Four Income Opportunities Baby Boomers Are Turning To For the Final Working Stretch

As many displaced Baby Boomers are reaching the end of unemployment benefits, what are they going to do? Some will find a job that is a fraction of what they had when corporate America turned its back on them. Others may decide it is time to “burn the boat” and go into a different direction to create income. They are searching for something that will give them personal growth, career fulfillment and financial success. Perhaps a Baby Boomer business, putting entrepreneur skills together.

Whether starting a career or searching for a new opportunity, Baby Boomers are facing the fact that they need to do something. Many are realizing that “self” is the only way to finish out the last 10 or 15 years of income producing activities.

According to the most recent Non-Employer Statistics published the U.S. Census Bureau, on average 2,356 people go into business for themselves every day. Their firms account for 78 percent of U.S. businesses and $951 billion in receipts.

“Among the fastest-growing industries are Web search portals (41.2 percent), Internet service providers (16.6 percent), nail salons (18 percent), electronic shopping and mail-order houses (12 percent), recreational vehicle dealers (12.1 percent) and landscaping services (11.1 percent).” The top five states in terms of growth in small businesses between 2004 and 2005 were the District of Columbia (9.6 percent), Nevada (7.7 percent), Florida (7.6 percent), Georgia (7.6 percent) and Utah (7.2 percent).

The following are areas that Baby Boomers are gravitating to make an income.

CONSULTING

With years of experience under the belt, the displaced Baby Boomer adds value to small and midsized organizations as a consultant.

Consulting is a great career. You get to work in a variety of industries, at diverse companies, on different projects and in varied roles. If you thrive on new challenges, continuous learning and making a difference, you should consider a career in consulting.

WORK FROM HOME

For those Baby Boomers who want flexibility, work at home opportunities are attractive. If one has an entrepreneurial mindset, is motivated, creative and wants to work at his or her own pace, then finding the right home based business could work. Not everyone has the discipline to work from home. But, with a passion for the right product or service, a Boomer can excel and set a course of income until retirement.

SMALL BUSINESS

Starting and maintaining a small business is tough. With rent, franchise fees and inventory, the business can eat into profits quickly.

Take a good look at that store on the corner. There is a 10 percent to 12 percent chance it will not be there next year, according to the Office of Advocacy for the Small Business Administration.

“If you’re new you have about a 50-50 chance of surviving five years,” said Brian Headd, an economist with the Office of Advocacy, which tracks small businesses and examines the impact of proposed regulations on them.

Still, such odds do not seem to damp the desire of entrepreneurs.

An estimated 671,800 small businesses with employees opened their doors in 2005, the most recent year with statistics available, even as another 544,800 were expected to close theirs that year.

INVESTING

Some Boomers are looking at how they can use their investments or get additional investments to keep them going for the next decade. However, investing is tricky. For example, real estate investing, with the low prices of foreclosed properties, may be enticing but beware as the recent mortgage issues surrounding improper foreclosures may draw the original owner back to the door steps of the house to reclaim it.

Also, with the uncertainty of the economy and the stock market’s ups and downs, playing with your money in equities could spell disaster if not careful. There are some Boomers who have turned to investing for income to get them through the next 10 years. Again, there is a lot of uncertainty, especially with tax laws up in the air for 2011, with the tax consequences associated with taxes on gains.

Any way you look at it, going back to a job equal to or greater than the one you had is not in the cards for many displaced Boomers. But how many of you really want to go back to the cubical or the office and have to deal with the politics and all the issues that come from working for something else?

NZ attempts to lure UK medics as baby boomers age – TVNZ

As New Zealand’s population ages more pressure is going on the health system, resulting in a shortage of operating theatre specialists and physios.

Recruitment agents are looking overseas to fill the gaps and a number of experienced professionals are choosing to head downunder.

Prudence Thomson is in London recruiting medical migrants and says many want to move permanently for the lifestyle.


Recruiters look to fill hospital staff shortages from overseas

01:48

As New Zealand's population ages, more pressure goes on the health system and hospitals are looking abroad for the required manpower.


As New Zealand’s population ages, more pressure goes on the health system and hospitals are looking abroad for the required manpower.
Source: ONE News

“We can’t fill some of the theatre lists, we can’t operate on people because there are not enough anaesthetic technicians to fill those gaps,” the co-owner of Accent Health Recruitment says.

Professionals have checked out the London event to find out about living and working overseas and it seems New Zealand is a popular choice.

While 40 percent of NZ’s medical workforce comes from overseas there are still shortages in key areas such as physiotherapy, occupational therapy, urgent care doctors and rural GPs.

And as our population ages, our need for more skilled hands increases.

New Zealand has an edge over Australia because they only allow migrants to apply for residency up to the age of 45, whereas in NZ it’s 56 and they can apply for a work visa after that.

But the process takes time, with many more forms and checks required.

Miniatures Gain Popularity Among Baby Boomers



Miniatures are unique creations. The scale model replicas can be people, animals, furniture, buildings or anything else that you can think of or imagine. Miniature dollhouses have mainly been known as a children’s toy. But many adults also collect and craft them as a hobby. And the hobby is increasingly popular among baby boomers and seniors. VOA’s June Soh has more. Carol Pearson narrates.
Originally published at – http://www.voanews.com/media/video/miniatures-gain-popularity-among-baby-boomer/3255995.html

Baby Boomers Are Finding a Second Career in Politics – New York Times

Photo

Steven Ponto, now mayor of Brookfield, Wis., practiced corporate law for more than 30 years.

Credit
Darren Hauck for The New York Times

STEVEN PONTO was a senior lawyer at a financial services technology company when it was sold in 2009. Some colleagues were relocating to Jacksonville, Fla., the headquarters of the new parent, but he didn’t want to leave the small city outside Milwaukee where he had lived since 1990.

He chose a severance package and considered a second career. Friends encouraged Mr. Ponto to run for mayor of his city, Brookfield, Wis. He spent about $20,000 on the campaign.

“I wanted to bring professionalism to the mayor’s office,” said Mr. Ponto, 68, who also holds a master’s degree in public administration.

In this election year, the two presidential front-runners are both already well past the traditional retirement age. But the interest in running for office among baby boomers may be even more compelling at lower levels, with more people like Mr. Ponto bringing substantial résumés to a second career in politics.

In choosing to run for office, said Jennifer Lawless, a professor of government at American University in Washington, “your informal circle matters as much as formal recruitment from elected officials, party leaders or activists.”

The number of positions available is sizable, although their hours, responsibilities and compensation vary widely. In doing research for a 2012 book “Becoming a Candidate,” Ms. Lawless found just over 18,000 elected officials at the state level in legislatures. She identified a further 320,000 elected officials in municipal, town and county governments. Another 180,000 serve as elected school district and special district officials.

Older people are filling an increasing number of them, in many ways an extension of their broader interest in political activism.

“Baby boomers are a generation of amateur enthusiasts for political causes,” said Neil Howe, a historian and demographer and the president of LifeCourse Associates, a consulting firm in Great Falls, Va.

This enthusiasm started early. The Cooperative Institutional Research Program of the Higher Education Research Institute at the University of California, Los Angeles publishes a longitudinal survey of college freshman that began in 1966. Data collected between 1969 and 1980 (from respondents who are now 54 to 65 years old) found that an unusually large number of people entering college in those years cited a high interest in influencing the political system.

Now many of them are taking advantage of having more time to scratch that longstanding itch. “People bridging from full-time work to retirement are looking for different things,” said Laura Carstensen, director of the Stanford Center on Longevity. “In its purest form, politics is for the greater good in society. It’s a change in preferences to pursue meaningful goals and activities and care about the larger group.”

Dick Barrett, 73, an economics professor at the University of Montana, retired in 2007 and was involved in the faculty union there. Mr. Barrett, who lives in Missoula, now spends 90 days every other year in Helena, the state capital, as a legislator.

He’s not in it for the money: He draws a base salary of about $82 a day while the legislature is in session and a per diem allowance of about $112 for food and lodging, which he uses to rent an apartment near the capitol.

While he expects to run again, he has no ambition for higher office. “Few people go into it with longer aspirations,” he said.

Some, like John Stromberg, 76, who was a management consultant for more than 20 years, learn the ropes as an unpaid staff member. He was appointed to a volunteer position on the planning commission in Ashland, Ore., before running for office there himself in 2006. Mr. Stromberg is now in his second term as mayor.

His current priorities include disaster preparedness and managing the yearly influx of 300,000 visitors to the annual Oregon Shakespeare Festival.

He plans to run for a third term in November. “I don’t want to drop out and become a retired person,” he said. It helps to have other sources of income, though: As mayor, he earns a mere $500 a year, plus health insurance.

Together with the City Council he appoints a paid professional city administrator who coordinates city departments. That position pays well over $100,000.

Jim Marpe, 69, used a 32-year career at Accenture and its predecessor company, Andersen Consulting, as a springboard to the position of first selectman of Westport, Conn. (the town equivalent of mayor). He gained experience and perspective serving in unpaid positions, including on the Y.M.C.A. board and as a member of the board of education for Westport, an affluent town of 26,000. His current job, which he started in 2013, pays just over $100,000 annually.

“Government is different from business, but you can apply business principles to government,” he said.

Diane Jablonski, 69, has had a mixed experience running for office. After retiring from a business career, she ran for comptroller for Dutchess County, N.Y., in 2005. She initially considered her campaign as a transition to retirement. “You think, ‘What am I going to do?’ ” she said.

But when she ran for re-election four years later, she lost.

Undeterred, she sought the higher office of Dutchess County executive but received only 35 percent of the vote. “There are so many factors in winning an election,” she said.

Unsure whether she will run again, she currently volunteers at the Dutchess County Mediation Center and is active in the American Association of University Women.

While the typical “encore career” lasts about a decade, according to Marc Freedman, the chief executive of Encore.org, some second careers in politics are more enduring. Betty Taylor, a city councilor in Eugene, Ore., has represented a ward of 19,000 people in the southern part of the city since her retirement from Oregon State University in 1996. Ms. Taylor turned 90 in September.

Her schedule generally includes meetings three Monday evenings a month and three Wednesdays at noon, as well as preparation and speaking with her constituents about their concerns, including real estate development, a pet issue.

While she is currently paid $1,300 a month, when she first began serving she received no compensation. Her current term is up in January 2017 but she expects to stand for re-election in May.

“I think I’m the best person for the job,” she said. “More experience in life qualifies you for making wise decisions.”

As for Mr. Ponto, the mayor of Brookfield, he said he couldn’t imagine holding his current position when he was younger and had family responsibilities. “Politics was too risky,” he said.

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Increasing Retirement Savings Should Top Boomers' List – Fox Business

According to Capital One Investing’s Financial Freedom survey, while most Baby Boomers know the importance of saving for retirement, building their nest egg is not at the top of their list.  The survey found that only 16% named increasing their retirement savings as their top priority in 2016 and many are putting other goals, like travel and weight loss, ahead of increasing their retirement savings.

Garret Silver, Managing Vice President and Head of Investing Products at Capital One Investing (COF) explained to FOXBusiness.com how Boomers are navigating the many options for receiving financial advice, what makes them confident investors and the roadblocks they are facing.

Boomer: The survey showed 46% of Baby Boomers say lack of knowledge or experience causes them to feel less confident about investing. What can Boomers do to increase their confidence level to take action to help them live comfortably throughout retirement?

Silver: Education plays an important role in boosting confidence and helping all investors (including Boomers) gain the confidence needed to proactively plan and invest for retirement. Although many Baby Boomers may have been investing for retirement for years, some may be unsure how to transition from saving to spending once they are retirees. Taking advantage of online educational tools and speaking to a trusted financial advisor could help navigate some of the complexities of transitioning into retirement.

For Baby Boomers who may be concerned they haven’t saved enough, it’s important to remember it’s never too late to consider increasing the amount you’re investing, or get started if you haven’t yet!

There are some tax-advantages designed to help investors 50 or older invest more as they approach retirement as well. For instance, the IRS allows investors 50 or older to make additional 401(k) “catch-up contributions” of $6,000 for a total of $24,000 in annual personal tax-deferred contributions, and an additional $1,000 of catch up contributions for IRAs for a total of $6,500 in annual tax-deferred contributions. 

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Boomer:  What is the best way for Baby Boomers to navigate the many options available to them for financial advice?

Silver:  Investors nearing retirement may want to consider speaking to a financial advisor or developing a comprehensive financial plan to help manage their portfolios, as today’s investment ideas are more geared toward younger investors who are levitating to such things as robo-advice tools.  

That said, digital educational tools can be a good resource for Boomers to help build confidence and learning about ways to plan. In fact, our research found that 61% of Baby Boomers think technology plays an important role in helping effectively plan for or manage retirement. 

Boomer:  What roadblocks are they facing? Why is saving for retirement more challenging today than it was for their parents and grandparents?

Silver:  With the future of Social Security uncertain and pensions becoming less and less common, the onus to plan and save lies on the individual investor more than ever before.

For Baby Boomers, nearly three-quarters (73%) say it’s harder for them to plan for retirement (compared to their grandparents) and 69% say that’s because investing today is more complex and confusing.

We also found industry jargon plays a big role in undermining investors’ confidence – with nearly half (45%) of Baby Boomers saying complex jargon used by the industry prevents them from investing with confidence.   

Ongoing market volatility is concerning for many investors, particularly Baby Boomers who are planning to retire in the next few years. That concern, coupled with a lack of confidence, can prevent investors from taking action.          

Retiring Baby Boomers Are a Huge Market For Internet Marketing Services and Consultants

Retiring Baby Boomers are a huge demographic that is only going to get bigger over time, eventually growing to about 78 million. The majority are facing retirement (or job loss) with less than adequate savings. Consequently, they are very interested in starting a home business, and this presents a major opportunity for Internet marketing services and consultants.

Boomers are comfortable with the Internet. They do online shopping and regularly utilize search engines. The majority are acquainted with social network sites like Facebook, LinkedIn and YouTube. They may use text messaging, but probably do not Tweet.

Baby Boomers do not need to be sold on the idea of starting an Internet business. They comprehend the merits of having a 24/7 worldwide audience for products and services. They may not understand how Websites are created, but they believe having an Internet-based business can replace or supplement their income. And they like the thought of working out of a home office with a flexible schedule that allows them to enjoy outside activities.

The key to success with retiring Boomers is to recognize that their Internet skill levels create distinct markets, each with different requirements:

  • Some Boomers are knowledgeable about Internet marketing. These prospective clients may be looking for technical assistance to launch a Website, blog, or just help in refining their marketing strategy. This group presents an excellent opportunity for Internet marketing consultants who are technically inclined or have access to technical resources.
  • A larger group of retiring Baby Boomers consists of those who want to leverage their career experience to create an online business. They are not concerned about the nuts and bolts underlying the Internet; they just want to focus on the business aspects. To them, the Internet’s main purpose is to generate sales leads. These Boomers represent an opportunity for both Internet marketing consulting and ongoing outsourced marketing.
  • The majority of Boomers are looking for “canned” online businesses to supplement their retirement income. Turnkey solutions are attractive to this group. This group presents a huge opportunity for ethical marketing and business consultants, Internet business critics who evaluate opportunities, and those who have – or can develop – profitable “rubber stamp” businesses for licensing to eager Boomers. Credibility is a major sales issue – valid success stories and testimonials are essential to overcoming skepticism. And remember that these Boomers require hand-holding to get up and running. So, be certain that the Internet aspects of the business are “idiot proof” and minimize support requirements by including lots of online tutorials.

A tsunami of retiring Baby Boomers is on the horizon. Most will not have the financial resources to fully retire and are searching for supplemental income. Of these, the majority will pursue Internet businesses. Hence, the demand for consulting assistance and turnkey businesses will explode. Understanding their needs and formulating answers accordingly is necessary for Internet consultants to successfully address this growing market.

There is concern among retiring Boomers that their Internet marketing ignorance will lead them into “get rich quick” schemes which drain their financial resources. Maintaining high ethical standards and delivering real value is therefore critical, as it is easy for Internet marketing consultants and services to burn their reputation among Boomers. A focus on “win-win” solutions with obvious payoffs is required to win clients. For those who adapt their services to the characteristics of this emerging Boomer market, however, the outlook is bright indeed.

The Baby Boomer And Continuing Education

Increasingly, older students, even those over 50, are choosing to acquire more education. For some, learning has become a matter of great pleasure in the later half of life, while others see it as the time to return to school to earn a degree to facilitate a new career. Baby boomers are known for valuing education and are more likely to pursue it, formally or informally, in post-career years.

The entire body of adult education studies is being referred to as ‘lifelong or continuing education’. There are thousands of learners all over the world, who find that going back to college to earn a degree, or continue their business education is an exciting way to spend their time after a career and years of raising kids.

Today, someone retiring at age 65 is likely to live to be 80 or more. Jobs and technology are changing fast, and employees may explore different careers during a lifetime and the ever-growing job segments require a much higher educational background than the current jobs they hold. As a result, older adults are postponing retirement and are turning to college courses as a way to gain the knowledge necessary to maintain their creditability in their currently held positions, or retrain for the new careers they want.

The job market is changing fast and mature workers are returning to school to acquire the tools to cope with it. Workers today realize that they must re-educate or be left behind. Many older workers are enrolling in vocational courses like management training, and computer applications, technical seminars; sales, telecommunications upgrade, and engineering upgrade courses.

Even professionals like doctors, dentists, and nurses are taking courses to stay informed, while teachers, paramedics, and attorneys, are retraining to maintain certification. Many older workers, wanting to begin a second career feel that they need proper credentials to qualify for the type of job they want to do. Most workers in their middle age feel that ongoing and continuing education enhances their opportunities and provides insurance against becoming obsolete. Retraining and continuing education is seen as a positive way to increase job security and achieve promotions, maintain their market value, and prepare for career changes.

Different baby boomers have different reasons for returning to school for continuing education, professional and vocational training, or part time courses. For some, it is a result of a professional interest, ignited by experience in their field of work, which, they feel, will make certain ambitions, like a career change, attainable. Many older adults are just setting out to fulfill their life long goal of getting a college degree that they may have had to temporarily give up as a result of other commitments.

Most universities these days consider continuing education to be a core educational responsibility. They are willing to make their knowledge, expertise and contacts available to enable interested mature workers to update, and deepen the knowledge they have acquired from professional experience, or to complement it. Individual seminars and continuing education programs, increasingly meet this responsibility and universities are also establishing corresponding courses of study.

Baby Boomers Retirement – How It Impacts the US Economy

The term “baby boomer” refers to a person who was born between 1946 and 1964. According to the U. S. census of 2000, there are around 83 million baby boomers. Now, the baby boomers are between the ages of 42 and 60, a fact indicating the exit of baby boomers from America’s workforce.

The generation of baby boomers has sprung from a period of economic prosperity and the joy of the post Second World War years. Perhaps due to the times in which they were born, they have not just reshaped the culture of their country, but also redefined themselves.

Baby boomers have attracted a lot of attention due to their distinct features and outlook on life. They belong to an affluent generation that has had a major impact on the U. S. economy.

What Do Baby Boomers Feel about Retirement?

A large number of surveys and studies have been conducted on baby boomers. The following facts were brought to light by a special investigation conducted to determine the baby boomers’ views on retirement.

Baby boomers are looking forward to retirement because it will give them an opportunity to focus on family life and pursue their hobbies and interests. For many of them, retirement is a golden opportunity to pursue another career more suitable to their age and taste.

Baby boomers aim at both professional and personal fulfillment, due to which they focus a lot on preparing and planning for their future. Social security means a lot to them because they utilize to the full the benefits of life and health plans.

Baby boomers are optimistic with a conservative outlook on money and financial matters.

Baby boomers became more successful at the finanical level than their parents. Compared to their parents, they are more likely to work even during their leisure days.

Baby Boomer Impact on U. S. Economy

U. S. economy soared when the baby boomers made their entry into the American workforce. They constituted the major source of labor. Their retirement from the workforce will naturally have a major impact on the country’s economy.

The United States Bureau of Labor Statistics fortells an acute shortage of labor that has to be given immediate attention. This labor shortage is believed to have an adverse effect on the country’s economy.

When baby boomers entered the workforce of American the economy grew at a rate faster than the growth of its population. When the baby boomers retire from the workforce, the growth of American labor force will be much slower, and it will be more difficult to maintain a flourishing economy.

Solutions to America’s Labor Problem

The only way for the United States to save its economy is to persuade its current workforce of baby boomers to continue working for a long time. To encourage baby boomers to retire late, companies and organizations can use the following methods:

Raise the retirement age of those who receive social security pension to 67. This will encourage baby boomers to continue working till the age of 66 so that they enjoy the full benefits of their social security pension.

Redefine pension benefits so that people who extend their stay in the workforce will receive more pay. This method will bear more fruit than just raising the age of retirement to 67. It will inspire baby boomers to hold on to their respective positions for longer years.

Baby boomers enjoy preparing for a financially secure retired life. Due to this, the above-mentioned offers will inspire and encourage them to hold their jobs for longer periods of time. Companies as well as baby boomers will enjoy equal benefits if baby boomers extend their stay in the workplace.

Long-term Solutions

Companies are very much aware of the impact caused by retiring baby boomers on the country’s economy. They have to prepare solutions to deal with the problems caused by a depleted work force. Organisations and companies that have hired baby boomers must modify their policies to accommodate their senior baby boomer employees. At the same time, they must seek lasting solutions to the problems caused the retirement of senior baby boomers. Learning about the views of baby boomers toward retirement is one of the ways of dealing with the situation.

The only solution to the problem of labor shortage would be the retention of senior workers, correction of gender imbalances at work, hiring of immigrants, and outsourcing work. Several American companies and organizations are planning to do this, and some have already begun to use these solutions.

Baby Boomer Health Care Crisis

The United States spends more on healthcare than any other nation in the world. We are the only wealthy, industrialized nation that doesn’t have a universal health care system. There have been ongoing debates regarding the poor access, efficiency, and quality yet the increasing costs. It was impossible to watch one democratic nominee presidential speech without the analysis of this crisis. What does this mean for the baby boomers that make up 27% of the total population?

It’s imperative that the current state of the health care industry be more affordable, stable, and safe for the millions of aging boomers. Over 60% of them who are employed have been diagnosed with at least one chronic health condition such as cancer, diabetes, and arthritis to name a few. 7 million of that group does not have health insurance or have been without it for a period of time since age 50. People with very good insurance receive the very best health care money can by, where as the people with poor insurance receive very little or no treatment at all.

The fact that America spends more money on health care costs than food is astounding. As more medical advances are being made, the more money that is being put towards it. Out of pocket costs for premiums and co payments have taken a huge chunk out of older workers household income. Self employed workers in this age bracket are being hit the hardest. Over half these entrepreneurs spent more than $3,600 on health care costs compared to only 16% of people covered by their employers.

Some baby boomers are concerned that there are not enough skilled people in the health care profession to properly treat all of them. Basically, the supply and demand model is not in their favor. Some suggestions might include doing away with the two-year wait list for disabled individuals to be covered by Medicare, let people get into Medicare early, helped by tax credits for people with low incomes, and add Medicare health accounts for expenses not covered by insurance. The road ahead is not well paved but I believe there is a light at the end of the tunnel.