Baby Boomer Article

Boom, Baby, Boom

After the end of World War II, the world saw an incredible rise in the birth rate, which was quickly dubbed the ‘Baby Boom’.  A ‘boomer’ is defined as someone born between 1946 and 1964. In addition, the marriage rate boomed in 1950, which pushed the baby boomer explosion even higher. Today we have very active and optimistic aging populations all over the globe. The boomers are the fastest growing demographic in the world. ‘Seventy’ has become the new ‘fifty’ and every seven seconds a baby boomer turns fifty. People are living longer, acting younger, and doing more. Society’s view of older workers has changed. Many countries have done away with mandatory retirement at age sixty-five and this has made boomers very happy. Many are not ready to give up their working life. Participation from boomers in the workforce is rising and includes a higher proportion of woman than men.

Un-Retirement, What the Heck is That?

It’s no secret that the world is experiencing a global economic downturn. Countries all over the world, one by one, are declaring a recession. Contrary to popular belief, a great many baby boomers are not retired. Many older workers do decide to retire of course, but many who have already retired have decided to ‘un-retire’. That is, they are either staying in the workforce by continuing their present employment, or they are re-joining the workforce again and making new career choices. They want to do different things and above all, have fun. Perhaps they are working in a field that they hobby in, like a golf club, pet or fabric store. Many are starting their own businesses, perhaps for the first time in their lives. They are doing this for many reasons.

Options, We Have Options!

There is no question that boomers are not sitting on the sidelines. They are looking for fluid, flexible and non-traditional working arrangements and they are looking with vigor.

There are basically two types of work opportunities available to them.

Firstly, work for others.

This is the more traditional approach and one which most of us have done at one time or another. It comes with its own positive and negatives. If you work for someone else and the business changes, you may find that you lose your job. Losing a job is stressful and often brings on related health issues. In addition, employers lose employees that take valuable expertise with them.

The other work opportunity is self-employment.

Once enjoyed by the entrepreneurial elite minority, it has become the “Next Big Thing” for Baby Boomers. Taking this idea one-step further, has spawned the home-based business. These small businesses offer boomers an incredible amount of opportunity. Boomers care about their health, probably because they see health and fitness as a way of staving off age. Poor health costs us all money. It costs the unhealthy individual money and costs the community as well. Baby Boomers refuse to be or act old until it's absolutely unavoidable. They have a desire for more income for daily life or future retirement. Perhaps they don’t have a pension; they have a high cost of living, retirement plans that are unfeasible or other problems. Continuing to work past retirement age can guarantee a salary and important social interaction. They want to give back and help others or they want extra money for travel, to see the world and have new experiences before it’s too late.

Working from home requires discipline, but the advantages are amazing. A home-based business can offer time flexibility and feelings of productivity. They offer the ability to be your own boss and work in the comfort of your own home. Many of these businesses require only a very low capital outlay.  Boomers want more out of life and they are going to get it.

The Perks of Staying in the Workforce

The Baby Boomers often hold strong attachments to the workforce combined with good  old-fashioned work ethics. Continuing to work enhances their self-esteem, provides an opportunity to contribute to society and build wealth. Mental stimulation has proven to be a very important part of aging well. Boomers also have a desire to continuing learning and experience enjoyment.

Boomers and Skills for Business?

The Boomer is a valuable asset to business. They offer a lifetime of transferable workplace skills, patience, and knowledge. Age brings on “an emotional wisdom”, the gift of better understandings another’s thoughts and feelings. As we age, we gain the ability to judge another’s character well, and are able to control our own negative emotions.

The Community Benefits

The large size of the baby boomer generation has prompted all sorts of new business opportunities for services and products. Sales to the boomer market are extremely desirable due to its sheer size. Their peers recognize that the boomers are well-qualified members of the community that they can trust and rely on. They have reliability and experience. The younger generation can’t always compete with these skills. Many boomer-run home-based businesses fill an important role in the community by providing services and products that boomers and non-boomers alike want.

The Next Step

A career choice is always an important decision. Before you decide what you want to do, always play to your strengths.  If you love what you’re doing, keep doing it.  If you want to try something completely new, use your strengths as a foundation to move forward.

Many of the skills that Baby Boomers have acquired can be utilized to be their own boss, build wealth, and enjoy the associated benefits that this brings to their lives.

It’s a ‘Win/Win’ for everyone. The community wins...the economy wins... and the boomer wins...www.GrtSuccess.com.au