Although every person's situation is different, most people can benefit by planning for their retirement using some tried and true strategies. In shifting economic times, many Baby Boomers are expecting to retire later than they had hoped, but with a good plan and commitment to it, people can reach this milestone and live comfortably.
Obtaining expert financial advice is a smart option for many Baby Boomers thinking about retirement. A financial expert can help people develop plans or improve on existing retirement plans. Unless you work in the financial sector, you may not know about all the best options and practices associated with retirement savings. It's worthwhile to consult professionals that specialize in retirement planning. The information they provide can enhance your overall plan and help you as you edge closer to retirement. They can also help you assess your taxes and provide the sound advice you need to make informed decisions.
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401k's are extremely popular amongst employers and employees alike because of their reputation for being "flexible, efficient, and tax-differed" (Source: http://baypointbenefits.com/index.php/solutions/retirement-services). While many people may have a 401k or a retirement plan through their employer, it's still a good idea to branch out and save independently. A Roth IRA, for instance, is something that Baby Boomers should consider for their independent savings. Check into other IRAs as well. You might be interested in starting a precious metals IRA, for instance, for that silver coin collection you've been investing in over the years. Baby Boomers will also want to keep a closer eye on their investments. Again, a financial expert can help assess what's working and what's not. They may also be able to recommend some savvy changes that lead to increased revenue from investment sources.
Many Baby Boomers approaching retirement age are considering selling their homes and downsizing. "If your kids are gone and you don’t need the space, downsize. Even if your home hasn’t returned entirely to its previous value (valuations prior to the 2008 credit crisis), you can save thousands in utilities, maintenance and taxes with a smaller home." (Source: http://www.foxbusiness.com/personal-finance/2014/04/03/retirement-strategies-for-boomers-all-ages/)
Many Baby Boomers are considering how much they'd save by retiring elsewhere. The cost of living can be substantially cheaper in many countries--beautiful countries regarded as vacation destinations. While the thought of moving abroad is unappealing for many people for a variety of reasons, it might be worth investigating a move from your current location to a less expensive area. For instance, it is generally more costly to live in the city. You might consider retiring to the country or even a suburb where you can save more money on your living expenses.
While these are just a few tips Baby Boomers can use as they plan their retirement, it's important to seek expert help during these pivotal years. Don't forget to talk about your lifestyle plans. For instance, tell your financial adviser that you are interested in traveling or, perhaps, obtaining some part-time work to stay busy. They can help you put together a plan that accounts for everything. You'll feel far more secure going forward when you have a solid retirement plan.