As Baby Boomers, we need to be smart about handling our income as we move into retirement. You may have a 401k or you’re trying to build passive income There are always ways to improve your bottom line and use money strategies to stay solvent as you age.
If you don’t have any retirement income to speak of or your Social Security check isn’t covering all your expenses, don’t feel bad. There are always ways to add extra cash to your bank account that you may not have thought of.
Below are some money strategies that will help you grow and manage your income to reduce financial stress so you can focus on enjoying life whether you retire or not.
How to grow your retirement income
The best may to manage your money and develop the best strategies for you is to listen to experts. Throughout this blog,you will find tips from those in the know on how to build and maintain your retirement income. Click here to read their financial tips.
Have you dabbled in stocks?
- The Motley Fool – I’ve followed the Fool for decades. It’s one of the best ways to learn about the stock market and other financial concerns. What’s fun is that 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
Track your expenses
- Freshbooks – This program will help you send out invoices that look professional if you are running a small business. You can easily set it up to match your company’s branding and it offers options to get paid. Send emails via email or snail mail. Freshbooks will also track expenses. It’s perfect for a business owner who wants cloud-based invoicing software that’s simple and attractive.
Get the right money mindset
- My friend Chellie Campbell has written several books to get your mind vibrating 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 and money strategies that every woman should know. Create the life you’ve dreamed of and protect yourself if something happens like a divorce or death.
- Ron Surtz has written a book for Baby Boomers called Baby Boomer Investing in the Perilous Decade of the 2020s: How to Live a Dignified Retirement. He also hosts a TV show called the Baby Boomer Investing Show. Make sure to check it out.
Pass on your legacy to your heirs
- Trust and Will – Generate an estate plan, will, trust, or assign guardians in about 10 minutes online. It’s easy and very affordable.
- 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.
Helpful Financial Resources
- Financial help for older adults – This guide from the Consumer Financial Protection Bureau offers an overview of assistance options for seniors who have experienced financial hardship during the pandemic. It also provides links for further reading on topics like financial planning and fraud prevention.
- Reverse Mortgage Calculator – Many seniors are looking into reverse mortgages to help them free up funds for living expenses or healthcare costs, but it’s important to know what they involve so you can decide if they’re right for you. This tool explains in detail what a reverse mortgage is and helps you calculate what yours could be.