Seems like everywhere I turn nowadays there are more articles on Baby Boomers Retirement and how so many of us will be postponing retirement for financial reasons. Many of us have always approached retirement with a retirement plan that involves staying active in our careers into our retirement. The options are really almost limitless for Baby Boomers now. If one looks closely at business changes that have occurred the last two decades one can see many new opportunities for baby boomers retiring. The last two decades have seen a huge growth in independent contractors working for corporations. This was initially a new way to play the headcount numbers back in the early 1990’s companies laid off employees to save long term costs then many times immediately hired them back at hourly rates exceeding previous salaries. They could do this as they eliminated many The markets took notice of companies that appeared more and more lean – larger revenues per employee and expensed and accrued costs for benefits. This appeared successful so many other companies followed suit. Many people bemoan this trend – as a baby boomer approaching retirement this is a business practice we can now take advantage of, working less hours, feeling less controlled and obligated as an actual employee. Combine this with the explosion of the internet which really has fueled the almost two decade long growth of telecommuting and baby boomers now have great choices and opportunities as they approach retirement.
Building A Baby Boomers Retirement Plan
The combination of just those two changes the last two decades can actually create many different retirement lifestyle choices for baby boomers building a retirement plan with flexibility too! here are just two options that can be built into your baby boomer retirment plan that leverage the previously noted business changes:
- Increase in Businesses Hiring Independent Contractors
- Expanded Development And Access Of The Internet
Baby Boomers Retirement Option One
Create your own consulting business delivering services based upon your corporate experience and career. Hire yourself out on contract to your previous employer on a scheduled basis – training new people, mentoring other employees, transitioning and supporting client relationships you had inside the company to other employees. This type of contract support can be more open ended, not as time critical and can support a more independent lifestyle as a baby boomer retiree. If you are currently an employee, maybe in your last 5-10 years of your career – it is a good time to begin building a current job that would allow this type of contractor work into your actual retirement! Now is the time to begin building that plan and making the career adjustments to support your consulting business, mentoring and training later. In my many years as a corporate executive I coached many of my team members to develop their customer relationships and customer relationship skills as I always believed this was a key to long term strategic value to a company! This will not change for you as you enter retirement!
Baby Boomers Retirement Option Two
Begin now developing your baby boomer home business. prior to your retirement get involved in a baby boomer home based business opportunity while you are still employed. Build your skills, experience and customer base part time, invest some of your excess income from your salary into building out the infrastructure and understanding how a home business can leverage your existing skills and then gather the additional ones you need to run your own profitable business from your home – wherever it may be!
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