How to make enough dough before and after retirement
The economic news for many baby boomers — probably most — isn’t good: we may be getting old enough to retire, but we’re not rich enough. But Lisa Orrell has just written a book called “Boomers into Business: How Anyone Over 50 Can Turn What They Know into Dough Before and After Retirement
Lisa Orrell
Did you know that Baby Boomers are currently retiring at the rate of 1 boomer every 8 seconds?
That’s a huge number of Boomers who are, willingly or unwillingly, leaving their income-generating jobs every day. But due to the economic shifts in our country the past couple of years, many Boomers cannot afford to retire securely or as comfortably when, how, and as, they’d hoped.
There are some startling stats to support this. According to the Retirement Readiness RatingTM from the Employee Benefit Research Institute, in 2010:
- 47.2% of older Boomers (56-62) were at risk of outliving their retirement savings.
- 43.7% of younger Boomers (46-55) were at risk of not having enough money for basic monthly expenses when they retire.
47.2%?? If you round it off, that’s almost half of all Boomers! It means we have millions of people who cannot afford to stop working at 65 and who are currently seeking ways to make more income today and to continue earning more well past the age of 65.
But there are also Boomers who simply don’t want to fully retire, even if they can, and are looking for something different to do.
Regardless of which scenario you relate to, what can you do to generate income, full-time or part-time, or over-and-above a current job, something that is flexible, interesting, fun, possible to start on a tight budget, and, health permitting, something you can do way into your golden years?
Become a Topic Expert! Most everyone knows something, from their career background, life experiences, or a hobby, that other people will pay to learn about.
Whether you’ve been an Human Resources professional your whole career, or a construction worker, a homemaker, a dentist, Life Coach, housepainter, or a hobbyist who grwos amazing roses, you can monetize what you know to create a good income as a Topic Expert.
Where is the money in it? You can consult others; conduct training seminars; create simple “how to” products; and much more.
And some Topic Experts never even do any of those things! They do things like develop blogs or newsletters to share their expertise, then they sell ad space on them.
Whether you’re already self-employed, unemployed, an employee, or a hobbyist, you can share and sell your knowledge in a variety of ways to improve your financial future. Banding yourself as a Topic Expert is certainly one viable option to consider!
Category: Baby Boomers, Lisa Orrell
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Thank you for the post. I am always looking for new ideas regarding retirement. As a single boomer this is a big concern for me. I will have to check out what you have to offer.