Baby Boomers — nearly 80 million of them in the U.S. – will redefine traditional retirement. The first boomers turned 65 in 2011, and year after year for the next 18 years, masses of them will choose to work beyond the ages of 62 to 65, the range long thought of as retirement time.
There’s been a lot of conversation lately about boomers and the ‘unretirement’ movement. In fact, AARP predicts that a whopping 80% of boomers will have to work into their retirement years. The vast majority of them will move away from high-pressure corporate positions to reshape their professional lives as small business owners, consultants, part-time workers or “giving back” careers such as teaching or non-profit management.
And what we’re seeing right now is the tip of the iceberg. The baby boomers are fueling the movement as many live longer, fuller, happier lives — and are seeking ways to make their investments last with them. Armed with a career’s worth of business experience, one of the options some boomers are turning to is self-employment through business ownership. That’s not only good for the boomers, but also good for a still-struggling economy.
Seniors are thinking about a lot of things – lifestyle, wealth, replacing income, how retirement will look and how much they want to work. Seniors may need to look beyond short-term fixes to employment dilemmas and focus on longer-term solutions.
Franchising is one of the most promising opportunities available for boomers who plan to continue working after retirement age. There’s potentially less risk than opening a traditional small business. There’s a much higher likelihood of success with a franchise because you are associating with proven products, services and methods.
According to a report published by Intuit Inc. and Emergent Research, it identified “unretirement” as one of the Top 20 trends that will shape how we live and operate in the world between now and 2020. “These will not be your typical seniors,” the report states. “Unretirement and active engagement best describe their lifestyle choices as they continue to work part or full-time in their current professions or opt to start new careers.”
As the golden years turn into golden opportunities, be sure to look at all opportunities that may provide a vibrant, rewarding lifestyle well past retirement age.
FranNet is the nation’s most well-respected leader for matching individuals with franchise opportunities. FranNet has more 90 consultants across the U.S. who use a proprietary profiling and consultative process to determine a business model unique to each client’s goals, skill sets and interests, and has matched thousands of entrepreneurs to rewarding small business opportunities. Recognized by Inc. Magazine as one of the fastest growing private companies in America for the last three years, this year marks FranNet’s 25th anniversary. For more information, visit www.frannet.com.