If you’re a Baby Boomer in your late 40s, or early 50s and you know your retirement savings are not on track, don’t despair. And don’t abandon your savings goals. You’ll still be able to put away a significant amount of money, but you’ll have to get serious about the process.
Start by calculating how much you need to have when you retire and how much you have saved. Don’t succumb to the temptation to avoid this task because you're afraid to find out you're not in the ballpark. You’ll be surprised how motivating it can be to learn the answer.
If you’re a Baby Boomer, you’re on the home stretch with at most, a couple of decades left in your working life. More than ever before, now is not the time to fumble the financial ball and endanger your future with devastating financial blunders. Here are some errors you should avoid.
Believe it or not, many 50 year olds will simply not ask for or accept discounts they are entitled to. They dislike the term “senior discount,” and who can blame them? We know we’re just getting started, truly in the prime of our lives, and before we even hit our 50th birthdays, AARP is pelting us monthly with solicitations. And some businesses have the nerve to define us fifty-somethings as already eligible for senior discounts.
You've had one “prime of life”. Now, as an active Boomer, you’re ready for your “Second Prime!” Be part of our testing phase and share your ideas with us. Click here to take our Survey.
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Life Skills - Living Life Optimistically(Open) (12/07/07)
