Some Baby Boomers will stay in the workforce longer due to poor planning for retirement. Thanks to good health and education, though, others will choose to work beyond retirement age, on their terms.
In my June “That’s Life” column for Senior Market Advisor, I discuss the fact that Baby Boomers will fill the future worker void with an increased mix of job arrangements. Already 30 percent of all Baby Boomers are self-employed, creating several financial implications.
Changing employment presents new financial problems—our support must adapt as clients’ needs change. When changing the business dynamic, financial decisions arise that many have not faced in the past.
Small business owners can develop incentive and investment programs to retain key employees and your expertise can be used to match up experienced clients with new business-owners.
The U.S. Small Business Association claims 60 percent of the nation’s 6 million small business owners are at least 45 years old. As they age, these clients must find a happy work-life balance and prepare to eventually sell the business.
Our “retired” clients could help us explore new territory and uncover clients from unique professions who might take the advice of a “peer.” For Baby Boomers looking for flexibility and excitement, the financial services profession could be a great option.
Please read the online column to learn more.
