Baby Boomers Must Accept That Retirement Means Still Having to Work

By all accounts, the recent business downturn has been the worst on record since the Great Depression. Household wealth accumulation strategies have been dealt a horrific blow as home equity values have plummeted and investment accounts have been depleted just to make ends meet. The Baby-Boomer generation, the largest segment of our population now approaching retirement, must face the realization that full or part-time work must now comprise a primary place in their retirement planning exercise.

Known for creating the consumer-driven economy we now live in, this sector of our society that was once affluent must now learn the lessons of frugality and how to continue generating an income long after the age of sixty-five. A recent survey published by the Employee Benefits Research Institute, however, suggests that Baby-Boomers may not be the only ones facing this financial imperative. Over 50% of respondents to this retirement confidence survey admitted that their household wealth was abysmally low. After reducing for home equity values, nearly non-existent in most markets, and company paid defined benefit plans, nearly non-existent after corporate restructuring, the resulting value of investments and savings totaled less than $25,000.

How does one go about earning additional income in today’s electronic age? The first point to consider is that there is a lot of fraudulent marketing related to “earning thousands of extra cash while working at home.” Most all of these come-ons involve the investment of funds on your part to either learn another’s method, buy potential leads for the sale of insurance or products, or spend money creating websites to earn commissions over the Internet. Many have lost money and time with these schemes, so caution is advised.

There are several legitimate websites that post several service business ideas worthy of consideration that can be formed and run out of a home office. Creating a website to sell your personal services is another idea if you have skill sets that can be monetized after finding appropriate clients that need your services. The Internet is today’s tool for networking and brokering one’s service capabilities. One example of a project brokering site is, but there are several others that may appeal to your personal capabilities.

From a service perspective, the Labor Department has specified that the two areas of higher than average growth potential for the foreseeable future are software programming and the healthcare industry. We are definitely living longer these days, and the Baby-Boomer generation, due to its age demographics alone, will generate the need for care services of all types and genres. Developing support services to help the elderly with shopping, preparing meals, and general needs around the home will be welcomed by the market at large.

Another question worth pondering is how you manage your investments going forward. Typically, retirement means converting your investments to income producing securities to supplement social security pension payments. Now may be the time to determine if you are suited to becoming an active trader, focused on reaping short-term gains in your market of choice. An excellent way to assess your capabilities is to trade “virtual” cash from a free currency demo account. Technical analysis skills are easily transferable to other investment mediums, but if you can trade the "EUR USD" currency pair for profit and enjoy the process, then managing your own investment portfolio may save you money and generate more income in the long run. However, with risk, there may be reward, but there can also be losses, too.

Working at home can have benefits, but be sure to exercise caution before committing your personal capital. Forex trading has very high risks involved and is not suitable for all investors. Knowledge and education is key, just as in any profession.

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