ChoicePoint: To retire, start over or hang in there..?

Prior generations retired after working at one company for 25-30 years then retired. Retirees had a small house paid for, a nice Social Security check and a pension. Add to that a life expectancy of around 70 years, and you’ll have a perfect retirement plan.

Nowadays it’s a different reality. Life expectancies are creeping up past 80, pension plans are quickly disappearing, people have mortgages on huge houses, and full retirement is no longer at age 65, but rather 66. With the fact that many of us baby boomers are poorly prepared financially, it’s clear why the current retirement landscape isn’t so rosy.

So, more and more, boomers are seeking entrepreneurial opportunities to help shore up their inadequate retirement savings.

But businesses can and do fail, often. If you start a business when you’re 55, and it takes about four years to fail, how able will you be to start yet another venture when you’re age 60? You’ll want to plan accordingly.

Networking is hard both off and online. Handshaking and backslapping takes a lot of effort for offline promoters, and web cashflow takes entirely new techniques.

Being on your own means you set your own procedures and policies, serve as your own human resources, sales, marketing, payroll, tax and accounting departments, plus fax and phone answerer — the list goes on and on…

Prepare to work longer wherever you are. “Preparation” is the key word here. Some companies will allow you to consult, and many companies allow flextime for working from your home. If you do decide to start your own offline business, prepare to gather contacts from the network opportunities you have where you work now, For an online business, plan to invest for initial and ongoing education and coaching though networks such as Content Desk.

Regardless of how you envision your golden years, do plan now for possible long term care funding by researching appropriate long term care insurance coverage. Many people get comparative rate quotes and personal coaching through the online long term care insurance Buyer’s Advocate.

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