As Baby Boomers, we need to be smart about dealing with money after retirement. You may have a 401k or you’re trying to build your portfolio passively. There are always ways to make it work better for you. Below are some smart money strategies to help you manage and grow your income to get the most out of it.
How to grow your money after retirement
- The Motley Fool – I’ve followed the Fool for decades. It’s one of the best ways to learn about money online and they do it with a sense of humor. You’ll learn how to invest in stocks, how to optimize your retirement income, manage your money, purchase property, and get tax advice. You may want to download their 50-page guide to Social Security and get a 30-day free trial to Rule Your Retirement or click to find their Motley Fool’s Stock Picks
Managing your 401k
- Blooom – Give your 401k a checkup. Blooom (yes it’s spelled with 3 “o’s” ) offers a free analysis of your current employer-sponsored retirement plan if you are still working and shows you the best way to put it to work. You can also subscribe to receive 401k monitoring services for only $10 per month. Their mission is to be your Tonto in your retirement journey.
The Wall Street Journal writes,
“ One of the best online tools for retirement planning,”
Several employees at Linkedin, Amazon.com, Apple, Cisco, and Oracle have hired Blooom to help them with their finances.
In under 5 minutes, Blooom can do all the below:
- show you how you are invested
- pick the best funds available in your 401k and give you exact percentages of what to invest where
- show you exact percentages on how many stocks vs. bonds to have
- show how much you are paying in investment fees and how to potential pay less (average bloom client cuts costs by 44%)
Do business with a good bank
- Aspiration – The Aspiration Spend & Save Account is a cash management account offering 2.00% APY interest (up to 200 times higher than Big Banks*), no ATM fees worldwide, and your own personal People/Planet impact score. It’s an online bank that cares about you and the world.
Find the best credit card for you
Keep track of your income and expenses
- Countabout – Personal finance software that is richly functional and easy to use. It imports your data from Quicken and Mint and automatically syncs data all your accounts. That way you can always see where you’re at money wise at your fingertips.
Make extra income remotely
- Flexjobs lists remote and flexible jobs that can earn you a part-time and full-time income. Their service has a satisfaction guarantee and sources from over 40,000 legitimate and vetted companies. Their low monthly fee guarantees you won’t be subjected to ads and scams. The great thing is you can work from home or anywhere and don’t have to worry about relocating.
Clean up your credit
- The Credit People – A lot of us took a hit during the financial crisis and may have some credit messes to clean up. If that’s you, don’t worry. Help is on the way. The Credit People help over 6,000 people a month. It’s top-ranked with consumer affairs. They will help you develop a strategy and you’ll see your credit improve every month. Watch the video below.
Get the right mindset
- My friend Chellie Campbell has written several books to put your mind into the right vibration to receive and manage your money. They include The Wealthy Spirit: Daily Affirmations for Financial Stress Reduction and Zero to Zillionaire: 8 Foolproof Steps to Financial Peace of Mind. She also runs an amazing Financial Stress Reduction® workshop and telecourse that I took years ago. Her books are entertaining as well as insightful.
- The Power of the Purse – by Lynn S. Evans – Lynn is a CFP and this book will help you understand financial issues that every woman should know. Create the life you’ve dreamed of and protect yourself if something happens like a divorce or death.
- A Guide to Getting Affairs in Order – by Karen S. O’Neil – Karen has created a workbook that everyone should have in the event of your death. We don’t want to think about it, but those who survive you need to know how to handle your affairs. It gives them a roadmap to find what they need.
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