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Baby Boomers Food For Thought…

A huge amount of Baby Boomers, said to be 78 million according to the U.S. Census Bureau, are now starting to reach retirement age, many without a reasonable level of retirement income.

These are people born between the years of 1946 and 1964. That makes Baby Boomers the largest generation in today's workforce. As they start to retire over the next ten years, they will be faced with the huge task of maintaining their present lifestyle. Finding extra income, with the cost of living going up every day, in today’s job market could be a daunting task to say the least. One of the answers is to start a home based business.

Now comparing the Boomers to previous generations as they closed in on retirement age, Baby Boomers typically have extra income, and have accumulated more wealth to help with their retirement years. A higher percentage of Baby Boomers will have a greater income during retirement than their parents had, and they are much less likely to live in poverty after they retire. While this is true for some, there are many who still enjoy this higher income, but have not prepared well in terms of savings for the years to come. This group continues to live a nice lifestyle while taking advantage of life's luxuries, but have not saved anything that will allow them to continue this lifestyle into retirement. The question is how long will Social Security remain as it is today? Not all that long per the Social Security Administration.

There is still another group who have worked hard all their lives, but lack of job security and other circumstances have forced them to live from paycheck to paycheck, not having the means to retire at all. This is where a home based business comes into play, making up for lost income.

Evidence is clearly showing that Baby Boomers will not be able to count on what was previously considered, retirement security. A work from home business opportunity will help cover short falls. Private-sector pensions and personal savings are no longer adequate to ensure that most Americans will have enough to live on when then retire. This will again mean finding a way to earn extra income, possibly from a home based business.

In closing, people live much longer today than they did in the past. As a result, they need to make extra money to secure their retirement years. Spending thirty years in retirement is not out of the question anymore, and with that longevity, retirees are faced with the very real risk of actually outliving their retirement assets. It may be necessary for many Baby Boomers to continue working well into their 70’s in some type of work from home business or internet business to continue their present lifestyle.

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God Bless and Always Remember To Make It A Great Day!!
Michael J Kohn
New Image Marketing Group, Inc.