Retirement can be a dream for one and a nightmare for another. People treat retirement differently, depending on their requirements and circumstances. While some feel retirement is the time to pack up bags and travel or commit to hobbies they have long paused for, others feel retirement is not the right option.
There may be various reasons behind pushing away retirement: I need the money, I love what I am doing, I can’t imagine myself not doing anything, etc. The recent trend indicates that most seniors are reluctant to retire, and some decide to stay on course past retirement, while others choose alternative careers.
According to a survey by the American Advisors Group (AAG), 46% of seniors (60-70 years) had plans to work part-time jobs during retirement. 18% said they wish to work after passing the age, a rise of 8% from a 2019 survey. 12% of the respondents said they have no plans of stopping full-time work, an increase of 6% from 2019.
Although extending your retirement period or not wanting to retire may have their reasons justified, it may create a tricky situation for the newer generation. As a result of the baby boomers’ late retirement, the next generations may see a shortage of career growth, employment options, etc.
Why are most seniors reluctant to retire?
Some of the reasons why most seniors are reluctant to retire may include a vast number of reasons. People are in much better shape than previous generations and live longer. Some feel they will become bored at home or even doing their activities. Many still want to contribute in some way to society.
Did the pandemic change retirement plans?
Due to the pandemic, many seniors are rethinking their retirement plans. The pandemic has given many people the experience of their retirement days, and many found it boring and meaningless.
Many realized they loved their job and found meaning in what they did. To them, quitting their job to sit at home was not meant for them. Many also realized they might not have enough saved to survive such uncertainty.
Support family and maintain a standard of living.
First, the pandemic and then inflation dipped almost every bank account. Many seniors are draining their savings or depending on their paychecks to stay on track. In addition, about 50% are using up their retirement savings to support their children.
Some seniors are turning their back to retirement to support and maintain their standard of living. They believe they should continue to work to ensure that they have enough financial capacity and the freedom to spend their retirement days as they had hoped.
Debt and broken savings account.
Finances are a significant aspect for almost everybody when considering retirement. The recession has dramatically affected retirees and soon-to-be retirees, reducing their retirement accounts and property value. Most are more concerned about their medical and long-term care costs than their daily expenses.
The most current data shows that Baby Boomers and Gen Xers carry high amounts of non-mortgage debts. The credit card debt alone for Baby Boomers stands at $6,043 and $7,155 for Gen X.
On the contrary, Millennials’ credit card debt balance stands relatively low, at $ 4,322. Not considering the advantages of various financial tools, like debt consolidation, can be why seniors are comparatively behind with a higher debt balance. As a result, they need to continue working to improve their finance.
Increased life span.
Another possible reason for delayed retirement is the increased life span of Americans. A recent survey implies that the average life expectancy of Americans has risen to 78.9 years in 2020 from 39.4 in 1960.
With the rise in life expectancy, an average 60-year-old can expect to live for 15 to 20 years. Back in time, it was easy for retirees to survive with pensions or continue work till they died. However, most view 20 years as a long time to sit around doing nothing and stay using savings. Also, you need to support yourself with healthier health and an increased life span.
How seniors’ late retirement is affecting the next generations?
Although seniors may have their reasons justified with the best interests in mind, late or no retirement can bring various setbacks for the economy, companies, and especially for the next generations. Some of the setbacks are:
Difficulty moving up the career ladder.
While seniors are putting off their retirement plans, the next generation may find it difficult to climb the career ladder. Moving up to the middle and higher position can be difficult if there are no vacant positions. Various surveys show that most employees view career growth opportunities as one of the top factors in employment.
As a result, most younger workers are switching jobs hoping to seek higher positions and increased pay. Ultimately, retaining competent employees is increasingly difficult for companies, which may sometimes harm the business.
With the younger workers switching to seek higher positions and seniors not ready to quit, the next generation is trapped in the middle, without many scopes for promotions or increments.
Unable to make enough money.
The pervasiveness of senior workers in the workforce also affects the economy. With seniors blocking the path for the next generation, their scope of promotions and making more money is limited.
Result: they are not being able to support or contribute to the economy. Also, they are hardly making enough for themselves. Low savings and high debt amounts include their list of concerns. The situation raises concern for the next generation to rethink their retirement plans.
In addition, with the aging workforce, overall productivity also gets tampered since most are hesitant to adopt new technologies.
What can be done to prevent the next generation from facing the same problems?
There are possibilities for the next generation to succumb to these situations and delay or rethink their retirement days too. However, some steps can be helpful to prevent the next generation from facing the same problems.
Make saving for retirement a priority and strategize for it.
It is a common situation that people don’t often plan for retirement until they are halfway nearing their retirement period. There may be various reasons people don’t start saving for retirement earlier in their careers. Examples may include having debts, not having a fat enough paycheck, family responsibilities, etc.
However, it is necessary to understand the importance of saving for retirement before you can see it coming. When you start to save or invest for retirement while you still have a long way to go, you are allowing yourself to build a more considerable fortune for retirement over time.
Build a side cushion to let your retirement account grow.
Another common mistake people make when planning to allocate funds for their retirement is, overlooking the importance of an emergency fund. Increasing your retirement savings accounts is of little use if you have to tap into those accounts in times of dire need.
Building an emergency fund acts as a side cushion for your savings account. Ideally, a side cushion or emergency fund should be able to suffice for all your expenses for a minimum of six months.
It can be helpful to support you in times of uncertainty like the pandemic, loss of job, an accident, etc. You can confidently contribute to your retirement accounts when you have an emergency fund that can support you with expenses for six to twelve months.
You will know that you can let your cushion grow without fear of the need to break into your saving for an unfortunate event before retirement.
Look for ways to pay off debts and handle finances efficiently.
Handling your finances is as essential as having savings for retirement. Financial habits like overspending, paying off your bills late, paying bank fees like overdraft charges, taking out loans, etc., are all examples of poor financial management. When you handle your finances efficiently, you can strengthen your financial grounds with an enormous nest egg.
In addition, it is good to pay off your debts at the earliest possible time instead of paying the minimum amounts and carrying the balance over. Again, taking advantage of the financial tools available to you can be helpful in getting rid of your debts faster.
Financial instruments like balance transfer and debt consolidation are some options you can use to get debt free quickly. Ideally, you should always begin repaying the debt that carries the highest interest rate.
For example, credit card debts usually have high interest, and paying the minimum monthly amount can result in more interest in the long run. Instead, when you decide to consolidate debt, you can obtain a lower interest on the debt, and paying off the balance can become more accessible and faster.
Look for volunteering or part-time jobs to stay engaged.
While more and more seniors wish to continue working for the love of what they do, some seniors have a different reason. They choose to continue working because they want to stay engaged. With an increased life span and good health conditions, people view 20 years as too long for hobbies or to sit around doing nothing. Hence they prefer to stick to their current job for as long as possible.
Instead, it is an excellent time to volunteer for a cause or take up some part-time jobs that can allow free time while also keeping busy for some time with work.
Look for meaningful jobs like mentoring or training.
Reportedly, many seniors want to stay on the field because they love their work. In other words, they love their jobs and wish to continue working for as long as possible. Unarguably, seniors bring to the table years of experience, soft skills, and the capability to work calmly under pressure. They are treasured for the expertise and patience that the newer generations lack.
Hence they can do so meaningfully by imparting their knowledge and experience to the next generation. Creating a working environment with flexible working hours, where seniors can train or mentor their juniors, can benefit all.
Seniors can continue their job while the next generations can learn from them without feeling trapped. The company can get the best from the highly skilled multi-generational set of employees.
Bringing Changes in Working Culture
With many seniors refusing to quit, it may be time to change the work culture. It can be helpful to split C-level jobs into two. This strategy will allow the next generation to perform duties and responsibilities. It gives them a half-promotion, and they will be motivated to stay in the company.
In addition, companies may also consider shifting from the traditional corporate hierarchy to a horizontal hierarchy. This shift in hierarchical structure can motivate employees to work as team members and swap through different positions.
As a result, employees with more skills can select from various career ladders.
Seniors wanting to retire and spend the rest of their lives in tranquility is common. Some seniors are waiting to embrace their retirement days, which has been a commonly anticipated scenario for a long time.
However, nowadays, it is not unusual for seniors to delay their retirement until they enter their 70s or 80s. The Baby Boomers and some Gen Xers and Millennials have a similar perspective, and some may believe they should never retire at all.
You may hear various reasons behind this, from needing finances to flow in, loving what they do, or just needing to stay engaged through their life. An additional factor here is life expectancy.
With the advancements in medical treatment and an increased life expectancy, seniors can expect to live longer and healthier than their previous generations.
On the contrary, delayed retirement in one generation can bring unfavorable situations for the next generation. These situations can be averted by bringing in some changes. For example, seniors who wish to work because they want to be occupied or feel retirement is not the ideal place for them can take up volunteering or some part-time job.
On the other hand, seniors who want to continue working in their field because they love what they do can take up training or mentoring the newer generations. Splitting C-level jobs into two and shifting the hierarchical structure from traditional to horizontal are beneficial strategies companies can adopt to retain employees and boost productivity.
Also, it is necessary to begin preparing or saving for retirement much before you near your retirement period. Analyzing and responsibly managing your finances can help you build a stronger financial future. In addition, creating a side cushion to secure your savings and support you in times of need is vital for a promising future.
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More Holiday Gift Ideas 2022
Here are a few more items for your holiday list that might make you the hero of your holiday gift-giving. Does everyone in your household put their items on the Amazon list — and then makes you pick off of that list? It’s a good idea.
But where are all the surprises for the holidays we used to have? I DO want to be surprised with something wonderful — but I don’t want to be surprised with something I have to take back.
Today — I asked the same thing of each person who came into work, “What gift do you want for the holidays?” I have not tried all of these items — but I got some great descriptions of the items I don’t have — and there was some definite note taking and longing for the gifts on this list.
Winter boots are at the top — but the rest of the items are not in any particular order. Please find something your loved ones will appreciate — and order early so no one will be disappointed on your special day.
Okay, I haven’t tried these, but several men in the office have. They are “extremely” long-lasting and are great for working outdoors or for snowmobiling, ice-fishing, and any weekend-outdoor adventures. These riemot boots are waterproof and slip-resistant.
The guys said for convenience — this slip-on is the boot to get. For easy off and on when you have to hurry with your own outfitting because you have to help a girlfriend or kid — these boots are easy on and easy off. Waterproof, comfortable, and anti-slip, and long-wearing. One man said to say his boots are “still comfortable and new looking after many years of wear.”
These boots are really classy — I have a pair that I wore all last winter out in the wilds. They are toasty warm on the toes, and these boots are not clunky and awkward to walk in — you don’t feel like Big Foot wearing them around. They look good and feel good. Fur-lined and waterproof.
Deliver power where and when needed with GoSun Power 550, a compact solar generator packed with energy to run your essential devices like Cameras, Lights, Laptops, and CPAP machines. Plus, it’s optimized to power GoSun’s full line of super-efficient appliances. I’m getting this to run my c-pap if needed — when I’m away from power. Has temperature control, heat dissipation, voltage stabilizer, and Smart BMS.
My friends — you’ll want to hop on the eatfungies blog and read all about this interesting way to manage many health issues. The Reishi Mushroom helps relieve stress and inflammation and is used for sleep, increasing sleep time and quality. The well-known Lion’s Mane functional mushroom, with its long history of use to improve memory and promote nerve and brain health is available in a gummy. There are many uses for these easy-to-use gummies
Men’s performance crew socks bring you the best in comfort and durability; the 3 Pair Infrared Technology Cushion Crew socks are powered by Infrared Technology. Infrared ceramic crystals are ground & permanently infused into the polymer yarn used. When combined with your body’s natural heat, it forms infrared energy, which improves circulation and speeds up healing and tissue regeneration. Seamless toe comfort and mesh venting improved air movement — get thee cushioned for added comfort and support.
The Bobo Guru Nanda is a two-in-one humidifier and essential oil diffuser — ideal for large and small spaces. Very quiet using ultrasonicc wave technology to circulate moisturized air for up to 22 hours at a time. Use it with the 100% pure and natural essential oils to enjoy the full therapeutic benefits of aromatherapy.
The Poshmamma Oral Routine Kit trains you in oral routines — excellent oral routine has long been known as the key to overall good health. The kit includes: 1x Coconut Mint Oil Pulling; 1x Dental Guru 6pk Healthy Gums Toothbrush (Butter on Gums Toothbrush); 1x Water Flosser; 1x Dual Barrel Mouthwash; 1x Concentrated Mouthwash.
Mounia is a hair care system. Right now you get a free scalp massager with every purchase. The proprietary repair technology is featured in every product. By combining the ancient Moroccan haircare techniques with modern technology, you’ll have the best science-backed haircare system on the market.
You will want to hop on the Zum by Indigo Wild site and choose your lovely scents — try them all. All natural plant oils — plus the olive, coconut and castor oils carry next-level hydration. Infused with essential oils that are mood-boosting all day — morning, noon, and night. You can even get Zum in a bar and a mist.
You’ll love the easy, straight forward workout the WEGYM Rally X3 resistance bands can bring you. This set is backed by the industry’s leading sport’s science and data. You receive a full-body workout! Build your muscles, improve mobility and flexibility — and you can easily track your progress. Built to last — and will build you to last too.
The Nexar Pro GPS Dash Cams are a game changer. You’ll love the features of each cam. You set the cam up on your phone. You’ve come out of an event (or the grocery store, yo) and can’t remember where you parked? Nexar can show you your parking location and then navigate you directly to your car. Easy-peasy, open app or just ask Siri to be guided.
No question, any VANKYO projector you pick will be the one you’ll want. Easy set up, beautiful color enhancement. VANKYO Performance V700W 1080P Full HD Livehouse Projector with 420 ANSI Lumen, Dual 5W/4ohm Dolby Audio Speakers, Bidirectional Bluetooth 5.1. Great Gift.
Seriously, the photo doesn’t do the Crossrope justice. These are beautiful, well-balanced jump ropes. Fun to use with your partner, friends, or even your kids — though this isn’t a kids’ jump rope. Jump roping has long been known as one of the best all-over exercises you can do for your health. I like it because you can stick this rope in your suitcase. You can feel the difference in your health — fast.
With the Teracube Thrive, you now have choices in kid phones. When to give your kids a phone is a big issue for parents these days. This phone for kids has parental monitoring and built-in restrictions on social media, gaming, and other apps that parents may worry about.
Luxurious to the touch, ultra-absorbent, and ideal for stepping out of the shower, this bundle includes 2 Waffle Bath Towels, 2 Waffle Hand Towels, and 4 Waffle Wash Cloths, all from our Waffle Bath Collection by CozyEarth. Made from 40% Premium Viscose from Bamboo fabric and 60% Cotton, this unique blend is extremely soft for spa-like comfort.
Inner Article Image Credit: Taken from the Professional Photos on the Product Sites. Thank you!
Featured Image Credit: Photo by Karolina Grabowska; Pexels; Thank you!
Things to Keep in Mind Before Launching an Online Course
Within the last few years, the paradigm of traditional education has shifted radically. Being physically present in a classroom is no longer the only way to learn.
Now with the advent of the internet and new technology, you can get an excellent education wherever and anywhere you choose — as long as you have access to the internet.
In education, we are in the midst of a new era: the internet revolution
So if one wants to build a successful online course, one should keep certain things in mind.
First, you need to be educated in the field you want to teach. Get validated in that field. What have you determined to teach and where is your stronghold? For that, you have to make a note of certain things that would form the foundation in designing your course, such as :
- Find your area of interest. Your course should be dedicated to something you love. Your content will be less engaging if you fail to connect with it. And due to a lack of interest, your way of content delivery might be too dull for your students. So, find the area in which you are keen to work.
- List your skills. Make a list of the skills you possess. This gives you a clear idea of your area of expertise.
- Experience and achievements. One’s experience and achievements reflect how well they have practiced the skills and how good they are in applying them.
Now you can filter out the courses you can provide and then find the audience for it. The next step is talking about the audience. But before moving on to your course, keep in mind that the audience might not want the things you like or the area in which you are good.
Identify your target audience and their needs
No one will purchase a course just because you have an interest in making it. One would only buy it if and only if it could add value to their life. So, find who is the target audience for your content and is. Is there enough market demand for it? You must study who would want your course because finding a way to make your course profitable to you matters and will motivate you to do better and provide finer materials for your students.
Now, in order to find if there is market demand for your product, you can make use of your computer and Google research and use the Google analytical tools. These include:
- Google keyword planner.
- Google Trends
Also, you can use sites like Reddit and Quora for the same type of research. Using these two sites gives you a detailed view of how many searches are made for your topics. From this research, you can estimate your current market demand and the level of competition in the market.
Before designing your product, it is crucial to conduct a competitor analysis. Checking out your competitors will help you to identify the ins and outs of your competition. And never underestimate where you can find some additional ideas to add to your own course. Competition provides that little extra info.
You can research the competition by going through the marketplace and identifying what your competitors offer, and trying some of their products. Put yourself in the shoes of customers and find out what are the strengths as well as the flaws of their product. Also, capture the reviews of their customers. By checking out the reviews, you can design your product in such a way that it eliminates the gap between your competition.
Design your course
Now that you have done a complete evaluation of your competition and the product offered by them, it is time to design your product. Keep in mind that your course should create differentiation, and it should have a unique value proposition. Looking for the things that the audience is unable to find in your competitor’s course will help you cover those areas in your course.
Create your course and make it compelling and engaging for your audience. Although your course might be full of information, if your audience gets bored, they might shift to other courses. Contextualize your course and weave cohesiveness with your audience.
Your audience should find your course practical and applicable in their life. Observe your course through how your audience will perceive it. Some tips to make your content engaging are:
- Make your lessons more pictorial
- Add storytelling methods to deliver content
- Create learning groups
- Conduct live Q/A sessions
- Add more practical examples and applications to your course.
- Add a reward-based learning system, i.e., award rewards for students who complete certain tasks in the course
Before you launch your course, go for product testing within a small group and collect their reviews. Then evaluate the areas and make improvements. This decreases the chances of product failure.
Launching your course
You should launch your course as soon as possible — others might be thinking of doing the same thing you are. Strategize a pricing model for your online course. Your course should not be seen as a cheap product as that will create a bad perception.
Make your course accessible to a wide range of audiences by making it available on relevant platforms. Create a launch trigger so as to create a buzz among your target that something interesting is coming. Amplify your audience enrollment by offering various redeemable vouchers and coupons.
Many creators think that once their content is launched, it will sell on its own. But the best product in the world does not launch itself. If your product does not reach your customer and they don’t get aware of it — you will not have a course to sell.
Generate the leads for your course through:
- Backlinks in blogs
- Early bird discount promotion.
Your course has been launched — but it is not over yet. Do not resist changes in your course module — just do what has to be done to make your course a success. Gather feedback from your audience regularly and work on making your course what your customers/students will like.
Revise your course within a certain time interval. It is important to make these valuable changes in order to retain your existing audience and stay ahead of your competition.
Online education is typically less expensive than in-person education. Online, there is frequent access to a wide range of material such as videos, photos, eBooks, and tutors. These platforms can also incorporate other formats, such as forums or discussions, to improve lessons.
You can study or teach from anywhere in the world with online education. This means that there is no need to commute or adhere to a strict schedule. And current online enrollment in professional courses is around 1.38 Billion, and the number is increasing in rapidly.
Muvi Live is an end-to-end streaming platform that provides on-demand and live-streaming solutions for the educational sector, including institutions, universities, and ed-tech companies.
Equipped with a range of services in a virtual classroom, you can create, upload, and monetize online course content with ease. You will want to be mobile optimized and have a chat feature and collaboration features.
You will also want to smoothly integrate with LMS (learning management system) through API and SDKs for real-time assignments, tools, PowerPoint, etc., and provides an intuitive learning experience in one place.
Use analytics within your course so that you can evaluate the performance of students as they move through your course materials.
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7 Questions You Must Ask Before Hiring a DDoS Mitigation Provider
There is nothing worse for your business continuity than a sophisticated dedicated denial of service attack. Cybercriminals can send a barrage of malicious traffic to overwhelm your servers and make them incapable of responding to legitimate requests. This can make your website inaccessible and bring your entire network down to its knees.
Even though the duration of DDoS attacks might not be as long as before, they are growing both in numbers and intensity. If you don’t have the right protection in place, your website could go down for days or even weeks. To prevent that, businesses tend to hire DDoS mitigation service providers.
These DDoS mitigation service providers have the resources, skills, and experience to identify and block these attacks. Sadly, not all of them are equally good, which is why you need to do your research before hiring the best DDoS mitigation service provider. In this article, you will learn about seven questions you need to ask before hiring a DDoS mitigation provider.
7 Questions You Should Ask Before Hiring DDoS Mitigation Service
1. What is Your Deployment Model?
Every DDoS mitigation service provider follows a unique model. Make sure that their deployment model aligns with yours — otherwise, the mismatch could lead to even more issues down the line. The most common deployment model DDoS mitigation service providers use:
- On cloud
In an on-premise deployment model, a device is installed which analyzes traffic before reaching your network. This can be a great option if you want to safeguard against low and slow attacks. On the flipside — cloud-based deployment models use scrubbing centers, which monitor the traffic before it reaches your network.
The benefit of the cloud-based deployment model is that you don’t have to install any wearable device. Lastly, the hybrid deployment model gives you the best of both worlds by blending both approaches together. The deployment model you choose should depend on your risk profile, type of attacks, and on-premise installation.
2. What type of Cybersecurity Attacks Can You Protect Against?
There are many different types of DDoS attacks. Each of them targets a different layer of your technology stack. Each type has its own carrier and mitigation techniques. This is where your prospective DDoS mitigation service provider can come into play.
Most DDoS protection providers can prevent DDoS attacks by blocking attackers from flooding your network with illegitimate traffic. What really differentiates great DDoS mitigation service providers from the rest is their ability to efficiently handle attacks at other layers of the technology stack as well.
Hire a DDoS mitigation service provider that can prevent attacks at higher layers that utilize more protocols such as UDP, TCP, tunnel HTTPS, and SSL. Some DDoS attacks also leverage compression and encryption protocols, while other attacks target the application layer with HTTP GET and POST commands to create congestion in your network.
3. How Much Control and Visibility Do You Have Over the Network?
Hire a DDoS mitigation service provider which owns the core of its network with multiple points for analysis. The prospective DDoS protection service you are planning to hire should have a vast network of scrubbing centers. This gives them the capability to find and neutralize the harmful effects of DDoS attacks. Even if the malicious traffic originates from multiple sources simultaneously, it can block all the malicious traffic.
4. What is Your Total Network Capacity?
As I mentioned before, DDoS attacks are growing in frequency and becoming more sophisticated, but they are also becoming larger in nature. You don’t want to hire a DDoS protection service that is not capable of handling a large-scale DDoS attack.
Ask the service provider how much network capacity they have and the maximum size of DDoS attacks they will be able to block. The higher the network throughput, the more capable the DDoS mitigation service is. Another question you need to ask is how rapidly the scrubbing centers can analyze and forward the packets. The faster the speed, the more efficient the DDoS protection.
5. How Quickly Do You Respond?
A dedicated denial-of-service attack not only makes your website inaccessible but can also disrupt your business continuity. The longer a DDoS attack lasts and keeps your website offline, the more money you will lose in terms of sales and revenue.
This is why it is important for businesses to work with service providers who can respond to DDoS attacks quickly and restore business operations as soon as possible. The faster they can detect DDoS attacks, the higher chances they have of minimizing the damage. Ask the service provider how fast they can detect attacks and divert incoming malicious traffic.
6. What is Your Pricing Structure?
The cost of DDoS mitigation depends on a variety of factors. Two of the key factors include the time and bandwidth required to repel DDoS attacks. Every DDoS protection service provider follows a different pricing model and charges different rates.
Some might charge you a fixed fee for their DDoS-protected dedicated servers, while others have variable costs attached to them. Assess your needs and risk profile before choosing a service provider that offers a pricing structure that meets your needs perfectly.
7. What Will You Need From Us?
You also need to know what the service provider needs from you. Is their solution easy to set up and use, or does it have a steep learning curve? Ask whether you need to switch to a new internet service provider or make changes to configurations.
Is installing hardware on-premises mandatory? If yes, then how difficult is the setup and installation process, and how much time will it take to get operational? Once you get answers to all these questions, it will be easier for you to choose the best DDoS mitigation service.
Which questions do you ask when opting for DDoS protection? Feel free to share it with us in the comments section below.
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