As a boomer, you were born into arguably the most affluent generation of all time. Statistically, you’re a hard worker with a solid income. Basically, you’ve got it made. But as you get older, it becomes increasingly important to make sure that hard work doesn’t go to waste. Here’s 5 tips to make sure your golden years are your best years.
1. Budget
Whether you’re living paycheck to paycheck, or you have cash to spare, you’re probably accustomed to money appearing in your account every two weeks. After retirement, the money simply doesn’t flow in like it used to, so it’s crucial you have a budget and stick to it. By properly allocating your money into wants, needs and savings you’ll save you and your family a lot of stress. Unforeseen expenses can increase as we get older, so while you may be getting by now, it’s important to consider what life may be like in 5-30 years.
2. Do Something That Matters to You
Now that you have your budget in place, make sure to put a portion of your money towards doing the things you REALLY want to do. Whether it’s travel, buy a new car, or simply get out more, it’s vital to immerse yourself in the activities that are most important to you. I mean, what’s the point of budgeting and saving if it doesn’t allow you to do the things you want to do? By realizing our dreams and working to make them a reality, we can help escape the boredom that often comes along with retirement.
3. Strengthen Relationships
So with cash in hand and a dream in mind, you’re ready to bring all your fantasies into fruition. What better way to celebrate than with a companion? Whether a spouse, kids or a friend there’s few moments that can’t be amplified by the company of a loved one. Take the time to work on relationships that may have suffered during your working years. Also, what a perfect time to meet new people! There’s a wave of individuals with similar interests also leaving the work-force. Branch out and create some meaningful relationships.
4. Downsize
Chances are, after 50 plus years of life you’ve accumulated some stuff. Actually, a lot of stuff. Some is essential, others are attached to cherished memories, but let’s face it- a lot of it is just stuff. Shift through the rubble and start deciding what you can live without. Once you realize all the stuff you can happily live without, it’ll probably sink in that you no longer need a big house to store it all.
5. Relax
Give yourself enough time to sit back, put your feet up and consider all of your achievements over the last half-century or so. On average, you’ll have spent over 10 years of your life working, so it’s more than fair that you take a few minutes a day and put sometime into nothing but yourself.
If you are considering downsizing, in need for a financial advisor that helps boomers or simply wondering what to put on your bucket list?
We have access to a network of professionals who can help, simply reach out to us. Or if you know someone who cares for an elderly and they are struggling to find a perfect balance and need more help caring for their loved one; we’d appreciate your referral. Be sure to send them our website link and or ask them to contact us.
