5 Second Careers for Baby Boomers
The generation that once declared it would never grow up is now refusing to conform to the stereotype of grandma and grandpa spending their retirement years in rocking chairs.
According to research from the AARP, 40% of baby boomers feel they will not have enough money to maintain their standard of living for retirement, and even if they do feel they will have sufficient funds for retirement, an AARP poll shows that 50% of boomers want to continue working or even start businesses.
|It's more important than ever for boomers to plan for a second career that matches their skills and lifestyle. Jobs in animal care will be in high demand through 2018.|
According to research conducted at Boston College for the Census Bureau, the average age for retirement is rising. Since the 1990s, the average retirement age for men has risen to 64 from 62 and to 62 from 60 for women. That is only expected to rise, as the AARP poll shows that the 50% of boomers who want to continue working plan on doing it well into their 70s and beyond.
Boomers don't want to just keep working, the studies reveal, they want to do something that promotes a life-long passion or that can make a difference in the world. We looked at some of the best options for boomers, along with the average expected starting salary for each.Medical careers
According to the Bureau of Labor Statistics, many jobs in the medical field are in high demand and will continue to be through 2018. These jobs include aides in physical therapy, home health care and personal care aides. Aides can expect to earn around $20,000, and the job may require only a few weeks or months of schooling and on-the-job training. For a more involved position, consider a job as a technician in a medical or veterinarian office. Both require an associate's degree and some on-the-job training. People entering these fields can expect to earn $30,000 and above. The dental field also needs trained assistants and hygienists, who can earn $32,000 to $68,000. An associate's degree is required for both. Franchises
This particular career choice typically requires a wad of upfront cash to buy a franchise and get it running, but boomers with the entrepreneurial spirit can choose franchise ownership as opposed to building a business from the ground up thanks to the support they get from the corporate office, as well as having a brand with a proven track record. Boomers can choose many different franchise options, from auto service companies to restaurants and lawn care services. Robin Lipton, a former speech pathologist in San Diego, recognized the need for in-home care services in her area and opened FirstLight Homecare this past July. According to the BLS, the average salary varies greatly depending on the type of business you choose, as well as the ultimate success of the franchise.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV