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The Baby Boomer Workforce Faces Big Debt Problem
by Gordon Zill
As the Baby Boomer workforce faces retirement, personal debt will be a problem. Home improvements, kids staying at home longer, and aging parents will force a growing number of Baby Boomers to carry more debt into retirement. This debt will drain further an already underfunded retirement savings and force many Boomers to work longer or accept a lower standard of living.
Not a great outlook, is it? We, as Baby Boomers in the workforce, for a long time have been looking forward to a retirement that was full of hope. A time in life to enjoy the fruits of a lifetime of labor. But now it is threatened by mounting debt that could change all of those great plans. On top of this, as Medicare will be going through many changes, Baby Boomer women may be the most adversely affected. Yes, women may lose out in 3 different categories.
1. Baby Boomer women are likely to have spent less time in the workforce, therefore, will receive less in Social Security benefits.2. Generally have lower income.3. More likely to work in part time jobs.
Most financial guides will tell you that the way to prepare for retirement is to "save more money" but that does not seem likely for many Baby Boomers, given the financial realities they face. So, what are we to do? There are only a few ways to increase income to create a financially secure retirement.
* Save more - We know this isn't the answer because if it was, we would have done it by now.* Spend less - With mounting debt, more liquid funds go to paying off credit cards and other debt.* Earn more - With the Baby Boomer workforce moving closer to retirement it will be more and more difficult to trade your time for a paycheck to cover your debt AND fund your retirement.
The Solution!
Start a new business on the Internet! I know you've heard it before, but the truth is, if you have a good idea (supplied by years of experience in the workforce), a little money (much, much less than opening a brick and mortar store!) and a strong desire to succeed, you CAN earn enough to live the kind of retirement you've dreamed of all those years. You can do this and not be one of those that face an uncertain future, buried in debt.
Will you do it? Are you ready to use the experience you have to finally take control of you're life and you're future? Don't put it off. The problem only gets bigger in the few years left before retirement!
About the Author
Gordon Zill is a trusted marketing manager who thinks "outside the box". At YourPathOnline.com you will find handy tips and information, devoted to baby boomers who are interested in starting an online business to help fund their retirement. (and anyone else). Go to YourPathOnline.com for more details.
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