Record number of older people in work.
The Boomer Generation is made up of people born from just after the Second World War ended, 1946, all the way up to the year after JFK died, 1964….an 18 year period.
Now, in 2015, boomers are aged between about 51 and 69 and a record number are in employment…….around 9 million plus in the United Kingdom alone. Is this because the economy is booming and there is full employment for everybody or is it because those in this age group still feel vulnerable financially and actually need to remain employed for the sake of their household budgets or to continue building up some sort of savings pot to take into retirement? Probably a little bit of both I suppose.
High numbers out of work too.
It’s estimated that, although there are record numbers in work, in the UK there’s also around 1.2 million in this age group out of work. These people are either not contributing to their retirement fund or are already retired, maybe by not having a job or by being past the age of retirement anyway.
Whilst undoubtedly some in this category will be financially stable, the likelihood is the majority will be looking for extra income after retirement. This can be achieved by looking for part time work or by starting a small business. Either way, supplementing their benefits or pension will be uppermost in a lot of people’s minds as will the method of doing so.
Ever aging population.
As time goes by, the numbers of older people will increase and it’s estimated that within 10 years, the numbers of people in the 50-67 age group will increase by about a further 4 million. This will not only put greater pressure on the infrastructure of the country but also on the so called “Pension Crisis” whereby the numbers of people working as against those not in work gets smaller each year. It’s unlikely that state pensions will increase with this scenario in mind and retirement ages will likely continue upwards.
The upshot is that more and more people had better get used to the idea of looking to earn extra income in retirement.
What are the options?
Well, one option is to do nothing….where that’ll get you is another question, the soup kitchen perhaps?
Or you could look at taking control of your own destiny by searching for ways to supplement your finances either by making some extra income for retirement or some extra income after retirement…depending on your situation.
Why not check this out over at my main site and see what you think, it could be the best idea you’ve had in ages!
Please leave me a comment below and let me know what you think of this post, I’ll be notified straight away and I’ll reply as soon as I can.
Thanks for reading
Founder of Extra Income For Life