|
|
Older Baby Boomers Must Overcome Setbacks
From the Great Recession to Retire
It is estimated that more than half of Baby Boomers
fifty or older were seriously impacted by the Great Recession. Most
saw their retirement savings, much of it in 401Ks, take a nose dive.
Home equities often vanished and many found themselves suddenly
upside down on their mortgages. According to
 the Center for Economic
and Policy Research, “The collapse of the housing bubble has
decimated the holdings of the vast majority of near retirees, who
will have little or no housing wealth this year and will be almost
totally reliant on Social Security and Medicare to support them
after retirement.” And there is insufficient time for older Boomers
to recover lost wealth prior to reaching retirement age.
The situation for those in their fifties and sixties is exacerbated
because so many have lost jobs and are discovering it is difficult
to find employment at their age. Despite having a wealth of
experience and college degrees, most have begun to realize that the
only employment available to them involves phrases like “Would you
like fries with that?”
Facing this bleak future, older Boomers are redefining retirement to
include continued work. Many are launching home-based businesses.
Leveraging their experience, they are building online consulting
businesses, training and tutoring programs, and ecommerce outlets to
name a few. Although these take time to build, they generate
supplemental income that has now become crucial during retirement.
Plus, they get to be “captain of their own ships.”
Others are retiring abroad where the dollar goes a lot further.
American enclaves can be found in Mexico, Panama and many of the
countries south of the border where one can comfortably live on
Social Security benefits.
Older Boomers are also becoming adept at reducing living expenses
without sacrificing quality. They are learning how to maintain a
comfortable standard of living by being smarter in their purchases
and utilizing widely available resources (such as coupons and
discount services). Planning and budgeting have become part of their
lives.
Despite their financial setbacks, these Boomers are discovering that
can still retire. Part of the solution involves changing their
perspective of retirement. Part is educating themselves on the
available alternatives, approaches and options previously
unconsidered.
Older Boomers who learn to overcome retirement challenges enjoy
being in control of deciding how to spend their own time. They have
to come to realize that the most important things at this point in
life are achieving a sense of fulfillment, spending time with their
families and friends, and enjoying rewarding experiences.
About the Author
Al Kernek is an “older” Baby Boomer and entrepreneur who has created
and operates several online businesses. He is also a noted author
with several published works. His latest endeavor, “How
50+ Baby Boomers Can Still Retire,” may be found on Amazon and
is widely available in eReader formats as well. This informative
book can also be purchased at
www.BabyBoomerLifeboat.com.
|
|
