Baby Boomers: Plan for Wild Adventures and Rainy Days
If you are a baby boomer, you were likely born between 1946 to 1964. You were born post-World War II, during a time of cultural and societal revolutions, hope, and prosperity. The oldest of the baby boomers started reaching the age of retirement in 2011, and the youngest turned 50 in 2014. This generation has seen the economy soar and plummet several times over the course of their lives. It’s no wonder most baby boomers are financially weary and are cautious spenders.
If you are a baby boomer, you already know to prepare for the worst. But that preparation should be balanced with living your best and most enjoyable life. This article will give you some tips on how to live your life to the fullest while still being prepared for your later years.
A Little Proactive Planning Goes a Long Way
In this day and age, people are living longer lives—long past the age of retirement. While a longer life means more experiences and memorable days with loved ones, it also means the potential for more costs associated with health. Medicare does not cover all health-related services, and a nursing home can cost more than $100,000 a year. Obtaining long-term care insurance while you are in good health can help pay for assisted living and/or a nursing home should you need it.
While looking into long-term care insurance, take your research one step further and learn about burial insurance. Burial insurance pays for funeral expenses and related final expenses, saving your loved ones from stressing about how to pay for a service. Insurance policies are a wonderful way to invest in the future and allow you to acquire peace of mind in the present.
Living Your Best Life While Saving for a Rainy Day
You only live once. While it sounds cliché, it is also true. We are not guaranteed tomorrow. You deserve a well-lived life, coupled with fulfilled dreams and exciting tomorrows. Such a life can be and should be balanced with the secure feeling of having enough in savings to cover emergencies. Start with a little daydreaming. Do you envision yourself taking a grand trip? If so, plan to eliminate unnecessary day-to-day expenses and shop on a budget in order to pay for your maiden voyage. Do you see yourself exploring and cuddling with a friendly K-9? If so, instead of investing in a pure breed, consider adopting. If you love to shop ‘til you drop, plan ahead for some of the biggest sales of the year and get the most out of your dollar.
The key is to make a retirement budget detailing your actual expenses to maintain your standard of living, estimate how much savings you will need to maintain your standard of living, and then with the excess, plan for the things that will fill your heart with joy. If you want to make some renovations to your home, get a new car, or donate to a favorite charity, simply revisit your budget, adjust where you can, and make room to spend your money where it matters.
Enjoying a fulfilling retirement means saving and spending some of your money on experiences and treasured memories. With a little planning for the future, by shopping around and securing necessary insurance policies, you can rest easy knowing that in the event of a worst-case scenario, you are covered. With some balancing of priorities, you are then free to enjoy your days while securing your nest egg.
Author: Jim McKinley
References for article:
baby boomers - https://money.usnews.com/money/retirement/articles/2014/06/16/the-youngest-baby-boomers-turn-50
services - https://www.fool.com/retirement/2018/02/02/your-2018-guide-to-long-term-care-insurance.aspx
long -term care insurance - https://assistedlivingtoday.com/blog/long-term-care-insurance-benefits-and-advantages/
related final expenses - https://www.lhlic.com/consumer-resources/burial-funeral-insurance/
Insurance - https://www.aarp.org/work/social-security/info-05-2011/10-steps-to-retire-every-day.html
balanced - https://business.financialpost.com/personal-finance/managing-wealth/afraid-to-spend-why-you-should-stop-saving-so-much-and-enjoy-your-money
grand trip - https://www.forbes.com/sites/nancyanderson/2014/04/24/how-to-balance-enjoying-life-with-saving-for-your-goals/#7f74e2f627fb
budget - https://money.cnn.com/2018/01/10/retirement/retirement-spending/index.html
donate - https://makespace.com/blog/posts/where-to-donate/
Pixabay - https://pixabay.com/en/baby-boomer-motorcycle-442244/