Misconceptions about Retirees
People think that a person retires after working 30 to 40 years with a company or the government, and will receive with a gold watch and a nice pension. The retiree rides off into the sunset with his/her RV and then dies after 5 years.
Nothing could be farther from the truth. Here are some statistics from Senator Nelson’s Subcommittee on Aging 2012 report.
- 50% of households receiving Social Security benefits have an annual income of $17,000 or less.
- 80% of households on Social Security benefits have an annual income of $36,000 or less.
- People over the age of 80 are falling into poverty at an 8% rate every year.
Clearly, it is a challenge to live on this income with the high cost of living in the USA.
Now, let’s look at Pensions.
Today, just 17% of the workforce are covered by a defined benefit pension plan, most of whom are government employees or Union workers. Contracts are changing and unions are accepting 401k benefits.
The average IRA amount is just $40,000. It is difficult to retire on that amount.
Baby Boomers are people who were born between 1946 to 1966. It is the largest bulge affecting the economic, cultural, and political energy in America over the last 60 years.
Baby Boomers are redefining retirement lifestyle. We would rather wear out, not rust out. We are living longer, and enjoy better health than our parents or grandparents.
We flooded the schools, the workplace, and impacted public policy. We are very competitive because we had to be. Classrooms were overcrowded, and we flooded the workplace. We had to work harder and longer hours to keep our jobs. As a result, we continue being competitive in retirement.
Some want to work outside of the home. Others want to work at home jobs. Still others want to develop a home-based business.
This blog is designed to help people who want to make money from home and supplement their retirement income.