As Baby Boomers, we need to be smart about handling our retirement income. You may have a 401k or you’re trying to build your portfolio passively. There are always ways to improve your bottom line and make your money work better for you.
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 make additional income that you may not have thought of.
Below are some resources that will help you grow and manage your income to reduce your financial stress so you can focus on enjoying your life.
How to grow your retirement income
I like to depend on the advice of experts because I’m certainly no expert myself. I generally don’t write about finance myself but have some excellent guest writers who are experts on how to manage your money. Click here to read their financial tips.
- 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
- Become an Airbnb host – If you have a home or room to share, why not make extra retirement income as an Airbnb host? They make it super easy and you have control of how you interact with guests and house rules.
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. Blooom has recently added IRAs at the following institutions: Fidelity, Charles Schwab, and Vanguard.
• Financial Management For All! – Simple, affordable financial management for IRA, 401k, 403b, 401a, 457 and TSPs.
• Whether you’re a late blooomer or an early blooomer… It’s never too late to partner with blooom to optimize your retirement.
• Let’s blooom together! – Blooom membership comes with access to unbiased, independent retirement advice regardless of account size or institution.
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 potentially pay less (average bloom client cuts costs by 44%)
Find the best credit card for you
- Credit Land will help you find the best cashback credit cards, travel & airline credit cards and 0% on purchases.
Owe too much in taxes?
- Community Tax – This company is a nationwide tax company that offers consumers a suite of tax-related services. If you have received a letter from the IRS, have had a lien put on your property, owe back taxes and more, they can help.
Lend and borrow money
- Zirtue is an app where you can lend and borrow money between people that you know like family using a smartphone app. Submit your request, agree on terms, get funds and track payments. Keep your family members and yourself accountable to avoid unneeded conflicts. It’s private, relationship-based, and your data is protected.
Get the right money 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.
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.
Get rid of that pesky timeshare
- Timeshare Specialists – Timeshare Specialists and Resort Closings maintain A+ ratings with the Better Business Bureau and Excellent ratings with TrustPilot. They’ve also established the nations first Timeshare Scam Hotline, which allows timeshare owners a free source to help establish whether or not an offer they have received for their timeshare is legitimate. The hotline has won a Bronze American Business Award and more recently a Gold BestBiz award for Corporate Social Responsibility category.
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