Baby Boomers are quickly approaching retirement and are in a precarious situation. Many of us have been working most of our lives and planning for our future retirement with savings, IRAs, 401Ks and other retirement plans only to lose ½ or more in the recent economic melt down. And, while the younger generation and even the younger boomers have time to recover financial losses the 50 to 65 year old boomers are in a frightening predicament. We don't have another 20 to 30 years to recover our losses. We don't have a choice but to come up with solutions for our financial recovery.

Solution #1: Self-Directed IRAs- Boomers are taking on more responsibility for their finances and many have chosen tax deferred Self-Directed IRAs to help in the preparation for retirement. In a Self Directed IRA, you can make your own investment choices but you must be self disciplined. Self-directed IRA investing is a big responsibility and you must be aware of the IRS rules. Locate a good tax attorney to set up your Self-Directed IRA and a reliable Custodian to manage the account to avoid costly mistakes.

Solution #2: Tax Lien Certificates- Tax Liens have been around since 1680. They are considered to be one of the safest investments and the returns can be up to 18% to 25% if the simple steps of investing are followed. Profits are almost guaranteed but do your research. Learn the laws and requirements surrounding tax lien investing in the state or area you are purchasing from.

Solution #3: Tax Deeds- During a Tax Deed sale, property is usually sold for the back tax amount plus fees, interest charges and court costs. Because property taxes are a small percentage of market value, investors purchasing a tax deed can acquire full property rights at a fraction of the market price. Again, you must become familiar with the county statutes and Tax Deeds should only be purchased by serious investors.

Solution #4 Gold & Precious Metals- Gold more than any other metal has withstood the test of time as it still holds high value and today has become a very popular investment. Gold just like any other investment can prove to be very profitable. But just like any other investment the value of gold must be researched so that you know when to buy and when to sell. Gold still usually maintains it's value even during economic crisis.

Solution #5 Home Based Business- Many educated professional are leaving the corporate career track and taking ownership of their lives by starting their own home-based businesses. Self-employment offers responsible and driven individuals rewards they are not finding in more conventional career paths because it allows them to take back control over their most valuable resources; their time and their financial resources.

To be clear, each of these solutions comes with a fair amount of work, with research being the most important but these are the solutions that are working for us. We are diversifying our investments and earning significant returns. We are no longer griped with fear of running out of our retirement money or depending on our children for financial support. Our future is exciting and fun. We are on our way to financial recovery.

Being a 60 year old retired Baby Boomer myself, I know first hand the uncertainty boomers are facing in these economic times. I specialize in transitioning from financial struggle to financial freedom. Going from hiding from creditors and a $0 bank account to being debt free and financially independent, my dedication to helping others create wealth for themselves is my mission in life. With no college education, only the school of "hard knocks" I have assisted hundreds change their lives and redirect their paths to financial wealth.

Author's Bio: 

Edie Hardage is a retired 60 year old Baby Boomer and has been seeking solutions to today's economic crisis for not only her own financial recovery but to share with other boomers in similar situations. Edie has redefined her retirement by dedicating herself to research, sharing and helping others. For more information on Tax Lien Certificates or Tax Deeds, go to