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Articles > Choicepoint: To Retire, Start
Over or Hang in There? |
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Choicepoint: To Retire, Start Over or Hang in
There?
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Baby boomers are a different
breed from previous generations, and they demand
different choices for retirement. Forty years and a
gold watch won't work on a me-first, go-for-it crowd
of free thinkers weaned on social change, pot and
LSD. So what choices are boomers facing?
Prior generations retired after working at one
company for 25-30 years, and after that stint, they
then retire and get a pension plan. Retirees had a
small house paid for, a nice Social Security check
and a pension. Add to that a life expectancy of
around 70 years, and you'll have a perfect
retirement plan.
Nowadays it's a different reality for sure. Life
expectancies are creeping up past 80, pension plans
are quickly disappearing, and full retirement is no
longer at age 65, but rather 66, plus we can expect
that to change even more in the future. With the
fact that many of us baby boomers are poorly
prepared financially, and it's clear why the current
retirement landscape ain't so rosy for boomers.
So, more and more, boomers are seeking
entrepreneurial opportunities to help shore up their
inadequate retirement savings.
But businesses can and do fail, often.
Think about the math of failure and recovery. If you
start a business when you're 55, and it takes about
four years to fail, how able will you be to start
yet another venture when you're age 60?
Networking is hard both off and online. Handshaking
and backslapping takes a lot of effort for offline
promoters, and web cashflow takes entirely new
techniques.
Being on your own means you set your own procedures
and policies, serve as your own human resources,
sales, marketing, payroll, tax and accounting
departments, plus fax and phone answerer - the list
goes on and on…
Prepare to work longer wherever you are.
"Preparation" is the key word here. Some companies
will allow you to consult, and many companies allow
flextime for working from your home. If you do
decide to start your own offline business, prepare
to gather contacts from the network opportunities
you have where you work now, For an online business,
plan to invest for initial and ongoing education and
coaching though networks such as Content Desk.
Regardless of how you envision your golden years, do
plan now for possible long term care funding by
researching appropriate long term care insurance
coverage. Many people now get comparative rate
quotes and personal coaching through online long
term care insurance websites. |
Long term care insurance activist, Clay Cotton,
writes for
http://www.PrepSmart.com - The Online Baby
Boomers Decision Assistance Center, where you get
Free Long Term Care Insurance advice, comparative
rate quotes and personal guidance, all while safely
at home in your favorite pajamas and bunny slippers. |
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It's choice,
not chance,
that determines
your destiny.
Jean Nidetch |
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