Are You a Baby Boomer?
Are you a Baby Boomer or do you have a loved one that is? This generation was one of the largest in American history, and it is perhaps one of the most important right now when it comes to senior living.
Baby Boomer is a term used to describe a person who was born between 1946 and 1964. The baby boomer generation makes up a substantial portion of the world’s population, especially in developed nations: It represents nearly 20% of the American public.
If you fall into this category, hopefully, you do not find yourself among the 41% with no savings put aside for retirement. Many of you cannot afford to lounge around the house, playing with the grandkids and working on your golf swing. If that is you, you should know that Baby Boomers are actually the most powerful entrepreneurial group, willing to launch into career #2 instead of retiring.
According to the Kaufmann Foundation, baby boomers are twice as likely to launch a new business in 2015 compared to millennials (State of Entrepreneurship Study). This study further states that since 1992 every year more and more Baby Boomers are working past the age of 65.
Many Baby Boomers choose entrepreneurship simply because they want a better lifestyle and some because of the supplemental income. Even identity and self-worth come into play. I wrote a recent post found here ~ all about the “Gig Economy.” It is directed to those who want that “Plan B” ~ something that can provide that extra income and better lifestyle.
An interesting set of facts about Baby Boomers was recently listed on the seniorliving.org site ~
- They valued individual choice.
- They saw community involvement as necessary and essential.
- They sought health and wellness in new ways.
- They were self-actualizing.
- They wanted and worked hard to earn prosperity.
- They sought ownership of businesses and homes.
- They were confident in the tasks they had to do.
- They worked hard to avoid conflicts and sought a more pleasant way to communicate.
- They adapted easily to change.
- They also had a maintained positive attitude throughout their days.
- Most are very goal oriented, but they also worked well in teams.
I found this list extremely hopeful in terms of the future for Baby Boomers. The qualities it mentioned are all necessary when pursuing new paths.
When 1 in 3 over 65 rely on Social Security benefits alone and 40% of Boomers plan to “work until I drop” according the an AARP study, a “Plan B” sounds like a good plan. If you and/or your loved ones fall into the category of a “Baby Boomer” I hope you take the time to watch the “Gig Economy” video. If this perks your interest, I have a great website you can check out here to explore more “Plan B” options. It is never too late to start over!