Choicepoint: To Retire, Start Over or Hang in There?

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 – 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.