Baby Boomer Retirement Plan
There is a popular ad on TV recently showing people carrying around a big orange number - apparently to represent the amount of money that particular person has to have saved in order to retire with the same kind of lifestyle that they lead currently. I found myself getting angrier and angrier every time I saw that ad, and I really didn’t know why.
Then I realized it wasn’t really anger I was feeling, it was more of a sense of desperation and anxiety. My wife clued me in that that was exactly what this company wanted me to feel, so that I would be inclined to follow their advice. That’s what negative advertising is all about. It did get my attention, but I don’t think it generated the kind of response that the company was hoping for.
What this company wants is for you to sign up with them as financial advisors, and they’ll help you reach your number. While this might be a solution for some people, especially younger ones, I just don’t feel it applies to someone like me that’s in their fifties. I have put a little money away, but I don’t feel there is any way for me to save more than a million dollars by the time I’m 65! That’s the minimum amount of most of the numbers under the people’s arms.
So what’s the answer? For me it’s going to be having a stream (or multiple streams) of income coming in until I die. I believe that’s a viable solution for most baby boomers, especially in these uncertain and volatile times. But how do we accomplish that? Here’s a list of 6 possible solutions.
1. You can refinance your house with a reverse mortgage. If you have a bunch of equity in your primary residence, you can take out a loan and not have to make payments. You can then get a monthly payment, a lump sum, or just have it available to use if necessary.
2. How about a part-time job? If you don’t need a lot of extra money because you’ve got some savings, a pension, and/or social security, maybe a part-time job will be enough to make retirement work for you.
3. Franchises. There are lots of different franchise opportunities available if you don’t mind putting up some money up front. Some of them aren’t that expensive, and they encompass a huge range of businesses. A restaurant, a cleaning service, an auto repair place. If you’ve got some money saved up, this might work for you.
4. Start a traditional home business. Maybe there is something you’re good at and you can market that skill. It can be building something, making something, or even offering a service, such as bookkeeping. You can sell your product or service on Craig’s List or ebay.
5. You could start your own home-based internet business. Affiliate marketing is a hot topic right now, and you can make a some good residual income by setting up websites that promote other peoples products. All you have to do is send the customer to that merchant’s site, and you’ll earn a commission. Once you get the sites set up, they are self-sustaining and can generate income month after month.
6. A network marketing business. This is my top choice for the simple reason that it offers both leveraged incom and residual income. Leveraged income means that you sign up distributors underneath you, and you are paid a small part of any sales they generate for the company. Residual income is accomplished by setting up customers that continue to buy your companies products on a month-to-month basis, and you earn commission on every purchase they make.
These are just a few suggestions on how baby boomers can retire with a good income. I encourage you to do some research, and figure out what works for you.
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