Use the law
One of the best strategies most baby boomers can take to secure their retirement savings and assets is to use the law. Commercial lawyers are good resources to use when navigating the uncharted waters of estate battles, divorces, loans, foreclosures, bankruptcies, wills, and other issues that can cripple a person's retirement savings in a heartbeat. A personal lawyer is a valuable asset to have on one's side, and commercial lawyers are experienced in dealing with all kinds of financial challenges frequently faced by baby boomers on the road to retirement.
Diversify
Besides hiring a personal lawyer, another important step to take on the road to a secure and rich retirement is to diversify. More than 8 out of every 10 financial planners managing portfolios of the 50 and over crowd state that planning for retirement as a baby boomer should really focus on protecting one's portfolio from potential losses in the market instead of looking out for potential market gains. Furthermore, another 3 out of every 4 financial advisers suggest a diverse portfolio may be the best way to keep from suffering any significant losses when one is about to retire.
Start up that cash cushion
However, just as it's important to diversify one's portfolio in order to minimize risk, it is also essential to keep from falling into the trap of putting all of one's savings in one's retirement accounts. Seven out of every 10 financial advisers states that an emergency fund in cash is an essential part of any boomer retirement strategy. This cash fund should be used to take care of any expenses that are financially significant and out of the ordinary, such as needing a new transmission or engine in a car, needing a new furnace or water heater in one's home, or suffering an accident that requires an extended hospital stay.
It is essential to do everything one can do to avoid having to start tapping into the retirement fund earlier than necessary. Doing so means one will face penalties and taxes, and this would all be preventable through the use of an emergency fund.
Stop non important purchases
Another good way to get one's nest egg in good shape when one is getting close to retirement is to try to trim one's costs of living as much as one possibly can before retirement. This is a strategy that 3 of every 5 financial planners for this demographic agree with.
If baby boomers can cut their costs before they retire, then it will become that much easier to keep their standards of living going when they retire. In fact, according to more than 5 out of every 10 financial advisers state that at least a few clients of theirs have had to cut down their current standards of living in response to losses they experienced in the market.
Look for guaranteed income sources
Finally, keeping guaranteed income sources in mind is essential, according to more than half of financial advisers. For example, most retirees will receive social security. Other kinds of annuity products that come with monthly payments that are guaranteed should also be looked into, as one can never have too many income streams.
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