The number of baby boomers hitting retirement is well, booming, to say the least! While the idea of retirement is usually a welcome prospect, many baby boomers are encountering a bit of a struggle juggling retirement with their current lifestyle. The struggle is largely in part to being ill-prepared financially, leaving many boomers flailing just to stay afloat.
The simple fact of the matter is that there are a number of factors working against the aging baby boomer population, making financial stability difficult to obtain. The recent recession in the American economy played a large role, creating instability in the stock markets, financial institutions, and housing markets. This left a wake of financial ruin to many boomers, even those who thought they were secure. Along with the recession is the rise in unemployment. Jobs that were once considered secure became bankrupt, and steady incomes slowed to a trickle.
Another big contributor affecting boomers is financial planning, or lack thereof. While it may seem like a primitive and simple concept, proper financial planning has proven quite elusive for many boomers. Unfortunately, it is key to a financially-sound retirement. While financial planning is most effective when started as early as possible, just remember that it is never too late to start.
Personal Finance – This may seem like an archaic concept, but getting your personal finances in order is one of the first steps in successfully managing your money. Many programs exist (both free and paid) that can simplify this process. Sites such as www.mint.com offer a wealth of free tools that make budgeting, spending, and saving, a quick and easy process. Other programs exist that cater to taxes, HSAs, investments and practically any other financial category.
Financial Advisors – While you may think that you can manage your money effectively, many boomers find themselves stuck in a hole without a shovel. This is where a professional can help. Financial advisors make a living helping folks effectively manage their assets in as lucrative a way as conceivably possible. They are up-to-date on current investment strategies and many have reputations of making clients good money.
Banking – Most people see a bank as a convenient way to handle their money. While that is absolutely true, most banks are offer fantastic financial resources to their members. For instance, a bank might offer financial advice completely free simply for using their services to handle your assets. Aside from that, many banks have investment advisors, mortgage specialists, and other financial professionals on site.
If your retirement fund leaves a lot to desire, then it is important to get in control of it as soon as possible. Whether you utilize a personal finance program, a financial advisor, a banking professional, or all of the above, there are a lot of ways to grasp the reins. Your retirement should be a time of rest and relaxation, not a time of turmoil.