How to Continue Working into Retirement

Kevin McCormally: I’m Kevin McCormally of Kiplinger’s and I’m here with Mary Beth Franklin the retirement editor of Kiplinger’s Personal Finance Magazine to talk about baby boomers and retirement. Mary Beth the first to the boomers to end 62 in 2008 coming right up— are they ready to retire? Mary Beth Franklin: Well to retire on your own terms in fact boomers are reinventing retirement and pretty much creating a second act for themselves. Kevin McCormally: And so what are boomers planning to do when they content those up on the second at? Mary Beth Franklin: Well a lot of them particular professionals will becoming consultants it’s a way of them keeping your hand in your business or earning a little extra income and controlling there own ounce. Kevin McCormally: And some are started there own business. Mary Beth Franklin: Yes, in facts since 2000 the fastest growing group of entrepreneur of been people on that 50 to 62 year old category in fact they now represent about half of all entrepreneurs. Kevin McCormally: And an especially damage is to starting a business at the age? Mary Beth Franklin: Oh, huge advantage. You can setup your own retirement account and continue to save up to $50,000 this year if you are over 50. You also get to deduct the cost of your healthy insurance and for many early retirees too young to qualify for Medicare that’s a huge advantage. Kevin McCormally: What about bloomers you just want to keep work, if they want to have a job? Mary Beth Franklin: Well for a lot of them there are a lot of opportunities because as this boomers or retirement from the work force there is going to be a labor shortage. Particularly in certain areas nurses, engineers, pharmacist the employers are so desperate to get some of these people that some of them like CDS Pharmacy even accommodate snow birth so if you want to work in Florida to six months and New Jersey the other six that’s fine with them. Kevin McCormally: Thank you very much Mary Beth.