By Chris Cooper
Most experts on the subject believe that the Social Security
system will be bankrupt in about 15 years. However, some new
studies have offered a ray of hope. They seem to indicate that
the assumption that the boomer generation will retire at 65 or
67 and sit back to collect their social security checks is
They believe a sufficient percentage Ė some estimates are as
high as 80% - will continue to work in some capacity or
another, relieving much of the pressure on the system.
This is probably the only ray of hope for many who have
financial planners or bought personal finance software to see
how much they need for retirement. These usually show you need
a million or more dollars to retire with your current
lifestyle. But again, they donít take continuing earnings into
Many in the baby boomer generation plan to retire at around
but then start a second career, doing something they enjoy.
donít want to continue on in their present jobs or move to low
paying work at fast food restaurants or supermarkets.
Rather they would rather make their accumulated knowledge work
and, if possible, also give something back to society at the
Health experts say this trend will be beneficial in that by
staying involved, those past retirement age will stay
and will be happier with their life.
So it seems that several trends are converging. Those in their
60ís, 70ís and early eighties are healthier than ever. Because
of their increased longevity and the shortfall in their
retirement savings, they need to continue to earn. And many
companies who once looked on older workers with distain, now
seem to realize the value they can contribute to the company
and to society in general.
There is speculation that colleges and universities may allow
retirees to earn fast track degrees, taking into account their
prior education and work experience. Also some states are
already loosening license requirements for teachers to allow
those with degrees in fields other than education to become
teachers with little if any further training.
Another way to continue to earn in retirement is by making
investment choices now.
Buy rental properties, learn how to manage money effectively
start your own business now in your part time so that you have
something up and running by the time you retire.
The internet has opened up new ways to earn, be it drop
shipping, affiliate marketing or selling goods on Bay.
If you always wanted to be an author or if you can write
software programs, it is simple to self publish and sell
electronic goods through services such as Clickbank.
Or you could just do something youíve always wanted, like
baking breading or making shoes. If youíre good at whatever
choose, you should have little trouble finding a clientele.
But if you are depressed because you have to continue to work
after 65, donít. Youíll have a lot of company and youíll will
also be healthier and happier for it.
For more advice on retirement planning and personal finance,
About The Author: Chris Cooper a retired attorney, and his
Aileen, who has a MBA in Finance, provide personal finance and
financial planning advice at Credit Yourself Ė