With the oldest Baby Boomers turning 60, millions of them are getting ready to retire. Unfortunately a high percentage of them is facing the realization that they have not been adequately educated to prepare financially for this stage of their life.
Most of them don’t even know how much money they’ll need to retire.
And retirement is not the only financial challenge many Baby Boomers are facing. College for their kids, and nursing or at-home care for their older parents are additional burdens to carry.
Unfortunately, money is a big stumbling block – even for Boomers at the height of their careers. Only 59% say they think they’ll be able to maintain their standard of living in retirement.
But 90% have not done a great deal of retirement planning, while 20% consider themselves to be knowledgeable when it comes to investing for retirement.So what can Baby Boomers do to protect themselves and improve their finances?
The answer is financial education. No, it was not part of their school curriculum, – and it most probably was a missing subject in their college education too.
The first thing Baby Boomers have to realize is that they might be highly educated in many other areas, but most of them are financially illiterate.
They were educated to go to school, get good grades, find a safe, secure job with benefits, and stay there all their life.
But now the rules have changed. In the Information Age, education is more important than ever before, because things will be changing faster than we have ever seen before.
Instead of lingering in the past, Baby Boomers can create residual income by taking advantage of what the Information Age has to offer.
One of them is the possibility to learn how to make money from home. Anybody who has a computer with an Internet connection has the world literally at his fingertips.
The Internet opens the doors to an incredible number of opportunities. Real Estate investment, Internet Marketing, the Stock Market, Affiliate Marketing, e-Bay and writing e-Books are just a few examples of what is available on the Internet today.
Baby Boomers who desire to boost their income, and are willing to learn and persevere diligently, have the possibility of preparing well for their retirement from the comfort of their home.