Retirement: January 2008 Archives
A story published on BusinessWeek.com, about Scott Shane's forthcoming book The Illusions of Entrepreneurship, gives us a short description and an interview with the author.
Entrepreneurs don't earn as much as they would if they worked for someone else. That's the message.
Most of the comments that accompany the story (so far) argue against Shane's conclusions, for a variety of reasons.
The interview does point out some things anyone considering starting their own business should know, and do. Nothing you won't find in many primers on startups, but it's good advice. It's the conclusion that seems to be causing a stir.
We wish we could give you a hotlink to the story, but BusinessWeek.com forbids the use of "deep links" on their site. We aren't sure exactly why they don't want traffic from sites that find their content interesting, but whatever the reason, we don't want to violate their terms of use. Can't even link to their terms of use (we suppose) so if you are interested, you'll have to find your way there from their home page. (others have also mentioned this here and here)
What do you think of Scott Shane's conclusion? Entepreneurship is a component of many "retirement" plans these days. (See Susan Reid's post of 1/23) Should we have second thoughts?
Send us a comment, and go to BusinessWeek and leave one there.
FYI - You may "deep link" to any page on ThinkRetirement. Be our guest!
This is a guest post from Dr. Susan L. Reid. What does "retirement" mean to a person who has successfully woven a passion into their life as an occupation. Comments were not functioning properly on 1/24. If you would like to comment, please try again.
My grandfather worked as an electrician up until the day he died, he was 98. My father worked as an expert psychological witness up until three months before his passing. What about me? What will I do? I expect I will do the same. Why? Because I am an entrepreneur, as were my father and grandfather before me. They enjoyed their work, found meaning and value in what they did, and were passionate about making a difference in the world. Me, too.
The Changing Face of Retirement
Retirement, and how we view retirement, has changed dramatically since the beginning of the 20th century. Particularly since WWII when pension plans became standard offerings to U.S. workers. Prior to that, most workers continued working until their death, relying on personal savings and family support to sustain them.
While 65 is considered the normal retirement age in the U.S., many midlife entrepreneurs eschew that age, preferring instead to remain actively involved in their businesses, well into their 80s. And entrepreneurship among seniors is growing! Nearly half the country's self-employed workers — 7.4 million — are Baby Boomers, reports the U.S. Department of Labor.
People turning 50 today have about half their lives ahead of them, and each year more than four million men and women join their ranks. So, what is retirement, then? Is it the time when you stop work completely or is it the time when you retire from one job and begin another? Does it begin at a certain age or depend on the number of years you have served in a specific capacity? Is it based on your physical condition or your personal choice?
Today retirement is what you make it. The Baby Boomer generation is redefining retirement, shunning the conventional traditions of stopping, ceasing, and leaving in favor of staying involved, continuing to contribute, and following their passion. That’s why it makes sense to be a midlife entrepreneur.
10 Reasons for Being a Midlife Entrepreneur
If you are in your 40s or 50s, you’ve already begun to think about retirement. But what is retirement? Is it a stopping point or a place to start? An ending or a beginning?
What are your thoughts on retirement? Does it make sense to you to be a midlife entrepreneur?
Dr. Susan L. Reid is a Small Business Start Up Coach, Consultant, Online Accidental Prenher™ and author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success
My grandfather worked as an electrician up until the day he died, he was 98. My father worked as an expert psychological witness up until three months before his passing. What about me? What will I do? I expect I will do the same. Why? Because I am an entrepreneur, as were my father and grandfather before me. They enjoyed their work, found meaning and value in what they did, and were passionate about making a difference in the world. Me, too.
The Changing Face of Retirement
Retirement, and how we view retirement, has changed dramatically since the beginning of the 20th century. Particularly since WWII when pension plans became standard offerings to U.S. workers. Prior to that, most workers continued working until their death, relying on personal savings and family support to sustain them.
While 65 is considered the normal retirement age in the U.S., many midlife entrepreneurs eschew that age, preferring instead to remain actively involved in their businesses, well into their 80s. And entrepreneurship among seniors is growing! Nearly half the country's self-employed workers — 7.4 million — are Baby Boomers, reports the U.S. Department of Labor.
People turning 50 today have about half their lives ahead of them, and each year more than four million men and women join their ranks. So, what is retirement, then? Is it the time when you stop work completely or is it the time when you retire from one job and begin another? Does it begin at a certain age or depend on the number of years you have served in a specific capacity? Is it based on your physical condition or your personal choice?
Today retirement is what you make it. The Baby Boomer generation is redefining retirement, shunning the conventional traditions of stopping, ceasing, and leaving in favor of staying involved, continuing to contribute, and following their passion. That’s why it makes sense to be a midlife entrepreneur.
10 Reasons for Being a Midlife Entrepreneur
- You’re healthier and living longer.
- You want to stay involved and engaged.
- You enjoy generating extra income.
- You get to build a business around something you enjoy and are passionate about.
- You have a full rolodex and 20-30 years of experience to back you.
- You want the independence and flexibility that comes from working for yourself.
- You have confidence and experience, and know what you’re good at.
- You may already have a pool of money saved to help finance your business.
- You can do business from home, using the Internet as your storefront.
- You aren’t discriminated against because of your age.
If you are in your 40s or 50s, you’ve already begun to think about retirement. But what is retirement? Is it a stopping point or a place to start? An ending or a beginning?
What are your thoughts on retirement? Does it make sense to you to be a midlife entrepreneur?
Dr. Susan L. Reid is a Small Business Start Up Coach, Consultant, Online Accidental Prenher™ and author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success
ThinkRetirement is but one stop on Susan's Virtual Book Tour. Visit WME Books to see the tour itinerary and see where she's been and where she's going!
Susan's main site is Alkamae.com. Check out her blog.
You can buy Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success directly from WME Books.
Or, through Amazon.com.
Susan's main site is Alkamae.com. Check out her blog.
You can buy Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success directly from WME Books.
Or, through Amazon.com.With all the news media buzzing about Recession, predictions of a crumbling real estate market, and questions about who is going to fix it all and how soon, we got to wondering if there would be a corresponding uptick in opportunites to buy retirement housing at lower prices? Moving to a retirement community in Florida is the goal of many, so we looked on the Internet for someone who might know and came up with the following entry on Topretirements.com. It would appear that the prices have not begun to fall significantly across the board, but there are some sellers and realtors who want to move their property and are lowering their prices accordingly.
Two recent driving trips through Florida, from Jacksonville to Key West (and back) support the article's suggestion that there is plenty of real estate to be had. Our own observations are that properties that have been on the market for over two years are often still listed at the same price as the initial listing, or only slightly less.
The real opportunities may still be out there.
(If you can sell the home you have, and move... another topic for another time)
Retirement community news blog - Topretirements
http://www.topretirements.com/blog/
Check here tomorrow. Dr. Susan Reid, author of "Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success," will be our guest blogger as part of her Virtual Book Tour.
We are excited to have Dr. Reid as our guest and look forward to her insights into "retirement."
Kentucky Senator Johnny Ray Turner has filed a Senate Resolution to amend Title II of the Social Security Act, to repeal provisions that limit or reduce benefits for public sector employees that receive pension or social security benefits that come from employment outside of their government employment. Teachers, in particular, are affected by this.
Should Government worker benefits be reduced because they worked additional jobs to augment their income?
From - WKYT - WYMT News 57 Mountain News Homepage
"The National Education Association estimates that 300,000 individuals are losing an average of $3,600 a year due to the Government Pension
Offset provision.
Turner said the Windfall Elimination provision impacts the teaching profession because people are less likely to leave other careers in which they earn Social Security benefits to become educators.
The Government Pension Offset and Windfall Elimination provisions have the severest effect on widowed lower-income women who have worked hard for years and can least afford reduced benefits."
A good article on the changing definition of the word "retirement." Bruce Johnson writes for the Leader Post on the Canada.com network. The subject is Sherry Cooper's new book, The New Retirement: How It Will Change Our Future.
Cooper's book explores the history of "retirement," and how lifestyles of the boomer demographic are revising the definition of what it means to be "retired."
Bruce Johnson:
"Our traditional view of retirement as that twilight period when we quit working and spend our remaining days shuffling around the garden, cottage or old folks' home is an obsolete concept that should be, well, retired."
Quote from Sherry Cooper:
"The notion of withdrawing and winding down when you retire, like not being able to move or function or participate, that's just so outmoded''
(yes, there are "boomers" in Canada, too!)
From IndustryWeek
IndustryWeek.com is reporting that a survey done by Robert Half International found that boomer retirement ranked higher that other issues. At the core of the question are issues of loss of expertise and the desire of potential retirees for flexible plans that can accommodate continued employment, reduced hours on the job, and the ability to pursue outside interests.
Are any of you finding that your employers are offering such plans?
If you used information on a 1099-SSA form, and have already filed your return, you should file an amended return when you receive an updated 1099-SSA. The revised forms are in the mail.
From SmartPros.com
"The incorrect data was contained on some 1099-SSA forms sent out earlier this month, said Mark Lassiter, spokesman for the agency in Baltimore.
The 1099s are sent to all persons who receive Social Security benefits, reporting how much they received during the year. That information is needed to fill out income tax returns. The Internal Revenue Servicereceives copies of the 1099s, which are matched to returns by computer.
Corrected forms will be sent to all affected Social Security recipients and to the IRS by the end of the month, Lassiter said. Because corrected information is on the way, he said the Social Security Administration decided not to tell the public about the mistake until asked about it by a reporter."
USA Today is running a week-long series of articles of interest to new retirees. Today's article is a Q&A on several topics regarding decisions on when to take retirement benefits, including questions about spousal and dependent benefits.
It's hard to find anyone that says the system will remain as it is now with no changes. The question is what changes are being advocated, who is behind the proposals, what segment of the population is going to be compromised and why.
The article on whether the benefits of boomers are at risk is an interesting read in itself, but so are the comments.
You learn something every day. We had no idea how the Social Security Disability Claim process worked, but if this is what we have to look forward to when dealing with a claim, we're unhappy to find out.
We picked up this story on Denial at the Hearing Level
from Propeller.com
Do you have a story about Social Security Disability?
From the Today Show: Authors Jeri Sedlar and Rick Miners talk about why baby boomers should rewire not retire and use their free time to explore their curiosities.
Rethink your retirement plans
Rethink your retirement plans
Note: The video is hosted on MSN. If you have a Mac and use the Safari web browser, it won't play. It will play on your Mac if you use the current or a recent version of FireFox. Thanks, MSN... and Apple... (Get Firefox here)
Another entry in a series that links to material posted on the web sites of the candidates.
What Does Barack Obama Say?
Health Care: http://www.barackobama.com/issues/healthcare/
Social Security: http://www.barackobama.com/issues/socialsecurity/
These links may change over time, and the candidates may provide more information. We'll post current links when we find them.
Another entry in a series that will link to material posted on the Web sites of the candidates.
What Does John McCain Say?
http://www.johnmccain.com/Informing/Issues/19ba2f1c-c03f-4ac2-8cd5-5cf2edb527cf.htm
http://www.johnmccain.com/Informing/Issues/0B8E4DB8-5B0C-459F-97EA-D7B542A78235.htm
This is the first entry in a series that will link to material posted on the Web sites of the candidates. Some have specific entries in the "Issues" sections of their sites that address retirement issues such as Health Care and Social Security. Others have press releases and transcripts of speeches that address the issues. Some have lots of information and some have very little. So, to help you see what they are saying, check out the links!
What Does Hillary Clinton Say?
Retirement Plan - 401(k): http://www.hillaryclinton.com/news/release/view/?id=3632
These links may change over time, and the candidates may provide more information. We'll post current links when we find them.
Welcome to the Think Retirement blog!
How will the candidates address Retirement issues? What can we see from their position statements and what they are saying today? We'll be taking a look at those issues as the campaigns progress, in addition to other topics that are of interest to people of retirement age.
Vote in our poll on the right. We'll keep it up through the entire campaign season, so check back to see who's leading the race. It's unbiased, not affiliated with any party or candidate and completely unscientific! Only one vote per person, please.
Issues that speak directly to the subject of retirement do not seem to be foremost on the minds of the candidates, or the reporters and pundits who speak endlessly on their every move and sound bite. No matter what transpires in terms of the War in Iraq, Immigration, or any of the other major issues over the next four to eight years, we are all going to get older, and many will be giving more and more attention to retirement issues. Health Care, Social Security, Employment and fiscal responsibility issues will get our attention as record numbers of Baby Boomers confront leaving the mainstream workforce.
Let's Go! Vote in our Poll - Tell us what you think is important!
