Retirement Savings Solutions: Executive Coach Liz Bentley's Advice

The Retirement Savings Gap

• ⚠️ A study by Motley Fool reveals that only 28% of boomers aged 60-67 have adequate retirement savings.
• 📈 People are living longer, necessitating a longer working life and pushing back retirement ages.
• 📊 There are 3 million more people working over 65 now compared to a decade ago.
• 📉 Some individuals, including Gen X and baby boomers, have taken pay cuts to retain their jobs.

Strategies for Higher Earning Potential

• 🎯 Consider seeking higher-paying jobs, with sales and management roles being particularly promising.
• 💰 Sales roles can be commission-driven, allowing individuals to directly influence their earnings.
• 🧑‍💼 Management positions leverage the extensive experience and varied career backgrounds of older workers.
• 📈 Examples of suitable fields include real estate sales, insurance sales, and management in computer, child, community, or accounting services.

Pivoting Careers and Diversifying Income

• 📝 Update your resume to prominently feature your entire career history and accomplishments.
• 🤝 Leverage your network of contacts built over multiple careers to find new opportunities.
• 💸 Establish multiple streams of revenue to mitigate risks associated with layoffs.
• 💡 Explore consulting based on interests, such as fitness training, childcare, pet sitting, or tech support.
• 💻 Utilize platforms like Upworks for online business ventures or Rover.com and Care.com for service-based work.

Reducing Cost of Living

• 🏠 Consider relocating to a less expensive area to decrease overall living expenses.
• 🌐 The prevalence of remote work offers flexibility and potential cost-saving opportunities.