Boomers have and will continue to own their own businesses now and into their retirement, so maybe chronological age should not be a factor when it comes to starting a business venture! Those who have or have had their own businesses already know the advantages of being a business owner, and many will be quick to point out that it is the only way to go. For those who are a little foggy on what the hoopla is all about, read on to see why being a business owner is a “good thing.”
Besides experiencing the joy and pride of finding your passion and investing in yourself, you will appreciate some of the other very real advantages being in charge. Listed below are some reasons why you should be a business owner according to Kathy Anderson, a writer in the area of careers and employment.
1. Job Security. Business owners never lay themselves off! As a matter of fact, if the business slows, they have the option of doing whatever it takes without asking permission.
2. Maximum Pay. Business owners can choose their wage. They can create more business when they need or want more money. Employees work to make the business owner rich.
3. Flexibility. Business owners can choose their work schedule. They can plan around family events, and vacations can be incorporated into business trips.
4. Control. Business owners are free from being told what, how and when to do their jobs. There is no one judging them or looking over their shoulders.
5. Tax Benefits. Business owners have the advantage of more tax savings than employees. They can deduct the expenses of a home office or business trips that also are partially vacations. The tax savings are many and varied compared to those of an employee.
6. Retirement. In today’s world, retirement is unsure and risky for many. People who have worked for the same company for many years plan on a good retirement. Too often the good retirement they had planned on isn’t there when they retire. Creating your own business that can last long past your retirement can provide more security. You can train others to run your business so that you can retire when you want with a good passive income.
Time to rethink starting your own business? It’s not too late to plan for the rest of your life!
Well, it’s just no secret that the Boomers have reshaped what it means to grow older!! Compared to their parents, Boomers not only are healthier and better educated, but they likely will live far into their 80s and 90s! So, it’s no surprise that a lot of the Boomers have planned to continue to work far into their retirement years.!
A survey by The Associated Press found that most Boomers expect to retire around age 63…BUT….66% of them expect to work for PAY after retiring! The reasons vary from desperately needing the additional income to just keeping busy to wanting a few extras. Opportunities abound, and, today, the Boomers have more access to self employment options via the internet than ever before.
Some of the Boomers will have the opportunity to reinvent themselves with a new business venture or take a hobby to financial fruition. They will have the means to follow a new dream during the next stage of their lives. Stories are everywhere recounting the Boomers who already have become their own bosses and been quite successful!
Others will not have the luxury of tapping into a nest egg or retirement fund to try out their “entrepreneurial wings”. These are the folks who need to find a way to supplement their Social Security without the backing of retirement funds they do not have. It would appear to be a grim picture, but there is hope for those who are disciplined and can commit to learning a new business. For these folks there are opportunities…it’s a matter of how badly they want to improve their situations and how diligent they are in their search for an opportunity that is a good match for them.
More later….
Jill
Did you know that the average manager works 42 hours per week, but more than a third of those work an additional 7 or more per week? AND these hours don’t include all the hours of getting ready and getting to and from work!! What’s worse news is that these numbers have remained relatively constant over the last couple of decades!
Just when you thought life was getting a little easier, up pops a statistic like that!
Further research shows that managers and professionals perceive they are working HARDER and under more STRESS! Part of that could be attributed to the fact that technology allows people to be in constant contact with their work…ipods, email, cell phones, laptops. No wonder that people feel as though they are working all the time. Even if they are not, the potential is there to fill every waking hour with work!
So, it seems to me, that if you are going to be working long hours and working hard, your work must be something you love… especially if you are going to be at it into your retirement years!
Do you think it’s time to take a second look at where you are and where you want to go in this arena? Your work should be your play ….it’s not too late to make it so!
More later…
Jill
It’s not news that the first of the Baby Boomers are contemplating retirement. What is news is that a lot of them are choosing not to retire. For some of the Boomers, there are options; for others, there is only one option: keep working.
A recent survey conducted by The Employee Benefit Research Institute indicated that the number of people putting off retirement is steadily increasing…simply because they cannot afford to retire. Only 18% of workers were confident about having enough money for a comfortable retirement. And, the other 82%? Well, they have accepted the fact that they will be working far into their retirement years.
Is there a fix for the 82%. Maybe, maybe not. I do know that just the health care costs are a huge part of this picture, but not just for those looking at retirement and long term health care possibilities, but also those who have already retired. Nearly half of our current retirees indicated that they have spent much more than anticipated on health and medical. For the first time, retirees fear outliving their retirement savings. Living longer is a double-edged sword!
Boomers, take heed! More than half of the already retired folks are more concerned about their financial future NOW than when they first retired!
More later….
Jill
I am one of the first of the Baby Boomers, and, you guessed it, retirement is staring me in the face! Many of my peers and those right behind them are concerned that retirement may end up being more of what they’ve been doing for the last forty years….working.
This site is a platform for me to share some facts about the Boomers…where they have been and where they are going.
I hope you will enjoy reading my findings and also feel free to add your comments.
Jill Scott