Are you a boomer? This generation was born between 1946 and 1964. They’re currently between 53 and 71 years old and they’re in various states of financial preparedness for retirement. Unfortunately, the AARP reports that 49% worry about financial matters followed by 42% worrying about health challenges. It’s easy to understand this concern when you consider that about half of all boomers have only put aside $100,000 or less for retirement.
Fortunately, there are steps that can be taken. These are most effective if you’re on the 53-year-old end of the spectrum, but there are things that can be done even if you’re near the 71-year-old end. The best approach depends very much on your situation. It can include accelerated savings plans, working full- or part-time past 65 and adjusting your expenses. We’ll tell you how to develop a plan that’s suited to you at the end of this article.
What I really want to talk about here are the many wonderful and challenging lifestyle changes that can come with retirement. It seems like the biggest gift that retirement offers is time. Your kids are raised and you no longer have predefined 9-to-5 responsibilities. By in large, you can decide what most days will look like and that’s huge.
What people do with this time is as varied as the boomers themselves. Early in retirement, many people do the traveling they never had time for. Renting a house in Tuscany for a few weeks actually doesn’t sound too bad! Another popular use of the newly found free time is the pursuit of a new skill. Learning how to play a musical instrument, learning a foreign language and woodworking are just a few of the wonderful options people choose. People are thrilled to be able to spend more time as grandparents. Many find they can leverage their pre-retirement skills in a satisfying volunteer job. Some have joined a group of like-minded people – maybe a walking club, a cycling group or a cooking group.
Health also takes more time. Walking, gardening, going to the health club, yoga, tai chi or water aerobics are all good ways to try and preserve you health. You’ll have time for doctor visits and even a restful nap when you want it.
As retirement progresses, most of us start thinking about our mortality. Fortunately, if we made it to 65, we’re very likely to make it to at least 80! Nonetheless, friends, and even spouses, will start passing away. As painful as this aspect of aging can be, it’s also a good reminder to enjoy each and every day to its fullest. And while we’re on this topic, please remember to have your will and advanced directives in place.
Okay, we’d promised that we’d tell you how to develop a plan that’s suited to you and here’s how. Just visit our website or give us a call at 970.419.8212 so that we can set up some time for a no-charge, no-obligation initial meeting. We can talk about your financial situation and outline some actions that you can take to make your retirement enjoyable!
This article is for informational purposes only. This website does not provide tax or investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Please consult your tax or investment advisor for specific advice.