Baby Boomers and Retirement Age

Are you ever going to retire? Even early retirement? Did you turn on your retirement calculator? You started working in High School and been working since. You may have stayed in the same career or the same field for years.Maybe you are like me. Worked in many different fields. Found some that was a fit and others that were not what you expected.

Either way, now your looking forward and your thoughts are towards the "golden years". Thoughts are on seeing the grand kids or travelling. Maybe moving out of state or downsizing your house. The house became too much for you to maintain. Maybe the house is too quiet!

Maybe you planned for your retirement. Maybe even had retired. You were strict with your investments and most went towards a profit. Many people that I talked too have told me opposite stories. They worked hard and maybe worked more then one job.Invested in 401k or IRA accounts. Only to see them not growing as fast as expected. Not keeping up with their expectancy date.Don't loose your purpose!

May have been other factors:

Kids took much of your savings with extra activities at and off school. Sports, or clubs.Maybe your nest egg went to your kids college fund. Maybe you mortgaged too close to the high end of your spendable monthly income. Expenses were higher then the income that was brought in each check. Not enough could be set aside for retirement income.

The average yearly US indidual income is $26,000 a year. While the combined household income is even individually less at $46,000. Those numbers are before social security retirement expenses and any other deductions . Also before household expenses. Reality, after expenses, those numbers are reduced by one third. For actual usable income from your check.

So you still want to retire! Awesome. What are you going to do? We are living longer. Women still out live their spouses . Costs still are out rising people's increase in pay checks. Even with the cost of inflation. Especially with the rising fuel costs. We all know that credit card debt is rediculous. Along with the interest rates that the banks charge.

Yes, you created that debt. All you wanted was the nicer things in life.

There is a resergence in the baby boomer generation to work into their 70's or 80's. According to AARP. Now the baby boomer generation just turned 60 last year. That is another ten to 20 years in the work force. By the way. Baby boomers are from 1946- 1963. They lasted 27 years. So if my math is right. For the next 26 years a new year of aging boomers will reach 60!

That may put a bite in social security payouts and medicare. Sure doen't help with the escalating war debt. For years the government has been using the bonds for other expenses instead of social security retirement benefits.

Many are retiring or asking for early retirement before they are financially ready to retire. Companies are finding more ways to fine tune their bottom line. Some even downsize the people that are close to retire. With a cash payout. Many have or plan to leave the US and employ foreigners in other countries. Taking more benefits and jobs away from the American people.

I know of some computer companies who use people in India. When there is a problem. The solution sometimes can be quite difficult to resolve. When there is a language barrier.

I feel for those who put their retirement ( actual or pending) into one company instead of branching out. What are they going to do if that company folds or expenses exceed profits? Who do you think will be expendable when their company is looking to save money to put capital back into their coffers? Could the answer be you?

I may have a solution. More and more people are looking into purchasing a home based business. Really! I heard its like one business every 5 seconds on the clock in the US. What is benefitial about this idea is that you can take more write offs. Expenses. Home office, travel, part of your phone use. The list is actually quite long. There is even software, during tax season , that will assist you with the numbers and expenses.

The main question I receive from people who are interested in starting a home based business. That people have experiences in business. Not in Home based business. They want to know if they will be all by themselves and not be able to be taught how to be successful. There is a big difference between starting and being successful at business. Both take effort. One takes being at the right place at the right time. Sure helps to succeed when there is a question and you have a venue to choose from to get you back on the right track. The products must be inpecable and one of a kind. The profits must be high enough to stay and grow your business. Most importantly... must be simple and fun.

The choice is simple: home based business. Or work at what you been doing for the next 20 years and not take many vacations. Nor see the grandkids too many times. I enjoy travelling while I am growing my business..