If you were born between 1946 and 1965 you are affectionately known as a Baby Boomer and it's a worldwide phenomenon. After the world's population was decimated during WWII respective governments encouraged women to have more children which they did. It is those children that are now causing concern as they reach what used to be regarded as retiring age.
The fact that people are living longer than ever before and the birth rate is declining globally is set to cause serious problems for the incumbent governments in the decades ahead.
Let me explain why.
- The older people get the less they spend particularly those over 65 - this is bad for business
- A decreasing birth rate means fewer younger people in work to support the older ones via taxes
- Fewer children = fewer workers = fewer potential consumers = fewer taxes
- In the USA 9,000 - 10,000 people have turned 65 every single day since January 1st 2011 and will continue to do so until 2030 ( only 14 years from now in case you think it's far into the future) when around 70 million will be between 65 - 84 years old.
- This in turn means a drop in fiscal growth for the country
Today in the US 13% of the population is 65 - by 2030 18% will be and 26% will be over 65. If the population is around 350 million at that point then that means around 90 million people will be 65 or older.
In Japan the situation is even more serious. It's population is now 126 million but by 2066 it'll be down to 87 million and if it carries on like this the Japanese will be an extinct race by 2500! It's not all bad though - sales of incontinence pads have overtaken nappies apparently!
China has only recently permitted couples to have more than one child as the workforce was in decline and Germany's workforce and population has been in decline since 2000 which is one reason why they were open to accepting nearly 400,000 refugees as these will increase the workforce.
On the more positive side many more older people are still in work whether by choice or need. In Japan and New Zealand 40% of 65-69 year old's are still in work.
In the UK by 2039 1 in 12 of the population will be 80 or older and if our population is around 72 million as expected that's approximately 6 million - with a great many needing specialist medical care. This is because the UK is quite a sick nation medically speaking.
There was a Scottish study that showed half of people had a chronic disease such as diabetes by the time they reached 60. By the time they reach 70 a third of them have three diseases. So if people are to work to the age of 68 which the government has decided is the new retirement age, then people need to kept healthier for longer.
You may be wondering where all this is going and what it has to do with you. Well it all depends on how old you are right now. If you're in your forties then retirement will seem a long way off but if you're in your fifties then you know as well as I do that it's closer than you'd like to think! This being the case maybe now is the time to act as far as money is concerned.
If you're at all concerned about your future financially and your present income or the foreseeable one once you're retired is not going to be enough, at least to live comfortably, then you seriously need to consider a second income as a supplement to your main one, one that doesn't tie you down too much ( passive) but gives a meaningful income
There are many different sources of extra income, here are just a few:
- Selling on Amazon
- Selling on eBay
- Trading - either shares or currencies ( Forex)
- An online business (selling digital products )
There is a lot of information on the above - just Google whichever appeals to you.
It doesn't have to be a full-time job, just something that can bring in a reasonable amount of income without too much fuss to make things that little bit easier in your later years.
If you think you will need some form of extra income in the future then the time to act is now. If you put it off to another day that day will arrive sooner than you think.
If you want to supplement your income then there's no better time to start than right now. For an online income that can be as passive or involved as you want then visit http://www.digitalwealth4you.com
Here you will find a varied choice of programs that can offer a supplementary or full time income - the choice is yours.
Article Source: http://EzineArticles.com/9409130
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