55 is the Speed limit not my Age – Baby Boomers Face the Future

As I watched television the other night, I listened while Tom Brokow interviewed President Bill Clinton as part of his new series Baby Boomers, History’s Wealthiest and Most Influential Generation. And then it hit me OMG, I am a baby boomer, I am going to be 55 next month, I am close to retirement. How can that be? I feel so young!

I am the kind of person who wants to work forever. I have no plans to stop working. I mean I joined AARP but that was pretty much to get discounts, it’s not like I really think I am a senior citizen. My husband and I will be empty nesters soon but retirement; I am not prepared for this next phase of my life. Turns out I am not alone. Check out www.sobabyboomer.com/retirement )

“The impact of the new global economy and the financial effects of the lengthy bear market on 401(k) plans have affected thoughts of retirement. A staggering half of households headed by 50-to-59-year-olds have $10,000 or less in their 401(k) accounts even as public and employer retirement benefits are being trimmed.

With little net worth to fund retirement, there is now an exodus out of retirement to working. Most are healthy go-getters who would rather work than scrimp and save in an idle retirement. By 2015, estimates the National Council on the Aging, 20% of the U.S. work force will be over age 55, up from 13% in 2000.” SoBaby Boomer.com

This “phased retirement” of Baby Boomers will shape the American workplace and compensate for a severe talent gap due to a shrinking supply of new workforce entrants. Phased retirement will allow Baby Boomers to engage in work they enjoy while providing needed income.”

Baby Boomers have always been on the front lines of social change. Sounds like most Baby boomers are going to need more money then thought to live comfortably. Many will start their own business or work full time at a new job or career. Others will be looking to sell their business. The department of Labor estimates six million small businesses will be for sale as baby boomers look to cash out.

Are YOU a Fairfield County baby boomer business owner who plans to sell your business to your children or one of your current employees?

If so, you are going to need a business coach.

Why?

If you start planning an exit strategy now a business coach can help you get the most money for your business.

If you are getting ready to retire you will need an accredited appraisal to understand the real value.

Before the appraisal you will need to make sure your finances are in order. Are you sure you have built a well run, profitable business that is ready to be purchased?

An ActionCOACH can share a wealth of business strategies that will position you for this next phase of your life.

Overtime you lose the ability to see your business with the same objective clarity that you once did. A coach can give you the perspective and be the trusted advisor you need to make decisions.

A business coach will help you find a broker, negotiate the price and help prepare your financial statements.

Together with a good accountant and legal counsel, a business coach will be there to make sure your number one asset has been sold in your best interest.

Before retirement is the time to dream about what you would love doing now that you business is sold, and you are wiser and hopefully richer!

There are a lot of joys and challenges for Baby Boomers. When President Clinton was asked about some of his fond memories of his youth he reflected on the Beatles and the song “In My Life”. Turns out it is the number one favorite of Beatles fans. I think another tune they wrote, is something today’s Baby Boomer’s may be humming as well.

When I’m 64 by The Beatles
Album: Sgt. Pepper’s Lonely Hearts Club Band
Released: 1967

When I get older losing my hair
Many years from now
Will you still be sending me a valentine
Birthday greetings, bottle of wine?

If I’d been out till quarter to three
Would you lock the door?

Will you still need me
Will you still feed me
When I’m sixty-four?

Sixty -Four now that’s a good speed limit.

Are YOU a Fairfield County baby boomer business owner who plans to sell your business to your children or one of your current employees?

To make a difference in your business you have to change the way you do things. It begins by attending one of our profit building seminars.

To get started today click the link above. We look forward to helping you grow your business and making the kind of money you always thought possible