One of the largest worries that a baby boomer has to deal with is the financial aspect of life. It may seem strange to include the money aspect of your life in this e-book, but the Baby Boomer needs to take into account the financial obstacles that they are beginning to experience.
Many baby boomers are already seeing the financial crunch as they watch their parents struggle to pay the bills. Some of them are seeing that their parent’s homes are being reverse mortgaged to pay them something back so that they can actually afford daily life. Even worse, should they need long term health care and end of life care, they aren’t sure of just how that’s going to be paid for.
But, there is a problem. The Baby Boomer generation is also the generation that changed the world with their care free attitude. They started their lives in a post war period that was quite prosperous, didn’t have to worry about saving because many of the years have been economically beneficial to them. And, now, most baby boomers don’t have the funds that will allow them to retire.
Baby boomers liked to spend, and they spent more than any other generation before them. They also liked to mortgage real estate, run up credit cards and even have started more businesses than any other generation.
What does all of this mean to you, though?
As a Baby Boomer, is it incredibly important for you to invest the time and money into looking at your financial situation.
The first thing you need to address is how long you’ll be working. Many Baby Boomers plan to work longer. Since this generation has aged well to this point, they are expected to live longer. But, that doesn’t mean that they will be leaving their jobs at the standard age of 65 which is what Social Security allows them to do.
Instead, many of them, more than half, will continue to work longer. Some will retire only to work part time, start their own business or work without pay. The smallest percentage of Baby Boomers plans to never work again after they retire.
The question is, what can you financially do?
Many of your parents didn’t spend their time determining just how expensive it will be to afford health care and even more so the cost of living that is today. For that reason, many more are living off of Social Security, help from family and even elderly care services.
But, you don’t have to find yourself in this position. Here are some tips that can help you to get your finances in order so that you can work or not work at your leisure when you reach your retirement.
Since each financial outlook is different from one Baby Boomer to the next, one of the most beneficial tasks that you can take on is to find a financial advisor. While we have talked a lot about the things that you can do to improve your life’s longevity, you need someone that can financially make that possible. A skilled financial advisor will provide you with the knowledge to make the right decisions, ultimately.
They can help you to determine how to spend, invest and save your funds. They can help to develop a strategy that will allow you to fund the lifestyle that you are living today well into the future. Working with you, they will help you to find out what things you can do differently now, so that the financial reward comes later.
What you may not realize is just what you need to plan for. With the longevity that you’ll get from being healthy, you will need funds that will take you through your entire life. If you have a lifestyle that you are comfortable with right now, you’ll want to maintain that in the coming years as well. With financial advice, that can happen.
In addition to this, more and more people are looking at traveling, exploring the world and enjoying the luxuries that life has to offer. With this also comes an added cost. While these things are excellent tools to keep your mind stimulated and your body healthy, you’ll need to be able to afford them.
In addition, there is health care to consider. With the rising costs of just stepping foot into a doctor’s office, it is becoming increasingly important to find a way to afford this too. The risk of counting on insurance companies or government funded medical care is quite limiting and can often place you where you don’t want to be.
Even still, many Baby Boomers still have homes to pay off that are mortgaged at least one time. This means that you’ll need to be able to make enough to use this money wisely. While there are options like reverse mortgages that allow you to be paid a sum of your home’s value each month, this comes at a high price and may not be the right decision for your needs.
Beyond anything else, the Baby Boomer generation is one that likes to set life at their own pace and likes to do things their own way. Having changed the world, you may just need some extra funds to make that continue, too.
If you are a Baby Boomer, it is time now to make the decisions regarding your finances for the future. If you don’t make these critical decisions now, then the funds won’t be there when you need them.
Invest your time and money into a solid, trusted financial advisor that you can work one on one with. Learn what they can offer to you and find out just what it is that you can expect from them. With the dedication of these individuals, you will quickly find your place in the financial lifestyle you want to live.
The Baby Boomer must address money concerns now, while they are healthy and while they have the time to make changes. To live a prosperous life, you need to manage the financial aspect of it as well as the health aspects.
Yet, this doesn’t have to be difficult with the right people by your side to make it happen.