With many Baby Boomers now looking toward retirement, the question of how to remain financially independent is on everyone’s mind. Younger Boomers in their 40s and 50s still have the opportunity to educate themselves about paying for those later years, while older boomers must figure out what to do now that they are living those later years.
A recent study conducted by Jeff Faust, a specialist for Allianz Life, showed that 61% of the study’s 3,200 participants feared outliving their income “more than they feared death.” Clearly, this is a real concern for many people, including the country’s 78 million Boomer.
Jan Yager, Ph.D. from Consumer Affairs has these hints to help Boomers with “7 Steps to Avoid Out-Living Your Money”:
- Keep working
- Be more frugal
- Pay off debt and avoid new debt
- Downsize or relocate if cost-of-living is too high
- Stay healthy
- Consult an attorney about asset protection
- Consider long-term care insurance
There are almost always ways to avoid running out of money; unfortunately the majority of Boomers are unwilling to face the right/hard choices. Home Care Assistance of Columbus helps adults retain their independence longer and provides a less expensive alternative to assisted living and skilled nursing facilities.
Save smart. Spend smart.