The Baby Boomer generation is growing older. In fact, the tail end of the boomer generation is quickly approaching 50 years old. Even though they feel young at heart and mind, there is no escaping the fact that retirement is looming. In addition, people are living longer and healthier these days, so you can plan for a long, wonderful retirement. Or can you? Do you have a plan for financing your golden years?
Unfortunately, retirees of today cannot count on the retirement ‘luxuries’ of years past. The Social Security system is in peril and many company sponsored pension plans have been discontinued. Plus, people rarely work at the same job from their early 20’s to retirement like they used to do. In fact, few people have a great company retirement and profit sharing plan to count on.
If you planned well before retirement age snuck up on you, there is a good chance you have a tidy nest egg tucked away. But what if that isn’t enough or you didn’t plan ahead? What can you do to make sure you are taken care of? You need to plan now so you can live comfortably in the future.
Save All You Can
Once your children are grown, you may find your expenses are less. Take the extra money and put it in a secure savings account. Make sure you spread it out in at least two or three different accounts so you are diversified. Check with an investment advisor to find out the best options for keeping your money save and tax free until you use it. Since people live an average of 15 years after retirement age you will need to have a considerable amount to live. Your advisor will help you assess your needs and determine the amount you will need to tuck away.
Inventory
Take a look at your life and your current standard of living. Is it something you want to maintain as you age or can you cut back? Is your home too large for your needs? Many retirees find that they prefer to move from a large home and yard to a smaller place. Many new communities offer maintenance free living, you have a nice home but someone else takes care of the yard. These communities also have pools, common areas, exercise facilities, etc. This is a great option for retirees. You could gain extra income from selling your larger home, and gain a worry free housing option with this type of planned community.
In addition to selling your home, you may find that you can clean out a lot of personal belongings as well. Have a yard sale or take things to a consignment store. In addition to gaining a little extra money you are reducing the amount of things you family will have to sort through later.
Find Creative Ways To Earn
Now that you are done with your career, how about starting a new one? Is there something you have always loved to do? Maybe you can find a way to use your talents and hobbies to generate income. If you paint or do crafts you can find craft fairs or online stores such as Etsy to sell your creations.
Do you like to meet people and visit? Perhaps you could work a few hours a week at a tourist attraction in your area or a visitor’s information bureau. These types of jobs keep you active and young at heart in addition to providing a little extra spending money.
Another great option for retirees is to start an online business such as buying and selling on ebay or creating product websites. Sign up for some affiliate programs and promote their products on your website and collect commissions.
If you are looking for ways to save money before some retirement, some of these options will help you generate extra income now. Remember, the more you save now the more you will have when you retire.
Retirement can be a wonderful and carefree time of life after all you have earned it. Make sure you plan now to get the most of your golden years.
Author Resource:
Piper is a freelance journalist who enjoys working out and the outdoors. Piper is a freelance writer who uses time working on essays about baby boomers . She enjoys life, reading and spending time with her family. Piper loves sharing her understanding of retirement planning by teaching classes in her community.
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