Retiring Baby Boomers: Worried About Future Income?
Retiring Baby Boomers – Who are they?
Baby Boomers are a generation of people born between 1946 and 1964. Some have retired already, some of the younger in that group are getting ready to.
There are many things to consider when retirement looms and I wrote a previous post on the Mental, Physical and Social Aspects of Retirement which you may want to read. This post is going to discuss the financial side for retiring baby boomers.
Retiring Baby Boomers – Your Pension Income and the age you may retire
Being English, I can only speak for England regarding pensions. However, one thing that is clear across the western world is we are living longer.
Governments (In England anyway) have pounced on this and moved the goal posts making people work longer before getting any of their state pension. I grew up always knowing that I could retire at 60. This has now been changed and my sister, for instance, who was born in 1956 has now discovered she has to work until she is 67 years old before she can claim any pension.
There are many people campaigning against these decisions in England and a friend of mine is already lobbying politicians to try and get things changed.
Changing any legislation takes time, years in fact, and many of us who are at that age may influence change to come. What about now though?
As I said earlier, we are living longer (thankfully). When pensions were introduced in England in 1926, it was expected that most retirees would live around 11 years after that. It is now expected that we could live 25 + years more now.
There just isn’t enough money in the pot. Hence the changes.
Whatever your age right now, this WILL affect you, one way or another at some point in your life
What Can You Do About It?
You can lobby politicians to change current legislation, which is actually going on right now. However, any changes may not be in your lifetime, depending on your current age.
What you can do, is take control and decide your own fate and income and not rely on the state to look after you.
Many retiring baby boomers, like myself, have chosen to have a home business to supplement their income. A home business that can provide retiring baby boomers with residual, passive income that will boost their pensions and other sources of income.
I know its not for everyone. However, if you are like me and was affected by the crash in 2007 and your savings are dwindling away fast, then you either stay as you are or you do something about it.
Robert Laura wrote a fabulous article on this very subject in FORBES magazine. You will find it an interesting read. CLICK HERE TO READ THE FORBES ARTICLE
Its not all doom and gloom
I know many people who are complaining about the state pensions, age of retirement and lack of income who don’t do anything but moan about it.
However, this does not have to be YOU. You could be one of the people who has some insight and stamina to actually change the course of everything and begin to take control of your own future and not rely on someone else making those decisions for you.
If you have read the above FORBES article then you already know the benefits of being part of an MLM/Network Marketing company. Its a low cost entry that could lead to you earning money in your sleep, with passive residual income. Its exactly what myself and many other retiring baby boomers are doing. Only last week, a 94 year old man hit rank advancement in our company. 94!! Isn’t that amazing?
One way or another, governments are not going to change their minds easily and lower the new retirement age. If anything, it will be increased and many younger people now can look forward to working in their 70’s. Therefore, this article is not just about retiring baby boomers —– its for ANY AGE GROUP .
Like it or not, if our health allows it, we all reach the age where retirement is inevitable.
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