Smart Retirement Strategies for Boomers
If you are one of the 76 million Baby Boomers with retirement just around the corner, it would be wise to take stock of your situation, and make sure that you’ll not be in for a horrible surprise come retirement day. Surveys show that the average pre-retirement Boomer only has about $9000 per year in retirement income headed their way, and a shocking one third of Americans say that they have zero retirement savings.
Knowing that you have savings ready to access when the time comes is one thing, but making sure you’ve taken into account the bite of it that Uncle Sam will take is another, and there are other factors which could affect your lifestyle in your golden years. Here are some strategies for a smarter retirement:
Stabilizing your finances through reduced spending is a smart strategy, no matter how close you are to retirement. Structuring a conservative budget and sticking to it, is an antidote for out of control spending and debt. When it comes to retirement, you will have established good habits, and more than likely have some extra cash at your disposal.
In your early years of retirement, you’re likely to have more energy to expend during all the newly-found free time. Be aware of this as you plan ahead, and be sure to save enough for any travel and other costly activities you may want to take part in.
Retirement planning isn’t just “putting X amount of dollars away.” The way to predict your retirement future is to create it - that is, be very clear about your goals. What will your lifestyle be like? What do you want to accomplish? How will you fund your activities? Will you work part-time to support these goals?
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