Baby Boomers – those born in the immediate aftermath of WWII – have been around the block a few times.
They’re used to making the most of life, and retirement should be no different.
Read on for a breakdown of the traits that define this generation. And we’ll give some financial tips to help ensure your golden years are as shiny as they should be.
If you were born between 1946 and 1964, you are part of the Baby Boomer generation. This generation is known to be flexible and robust, having lived through many bulls and bears over the decades.
Whether you’re contemplating retirement or already ticking off your bucket list, here’s what you need to know about managing your money to make the most of life.
Same same, but different
Navigating retirement in a world of rising healthcare costs
Retirement can stretch for decades these days, making planning beyond traditional company pensions essential. We highly recommend that Baby Boomers continue to work for as long as possible to accommodate rising healthcare costs and general living costs.
Mastering money moves for a prosperous future
Here are some other savvy moves for Baby Boomers to make:
1. Don’t skip estate planning
Baby Boomers often consider themselves invincible, but realistically, having all your affairs in order becomes more important the older you get. This includes maintaining a valid will (Last Will and Testament), general and bank powers of attorney and a Living Will. Also remember to check all the beneficiaries on your life policies.
2. Consider downsizing
Downsizing is challenging, as you may need to let go of many items that bring back happy memories. But once you’ve gone through the process, and simplified your life, you’ll feel a massive weight lifting from your shoulders.
3. Life or Living Annuity?
Deciding between a living annuity and a guaranteed annuity can be daunting. Each option has its pros and cons, so consult a professional to determine what’s right for you.
The bottom line: It’s your time to shine
You’ve spent your life working hard and thinking out of the box, and retirement should be no different. With careful planning, the years ahead can be some of your most rewarding. Ready to take charge? Please get in touch with us if you’re a Baby Boomer and want to discuss any of the above.
Disclaimer – *The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.
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