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Guest Post by Ellen Stanton
This morning on the news I heard a rather dismal view that the majority of Baby Boomers will not be able to retire at age 65, rather they will work to age 70 or beyond.
Why? The most common reason is 401Ks have tanked and it will take years to recoup the losses. The economy is still bad, companies are still outsourcing and many seniors have been given options to take a lump sum in pension and leave (and will that be enough to get you through your golden years?) or good luck and stay on with the company until the next round of cutbacks and at that time, you’re out with nothing! Health care premiums continue to rise as well as medical expenses, including prescription coverage, which in many instances is being dramatically reduced by employers.
Millions of Baby Boomers are in a bind. What to do?
There are options available for Baby Boomers. Find a part time position at Wal-mart (but you are competing with everyone from college students looking for jobs to millions of younger people who have also lost their jobs .
If you’re lucky you can continue on with your current company as an independent consultant. But the chances of that happening are very rare.
Another viable option is start your own business and work from home!
Do you have a special talent? A senior friend of mine is an excellent seamstress and has a thriving business doing alterations from home! Another senior friend earns $120 a weekend working for Live Ops. What about baking? Another senior friend makes and sells the best cupcakes in town to a specialty bakery. And another senior friend created a healthcare company and has several employees who work private duty with the elderly and disabled. You can do the same with a cleaning service!
How about sharing your experiences in life on a blog? (Take Blogging for Bucks by Leslie Truex) Learn how to blog, share your knowledge and something you excel in, and get paid by Google Ads!
I prefer the direct selling business. I’ve been an Avon representative for nearly 15 years and have a team of 80 in my downline. Though there are many wonderful direct selling companies, I love Avon for the inexpensive sign up costs ($10), no inventory, no parties, no quotas! I’m my own boss. As a senior (64) whose 401K tanked, I need to supplement my income with Social Security and my pension. Avon has allowed me to be my own boss and set my own hours (not go out in blizzards like I had to for over 40 years!). And much of my work is done online!
Baby boomers have a wealth of experience, a strong work ethic, and the resourcefulness necessary to be successful with a home based business. Having a home based business also allows you to take a ton of tax deductions: from gas mileage to cell phones to supplies to lunches and dinners! So if you need to work past the traditional retirement years, a home based business is an awesome way to do it!
The saying is 60 is the new 40! We’re living longer than previous generations! Having a home based business can assist you in attaining financial security!