According to Pew Research and the Social Security Administration, there are an estimated 10,000 baby boomers entering their retirement each day in the United States. And while they face many challenges -- the rising costs of healthcare, for instance -- this generation controls 82
Preparing for Long-Term Care
Knowing you have major expenses covered can provide the peace of mind you need to loosen up and spend a bit more freely when you want to. Approximately 58
Smart Spending Advice
When it comes to buying things for your retirement, live by the mantra “never pay full price.” Smart seniors know how to find discounts on everything from travel deals to their next meal, but sometimes you have to be a little more creative with hunting for deals to avoid paying full price. For example, if you like shopping online, install a few browser extensions that automatically find coupon codes while providing cashback initiatives for popular sites. If there are particular websites you shop through frequently, sign up for their email lists to get in on their best sales and deals. And make the most of your savings by using an app that stashes the extra money in a market or savings account that grows with interest in time.
Finally, always buy used items whenever you can. Some of the best things to buy secondhand include designer clothing and fine
Just because you’re retired doesn’t mean you have to stop investing. If you’re smart about it, you can turn some of your investments into another source of passive income during this period of your life. While it’s okay to be conservative, don’t be too conservative with your investments. Diversify your portfolio with a few stock options that can provide substantially higher return when compared to more stable bonds. Mitigate the amount of taxes you’ll have to pay on your investments by purchasing enough municipal bonds to pay what you’ll owe from your other investment incomes. Finally, take advantage of the free time you have in retirement and keep a close eye on your portfolio. Periodically rebalancing your portfolio ensures that you maintain your desired mix of stocks and bonds to meet your investment needs.
As more and more baby boomers enter retirement, they have to shift their mindsets and spending habits to effectively control their wealth while living their best lives. Protecting future finances with insurance plans that cover the costs of long-term care and end-of-life arrangements
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