With older baby boomers turning 60, millions of them are preparing to retire. Unfortunately a high percentage of them are facing the realization that they have not been adequately educated to prepare themselves financially for this phase of their lives.
Most of them don’t even know how much money they will need to retire.
And retirement isn’t the only financial challenge many baby boomers face. College for their children and nursing or home care for their older parents are additional burdens to carry.
Unfortunately, money is a major obstacle, even for Boomers at the peak of their careers. Only 59% say they think they will be able to maintain their standard of living in retirement.
But 90% haven’t done much retirement planning, while 20% consider themselves 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 most likely it was also a missing subject in their college education.
The first thing baby boomers need to understand is that they may 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 and secure job with benefits, and stay there for life.
But now the rules have changed. In the information age, education is more important than ever because things will change faster than we’ve ever seen before.
Instead of dwelling on the past, baby boomers can create residual income by leveraging what the information age has to offer.
One of them is the ability to learn how to make money from home. Anyone with a computer with an Internet connection has the world literally at their fingertips.
The internet opens the door to an incredible number of opportunities. Real estate investing, Internet marketing, the stock market, affiliate marketing, eBay, and e-book writing are just a few examples of what’s available on the Internet today.
Baby boomers who want to increase their income and are willing to learn and persevere diligently have the ability to prepare well for retirement from the comfort of their homes.