Whether it is due to fears about the economy, finally getting tired of the corporate grind, or simply a desire to stay busy in retirement, it seems more and more Baby Boomers are putting on the entrepreneur’s cap. In fact, the Rapid City Journal recently profiled a Boomer entrepreneur whose bright idea for business is a support service company specifically for helping Boomer entrepreneurs get their businesses off the ground. Talk about niche. And yet he already has 50 businesses signed up. What does this trend mean to your business? Are you losing experienced professionals because they are ready to… Read More
Categories: Baby Boomers, WorkFor years, economists and generational experts have been talking about the business impact that will come as Baby Boomers retire in droves. Entire industries have emerged to handle the needs of this enormous generation as it ages out of the work world and into some semblance of retirement – be that semi-retired or active senior living or long term care. But Boomers are affecting established industries as well. A recent story on NBC News highlights how restaurateurs are catering to the Boomer clientele. When we think of restaurants and other B2C business, the trends have historically shifted toward the youth. … Read More
Categories: Baby Boomers, Blog, WorkJust last week we were talking about how 50% of Gen Xers are confident in their retirement savings. Today, we’re hearing that the confidence may not match up with the bank accounts. The Associated Press reported on the findings of a recent Pew study of the retirement readiness of Boomers and Gen Xers. While retirees are advised to have enough savings to replace 70% of their income, Gen Xers are on track to replace only 50%. The report seems to point to the timing of major economic events during the Gen X lifetime – where Boomers largely benefited from the… Read More
Categories: Financial Services, Generations, Recession EconomyGerald Crawford sent me an email yesterday. He’s from Northern Ireland, is a retired Baby Boomer, and offered this article for my blog. You can let him know your thoughts at gerald.inspired@gmail.com. The links are his own. Never too late to enjoy retirement How to make retirement the best time of your life by Gerald Crawford Retirement — it is finally here. With a head full of ideas you greet the first days of retirement with the enthusiasm of a “gung-ho” attitude. Unfortunately for most, the enthusiasm slowly turns to boredom and then depression, mainly due to the fact that… Read More
Categories: WorkA lot has been written about the effects of Baby Boomers retiring en masse over the next couple of decades – on employers, on markets, on healthcare, etc. Now, a new analysis from the Metropolitan Research Center suggests that aging Boomers selling off their homes will lead to the next big crisis in the housing market. Over the last few decades of the 20th Century, Boomers drove demand for single-family homes and accounted for most of that market. As they retire, they will begin to sell those homes but the market for them will be considerably smaller. First, the generation… Read More
Categories: Baby Boomers, Home Ownership, WorkThe two youngest generations, Millennials and Generation X, are the ones most concerned about their spending, saving, and investing, according to a TD Canada Trust survey. In contrast, 80% of Boomers feel they are managing their money well, even if 56% feel they don’t have enough of it. Millennials are most likely (65%) in the survey to worry that they are spending too much, compared with 56% of Xers and 44% of Boomers. Millennials are also most likely (55%) to want to learn more about finance and money management. Meanwhile, Generation X has the most competing financial concerns, including retirement… Read More
Categories: Baby Boomers, Financial Services, Generations, Wealth, WorkNearly half of Generation X (46%) cites retirement as a top-10 reason for saving and investing but less than a third of Millennials see it the same way. So says a new survey by LIMRA that assessed the younger generations’ attitudes about saving and investing. While Xers seem to focus more on their retirement needs as they inch closer to that milestone, Millennials aren’t there yet. They cite travel and vacations ahead of retirement as motivations for saving and are more likely to save up for cars and household purchases than Xers. In addition to retirement, Xers cite home improvements… Read More
Categories: Financial Services, WorkAlong with widespread discussion about what happens when all those Boomers retire, a parallel discussion has emerged about what will happen if they don’t. As Boomers reach retirement age, many of them just keep on working. Some can’t afford to retire and some just like their work. Remember, this is the workaholic generation. A debate has begun about what effect the non-retirement of Boomers will have. On one side, some have argued that it will mostly be positive: less demand on retirement systems and more wealth to fuel Boomer consumption, expanding opportunity for everyone. For the other side, Boomers sticking… Read More
Categories: Baby Boomers, Generations, Work, WorkplaceSince their emergence as the youth market decades ago, Baby Boomers have expanded the consumer demand of each life stage or demographic they’ve passed through. Always avid consumers, Boomers promise to do the same at the senior stage, according to a recent analysis by McClatchy. While the discussion of Boomer aging has centered the effects of their retirements and entitlement demands, others see a key consumer generation entering a whole new market phase. “It’s only in Washington that 100 million people are viewed as an unaffordable cost and financial burden,” said an AARP exec of the new seniors. “In the… Read More
Categories: Baby Boomers, Blog, WorkOn average Millennials (83%) are more concerned about retirement security than other generations (75%) according to a Bank of America survey. So what are they looking for in order to get started? Some financial advice they can relate to, says the study. 78% of them want to learn more about financial products. 75% say they’re looking for a one-stop-shopping type source to get a complete picture of finance and investments. And 74% just want advice from a qualified financial advisor. Millennials are warier of the markets that older generations and they have specific communication and marketing preferences. However, this and… Read More
Categories: Financial Services, Work