Not Much Retirement Savings? Big Problems Ahead.

-10% of you over 55 years old feel like you are never going to be able to retire.

-The likelihood of retiring before the age of 75 years old is 50%

-The chance of outliving your money is really high.

OK, that should scare you. I got all this information from the Denver Post this morning.

What is the answer?

• Work longer.

• Spend less.

• Save more.

Now that all sounds fine and dandy and something we can all do. Right?

I also know that a lot of you aren't happy in the jobs you may currently be in and the thoughts of doing that work until you are 70 or 75 years old just doesn't thrill you.

This is why so many women who start their own businesses and become entrepreneurs do that very thing.

Although these articles were great, I think they missed a piece. It's a series so maybe this will be addressed. The piece thus far that they have missed is that it is very possible to start your own business later in life.

As far as I know, starting an on-line coaching business is probably one of the least expensive businesses to grow. Do you have a phone and a computer? You wouldn't be reading this if you didn't!

I also know that by the time you women reach 50 years old you have heaps of life experiences, probably many years of education and degrees and oh so many gifts. Are you wasting all that in a job that doesn't fulfill you? Are you bored with what you have been doing the last however many years and ready for something new where you are your own boss?

This is your opportunity to secure your own retirement. This is your chance to do your 'great work' and at the same time increase your financial future.

Even if you have enough savings, I suspect there are things that you would like to do that don't quite fit the budget. This may be an opportunity for you.

People need what you have to offer. People need your wisdom, your experiences that have gotten you to where you are today.

By the time you are 50 years old, I'll bet every one of you has gone through some tough times and no matter how difficult it was, you survived. You came out the other end of the tunnel with success. Divorce, raising a sick child, your own health/wellness issues, caring for parents... the list goes on and on. Your struggles and challenges can be of great help for someone going through what you have gone through. And these are just the tip of the iceberg as far as niches/target markets go.

Think about this and think about not only how you could empower and help others but think about how you can add to your retirement fund.

Here are some recent stats among workers ages 55 and older as of today, July 1st:

• 42% have less than $25,000 in savings

• 33% have $250,000 or more

• 18% have $100,00 - $249,00

• 9% have$25,00 - $49,999

• 8% have $50,000 - $99,999

Where ever you fit in, do you fear outliving your money? It doesn't have to be that way.

Think about this: An On-line coaching business may be your answer.

Wouldn't it be great to love what you do, love who you work with AND put money into your retirement account? Or at least not having to touch your retirement monies because you can live on what you make.

Action Step: It may be time to really look honestly at your money situation. This is not the time to stick you head in the sand. Take the time to understand your financial situation. You may be just fine or you may not be. But honesty is key here.

Would starting your own coaching business help add money to your bottom line?

*******These numbers come from The Employee Benefit Research Institute: EBRI

I try to keep most of my articles 'evergreen' which means they last and are true and valid over time. This is not the case with this article which I am writing on July 1, 2013.