Posts Tagged ‘retirement planning’
While on a recent plane flight, I came across an article in USA Today about a new book, and its author, that I thought was very interesting and inspiring. But, before I jump into telling you about it, let me take a minute to explain why the article about the Boomer author’s journey grabbed my attention:
In October of 2011, I released my third book, “Boomers into Business: How Anyone Over 50 Can Turn What They Know into Dough Before and After Retirement”. I wrote it because there are a lot of new shocking statistics about how horribly prepared more than 47% of Boomers are for retirement (or even have enough money to cover their basic bills when they get older!). So I wrote my latest book to provide career options that Boomers can consider to make more money now, on-the-side of their current job if they’re employed, as well as what they can do after they “retire” from their current job or career to generate income later in life.
There. That gives you a general overview as to why the article topic grabbed my attention…now, back to that.
The book is called, “Diary of a Company Man: Losing a Job, FInding a Life”, written by James. S. Kunen (Lyons Press). And it tells his journey of being a 59 years old Baby Boomer executive who was fired from a good job at Time Warner, and found himself in what he, along with many other Boomers, describe as a place of: Too young to retire and too old to hire.
So, there Kunen was, caught in that scary place that many Boomers find themselves in where they find it hard to get a new job, yet they’re too young to quit working because they don’t have enough retirement savings, and/or they need to make a living now just to make ends meet.
I don’t want to give away the ending and how he survived this, so you’ll either have to read his book or read the article I did to get more details. But I will provide you with this brief book description from his Amazon book page:
The funny, insightful, and inspiring story of a 1960s campus radical turned corporate PR man who finds himself, along with his fellow baby boomers, in a place called “Too Young to Retire and Too Old to Hire”.
James S. Kunen—author of The Strawberry Statement, an account of the 1968 student uprising at Columbia University—chronicles his adventures on the road to finding meaning in work and life.
He traces his evolution from a rebellious youth who sees working as a kind of death, to a laid-off corporate executive who experiences not working as a kind of death, to a reinvented and reinvigorated individual who discovers something important and meaningful to do.
The experience of falling victim to America’s recession-ravaged economy (and the people who run it) leads him along a career path far different from anything he had planned. After years of making a living, Kunen finally learns how to make a life. Diary of a Company Man will be a revelation not only to baby boomers but to young people trying to figure out what to do with their lives.
So, how did he reinvent himself? Did he become self-employed? Did he find another corporate job in a different career? If you’re a Boomer and find yourself in a similar situation as Kunen, what can you do? Or if you still have a job but need to make more money for your retirement account, what can you do? Or if you’re looking for something you can do to generate income past 65 years old, what can you do?
For starters, you can pick up a copy of Kunen’s book, or my new book, for some ideas (both of our books are available in print and Kindle)! Unfortunately, all of this is a stark reality for over 35 million Baby Boomers, and the time to start thinking about future financial security, and career options, is now!
Read these scary statistics carrefully. They are fightening:
According to this 2010 report, The EBRI Retirement Readiness RatingTM: Retirement Income Preparation and Future Prospects, by Jack VanDerhei and Craig Copeland of EBRI.org: 47.2% of older Boomers (56-62) are at risk of outliving their retirement savings. And 43.7% of younger Boomers (46-55) are at risk of not having enough money for basic monthly expenses when they retire.
These sobering statistics have millions of Boomers currently wondering, “What can I do to generate income, full-time or part-time, that is flexible, interesting, fun, possible to start on a tight budget, and do way into my golden years?”
I wrote my newest book, “Boomers into Business: How Anyone Over 50 Can Turn What They Know into Dough Before and After Retirement”, to answer those questions. I explain how to take what you know, from your career experience or hobbies, to develop a “topic expert” platform that can lead to consulting others, conducting training seminars online and offline, developing many strategies for on-going passive income, and much more.
And it doesn’t matter whether you’ve been an employee your whole career or whether you are currently self-employed. Nor do a person’s education level, career background, or business experience matter. The book was written to take a lot of guesswork out of the process.
Basically, most everyone knows something, from their career background, life experiences or from a hobby that other people will pay to learn about. Whether you’ve been an HR professional your whole career, or a construction worker, homemaker, lawyer, Life Coach, housepainter, or a lover of growing roses, my book teaches Boomers how to monetize what they know to create a good income, in a wide variety of ways, as a topic expert.
And the book not only teaches how to determine a topic focus and how to create a unique brand platform, but it also outlines the tools needed to launch. Plus, I asked 15 other business experts to provide chapters on PR, marketing, and social media strategies, plus many more business-building and revenue generating ideas.
The reviews on Amazon have been great so far, and here are 2 examples of how my new book is helping those who read it:
“I’m now 50, a single mom with a teenage son, and I’ve worked at Title Insurance companies for over 20 years. I currently don’t have enough money to retire comfortably in my 60’s and have been trying to figure out what I can do make money on-the-side of my day job,” says Kathy F. in San Jose, CA. “ ‘Boomers into Business’ was a godsend! It opened my mind to possibilities I had never thought of before and I’m now developing ideas for an expert platform and consulting business that will provide me with the additional income I need to be more comfortable now and later in my life.”
“This book was so helpful, easy to follow and really fun to read! It’s loaded with
So, if you can relate to anything you’ve read in the blog post, check out my book on Amazon. It’s available in both Print and Kindle versions, and for a small investment it could bring you a serious return that can help your retirement picture.
And, for any of you Millennials (aka: Gen Y) wondering what to get your Boomer parents for Christmas, my book is a great gift idea! You’ll be responsible for helping your aging parents and this book might help improve their future income situation.
Bye for now!
Over the years employers have been so concerned with women (and men) needing time off to take care of their sick children, and parents needing flex-time to attend their kids’ soccer games, that many have not focused on a major cost drain that will only GET BIGGER as Boomers start to hit 65+ and the Veteran generation continues to hit their 70’s, 80’s and 90’s…the cost of adult children (like me!) faced with caring for their aging parents.
And other stats from the Council on Aging in Silicon Valley include:
– 70% of those who are working TAKE TIME OFF to provide this care
– 15% of them QUIT THEIR JOBS when full-time care is needed for their elderly loved ones
– California businesses (and in all states) lose BILLIONS of dollars and lost productivity EACH YEAR due to their employees handling elder care of their loved ones
As an HR professional, you need to find ways to save your company the high cost of workplace interruptions and absenteeism. It is time for employers to WAKE UP! The cost to businesses due to absenteeism, stress and reduced productivity will add-up to massive amounts of financial loss for companies that are not prepared to manage this reality.
I recently met with Lorraine Larson at the Council on Aging in Silicon Valley and was floored by these facts but impressed by the services they offer to help companies manage this growing issue. If you don’t live in the Bay Area (or California) then I strongly recommend finding an organization like this in your area to help you prepare your company.
They offer educational services for employers and employees about: Elder Care Planning, In-Home Services, Caregiver Support, Retirement Planning, Long-term Care Insurance Counseling, On-site Work-Life Seminars, AND training for HR and/or workplace supervisors to manage elder care issues they will face with their employees.
Get with it, folks! I’m 44 and my Dad is turning 80 this July. We are working on moving him closer to us and I know once he is here I’ll be taking more time away from work (without regret because I adore him, but for many people this is a financial burden), so I can relate to the issues employers and employees face. Luckily we have organizations like the Council on Aging to help companies and individuals deal with this important fact of life.
Bye for now,