5 Proactive Financial Choices You Can Make Today to Ensure the Retirement Lifestyle You’ve Earned

Between 1946 and 1964, a historic 76 million-plus American children were born. This Baby Boomer generation is reaching retirement age every day by the thousands. In fact, by 2030, it’s expected that all Boomers will be at least 65. However, recent economic hardships raise questions regarding the level of comfort this group can expect in their retirement years.

No one wants to dip into their retirement savings to stay afloat. That money is supposed to be for living, not just surviving. If you’re nearing retirement, but are worried you won’t quite have enough, here are some proactive choices you can make today to ensure the lifestyle you’ve earned.

1. Use cash.

Let’s face it, credit cards and online banking are convenient but they’ve also made it much easier to overspend. Put a stop to impulse buying by using only the cash you have on hand. Operating on a cash-only basis when you’re out and about will help you think through major purchases and differentiate needs and wants.

2. Get thrifty with food.

Start forgoing exorbitant luxuries. Stop using services like Door Dash and Instacart. They charge convenience fees like they’re going out of style. Instead, start shopping sales and clipping coupons. If you can’t cook, try a planned meal delivery service. They’re healthier than fast food anyway, and many plans start as low as $5 per meal!

3. Increase your income.

Easier said than done, huh? Depending on your personal circumstances, there are actually several ways you can up your monthly moolah – if you’re willing to get a little creative. Consider blogging, podcasting, or consulting to start. If creating isn’t your forté, then think about services you can provide like pet sitting or room renting. Check out this link for more unique ways to earn money.

4. Get support.

If you’re in need of financial assistance or housing help, don’t be too proud to ask. Depending on your need, here are a few links you can visit to get started:

• Benefitscheckup.org
• Medicare.gov
• Medicaid.gov
• Medicare Interactive
• Programs of All-Inclusive Care for the Elderly (PACE)
• Low Income Home Energy Assistance Program (LIHEAP)
• State Health Insurance Assistance Programs (SHIP)

5. Set realistic goals.

If you are feeling financially tight, pay down any outstanding debt, but don’t go broke in the process. Set yourself small and realistic goals. If it makes sense for you, visit a low-cost financial advisor.

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