It’s no secret that baby boomers are rapidly starting to reach the age of retirement. Every day thousands of baby boomers are retiring, but that doesn’t account for the thousands more that simply can’t afford to. Today 45% of baby boomers have no retirement savings at all.
This is a scary statistic when considering that even those who have saved have likely not saved enough. Healthcare expenses have only continued to skyrocket year after year, and even a well educated baby boomer may be financially underprepared under the current rates of inflation.
Luckily, there are at least some options. Baby boomers account for 40% of all small business owners, not only that but they also own some of the most established and profitable small businesses currently on the market. This is one example of a valuable commodity that baby boomers have fostered and can cash out on in retirement.
While many small business owners are hesitant about their businesses future with others, the benefits of selling a small business in retirement heavily outweigh the downsides. On one hand is a closed business, generating no cash, hiring no workers, and providing no money to the previous owners.
On the other hand is a solid business, moving into the future, retaining workers, and giving the previous owners at least some financial security. This is just one small and incomprehensive example of what baby boomers are doing to retire, but it goes to show a point. Baby boomers created the world as it is, and leaving them in the dust will only make things worse for everyone.
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