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Baby Boomer Retirement - 6 Different Options

Aug 16, 2008
Lately I've seen an ad on TV where people are carrying around a big orange number. The idea is that this number is the amount of money that person needs to save so he or she can retire comfortably. The ad generated a strange response in me - one of anger - and I wasn't exactly sure why.

Then I came up with the reason. I was feeling depressed and anxious, not exactly mad. Which is probably why they created the ad campaign in the first place. Research has shown that the best kind of advertising is that which makes you feel desperate and stressed. Negative advertising. Needless to say, it worked for me. But when they did give their solution, it didn't really work for me.

This financial company wants you to become a client of theirs and they will advise you on how to save and invest so that you can reach your orange number. While I'm sure they are very good at what they do, I think this ad is more geared toward those in their twenties and thirties. What about those of us in our fifties? My savings are minimal, and I just don't see the possibility for me to increase them to one million dollars plus in the next 15 years, even I had Warren Buffet as a financial advisor!

What are people my age supposed to do? I've decided that I'm going to generate multiple streams of income coming into my bank account every month for the rest of my life. Furthermore, I think this is a great solution for most baby boomers. How do we really know what that number is, anyway, with the rising cost of gas and the decreasing value of real estate. These are uncertain times. So how do we generate those multiple streams? Here are a few ideas.

1. Get a reverse mortgage on your house. If you've got substantial equity in your home, you can refinance it with a reverse mortgage and take out a lump sum or monthly payments until the day you die.

2. You could get a job. Maybe all you'll need is a little extra to supplement your pension, savings, and social security. A part-time job might fit the bill to help you stay afloat.

3. A franchise might be an option. There are many different business plans available for those that have a little money saved up. These businesses range from restaurants to auto-repair facilities, and there is also a huge variety in start-up costs, too. This might be something you want to look in to.

4. Start a home-based traditional business. If you've got hidden talents, this could be a great option for you. Maybe you know how to work with wood, and you can build birdhouses, or furniture, or guitars. Then, you can sell them on Ebay.

5. An internet-based business. There are tons of merchants who pay affiliates to promote their products and then pay a commission on any sales that are made from those promotions. You don't need to have and inventory, you don't even talk to the customer, you just send them to the merchants website. This is a good option, because it frees up your time as it's residual income that keeps coming in month after month.

6. You could start a network marketing business.I really like this idea because it offers two types of income - residual and leveraged. By residual income I mean income that comes in every month, whether you work or not. Most network marketing companies have consummable products that the customer buys every month. Leveraged income comes when you sign up a distributor underneath you. Then every time that person makes a sale, you get a piece of their pie.

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.
About the Author
Matt teaches people how to build their business on the internet. His focus is on social marketing training. Get more information on how to retire comfortably at Baby Boomer Retirement Plan .
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