The typical sources considered for retirement funding are
- 401k and retirement plans (IRAs)
- Pensions
- Other savings
- Social security
But you have huge opportunities to gain retirement funding from other sources under your own steam, during retirement. These other sources are not often mentioned by retirement advisors unless you pay a fee for their advice as there is no commission to be made for the following recommendations.
Part time work—what are you going to do if you don't work—watch Oprah reruns? Although the unemployment rate is up slightly because of a weak economy, we are heading into a labor shortage with more jobs than workers. There will be demand for your paid time. And don't fret about your page—any employer would rather have a worker from the baby boomer generation than a Gen X or Gen Y employee as their work habits are not what they truly desire.
Self Employment—there are gobs of opportunities for retirement funding if you are willing to learn something new. For example, if you want to invest in real estate but don't have any money, there are plenty of companies that will provide money for you to find underpriced real estate and split the profits with you. You must think like an entrepreneur to profit from the myriad of such opportunities If you are not willing to learn, forget it. Spend a day searching the web and you will quickly be overwhelmed by work-at-home entrepreneurial opportunities--super sources for funding retirement.
Multi-level Marketing—a type of self employment not to be shunned and quite suitable for funding retirement. There are millions of people involved in this very social way of making money. If you are rooted in your existing opinions and not open-minded to such opportunities, don't expect to generate more retirement income.
Phone Sales—Hundreds of companies need people who can conduct successful sales conversations and close business. Work from home. Don't know how to sell? Take a class. Most people in sales have never taken a sales training class so you'll be ahead of the crowd if you do. And you can wow your peers with this very lucrative method of retirement funding.
While visits to a retirement advisor can help with tax planning, passive investments in stocks, bonds and funds, when it comes to generating your own income, the Internet will be your best source of information. Also attend 'work-at-home' expos which come to most large cities.
For financial professionals seeking to gain leads for annuities, insurance,investments
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I also know that companies need phone service people. You need a broadband internet connection and phone line to answer calls. You have regular 8 hour day like normal job but stay at home. The fact you do not need to drive to work lets you keep more money you make.
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It's rare nowadays when one can retire more than comfortably because of good planning. It's a lot more common to see retirees heading for the Internet to try and earn some extra money that will make their retirement more comfortable.
I'd be curious to see what percentage the senior population would be when looking at online marketers peddling their wares.
I bet we'd be some surprised!
Great article. I agree. Baby boomers and others who are approaching retirement age have many alternatives. Your article does a great job of pointing out these options.
The recession is certainly taking a toll on the baby boomer generation and others wanting to retire. I can say that because I am slightly older than that generation. But I don't feel that old. And I have found a way to transition from corporate America.
Yes, many have seen their retirement savings hurt by the recession - the stock market crash and falling home prices. But I feel that most who have been hurt will recover.
Most are well educated, aggressive, and creative. Many have had successful careers. They are also accustomed to giving - giving to help others.
Many will find the work from home, internet network marketing industry as a great alternative for utilizing their abilities and helping others. I know they will succeed.