Chicago, Illinois (PRWEB) May 8, 2006
Boomers will be long on life expectancy but short on income, according to the producers of a new Frontline special, entitled: “Can You Afford To Retire?” to be shown on PBS stations on May 16, 2006 (http://www.pbs.org/wgbh/pages/frontline).
The reality this show will present may be news to some viewers, but it has been known for sometime by Jeff Williams, CEO of Bizstarters, a business start-up firm that specializes in helping people 50+ re-invent themselves as small business owners.
“I strongly believe that many of my Boomer peers cannot start too soon to seriously explore possible ways to generate more retirement income, including starting their own businesses, if they are to enjoy any sense of retirement security,” says Williams. “This is not just a situation of a few isolated people over 50 who are facing a serious financial challenge in the coming years – this is a national financial crisis for Boomers.”
Williams cites his own personal situation as increasingly typical of the retirement reality for many Boomers. He is a member of the group representing more than fifty percent of the Boomer workforce who are not eligible to receive a pension. And like many of his peers, his 401(k) account is nowhere near what financial advisers recommend to sustain boomers beyond retirement.
“Maybe 15% of the Boomer population has access to the $1 million-plus retirement savings many experts say you need in order to quit working and enjoy retirement for up to 30 years. The other 85%, if they aren’t already, must look for a solution to their savings deficiency,” emphasizes Williams.
As Williams points out, there are only so many ways for the typical Boomer to plug the gap in their retirement savings:
1. They can continue to work in the corporate world well into their 60’s. Unfortunately, more and more 50+ people are being asked to leave the corporate world, and those fortunate enough to get back in often take a sizeable cut in pay just at the time they need to boost their retirement savings.
2. They can find a part-time job, but those available are less than ideal. How many of us are mentally and physically ready to work at a large chain store for $10 per hour after having been corporate managers?
3. They can receive such a large inheritance that it immediately plugs their personal financial gap. Media stories notwithstanding, experts say that many Boomers will receive much less than $100,000 (if any money at all) from their parents – and it could be 10 years or longer before they receive their inheritance.
4. They can win big at the local casino, in Vegas or at Power Ball. With record profits being reported by gaming companies, need we say anymore about the odds here?
5. They can sell virtually everything they own on EBay, live in one room of their house and take the bus. What boomer wants to volunteer for this lifestyle?
6. Or, they can start a revenue-producing enterprise, making an attractive income satisfying the almost never-ending variety of services being demanded today by both corporations and consumers.
Williams is encouraged by the results of the recent Yahoo Small Business Survey, which revealed that two-thirds of Boomers surveyed say they’re considering starting their own business. “We’re seeing evidence of this trend, as more and more boomers come knocking on Bizstarters door for help in planning and launching their own businesses,” says Williams.
To help prospective Boomer entrepreneurs get started, Bizstarters offers a free report at their website (http://www.bizstarters.com), entitled: “40 Ways to Start a Great Boomer Business”.
Bizstarters guides those 50 and over to plan and launch successful businesses through its self-study courses, coaching, telegroup programs and new DVD based on Founder Jeff Williams’ award-winning live workshops and training programs. During his career as a business start-up expert, Jeff Williams has coached and trained more than 4,000 new business owners. A fifty-plus business owner himself, Jeff specializes in showing his peers how to start a business that will inspire and reward them. For more information, please visit http://www.bizstarters.com or contact Jeff at firstname.lastname@example.org.