need would be some outworkers to create your designs
Looking at that short list, must surely open up some inspiring ideas of your own. In fact the list could go on and on. Why not take the time to list all your skills and interests and see how you could turn those into money making opportunities.
There are many money making ideas for baby boomers retiring and keep coming back for more ideas as the section will be updated on a regular basis. The more opportunities that there are available, the more choices you will have.
Actually, this is quite an exciting time for all those baby boomers retiring knowing that their retirement funds can easily be improved with a little enterprise.