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According to the U.S. Census Bureau, there are over 78 million Baby Boomers that consist of a group of people born between 1946 and 1964. That currently makes Baby Boomers the largest generation in today’s workforce, and as they start to retire over the next decade, they will be faced with the daunting task of maintaining their pre-retirement lifestyle.

Compared with what previous generations faced as they closed in on retirement age, Baby Boomers typically have higher income, and have accumulated more wealth to help with their retirement. Overall, a percentage of Baby Boomers will have a higher income in retirement than their parents had, and they are much less likely to live in poverty after they retire.

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More and more Baby Boomers are preparing to retire in worse shape financially than they thought they would. Many of life’s events such as divorce, college tuition and taking care of elderly parents often take their toll on 401(k)’s and IRA’s. This will set up a dilemma for the retirees - which will give out first, your money or your life? Fortunately, there is a solution.

Government programs are becoming less effective as well by giving you a choice of working longer before receiving benefits or receiving reduced benefits. Many younger generation workers don’t believe that the programs will still be around when they retire. Even at full benefits, it’s not enough to live on.

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If you love working online and aren’t a big fan of “traditional” teen jobs like babysitting and lawn mowing, perhaps starting an online home-based business is the right path for you. There is money to be made online by doing things like writing or selling items at online auction sites like eBay, but never forget that a home-based business is, first and foremost, a business. You’ll have to think like an entrepreneur and work hard to get ahead.

This article provides some basic guidelines

Start Your Engines

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