B-Informed Blog

B-Informed Blog


Enriching your life; informing your health. Life insurance, and other topics.

More Baby Boomers Are Self-Employed, But They Might End Up Working Forever
More Baby Boomers Are Self-Employed, But They Might End Up Working Forever
Freelancing is one of the biggest trends among working Americans today -- and this trend doesn't just apply to the stereotypical college graduate, eating Ramen noodles for breakfast and hoping to "stick it to The Man" by wearing PJs all day.

According to a survey from Upwork and the Freelancers Union, 34% of American workers consider themselves to be freelancers in some respect, ranging from those who are entirely self-employed to those who put in a few hours of work whenever someone asks. This means that nearly 54 million people in the U.S. alone are working on their own terms, doing a job they love.

It probably shouldn't come as a surprise that these people really enjoy the flexibility of being self-employed. Even though one might suspect that Millennials are more interested in freelancing than any other generation right now, there's a surprising number of Baby Boomers who are turning to freelance gigs, too.

It makes sense when you think about it: a 2014 Gallup Poll found that 49% of all Baby Boomers expect to work until they're 66 -- if not longer -- and 54% of workers over the age of 60 say that they plan on finding a new job after they retire.

The corporate environment just isn't really what Baby Boomers are looking for at this point.

The Pew Research Center says that 83% of Americans ages 65 and older have grandchildren, and spending time with family is one of the biggest priorities for this group as well. Compared to other demographics, adults over the age of 65 are most likely to set aside time for family trips and vacations -- 57% of seniors do this, while less than half (47%) of young adults in their 20s feel the same way.

The one obvious problem for Boomers, however, is the issue of health insurance. Two out of every five adults (under the age of 65) receive their health insurance policies through an employer, and a new survey from TD Ameritrade Holding Corporation found that self-employed workers are really worried about financing their healthcare coverage, especially during retirement.

According to this survey, 55% of self-employed workers are pretty worried about saving enough to live a healthy lifestyle during retirement. Fifty-one percent of respondents stated that they want the next President to reduce healthcare costs, and 26% stated that they've been unable to create a savings fund because of rising health care expenses.

For many older adults, the best option right now is to work with a Medicare insurance company and purchase supplemental health insurance plans to cover necessary medical costs.

So what do you think? How do you feel about financing your retirement and your healthcare costs? We'd love to hear from you!

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