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
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.
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.