Retiring Baby Boomers, Can You Really Live On Less In Retirement?
When Retiring Baby Boomers are thinking about the future it can stir up a variety of emotions. For many, planning for the future brings about fear and worry, primarily because they have to constantly think about their families financial security. More specifically, some feel that entering retirement can cause serious financial problems, and one question that always get you thinking is this: Can you really live on less in retirement?
The amount of money you spend during retirement wholly depends on how you want to live your life during your retirement years. Some people claim they spend more money during their retirement mostly due to the fact that they’re using their money to relax and enjoy their new, work-free lives. Some buy new houses, or take more holidays/vacations. They are doing activities that they didn’t have time to do while they were still working.
Baby Boomers who live on less during their retirement years are able to do so simple because they are spending less. Retirement definitely lowers the cost of travelling to work, having lunch out, having separate work or casual wardrobes, as well as other costs that are typical for a working person. As mentioned already though, the amount of money you spend as a retiree is really dependent on your lifestyle and, as a result, will vary from person to person.
Still others choose to relocate after retirement to an area that has a much lower cost of living; sometimes even to a foreign country. They are able to maintain a comfortable lifestyle while living on a lot less than they used to.
In order to accurately access your financial situation as a retiree, here are a few things to consider :
- Where are you going to live when you retire? Stay at home or move?
- Will you be alone or with your family?
- Do you need physical assistance?
- Would you like to try other lifestyles? Live in another country?
- Do you have investments/
- Do you have insurance?
- Are there many debts you have to settle?
- How much are you getting from social security?
- Do you want to leave an inheritance?
- Do you have children or grandchildren you’d like to help support?
For those who are planning their retirement, one tip would be to ensure that you maintain a solid investment that will benefit you when you retire. Logically, retirement is supposed to imply fewer expenses, but with the economic crisis these last few years this has changed things. Be sure that you are financially prepared for this.
My husband and I are from England and we also have a home in Portugal, spending a good deal of our time there. When the financial crisis hit it affected our income and although we still enjoy our retirement, I decided to supplement our income by working online in a network marketing business. ( I prefer the word reawakened to retirement, just a choice)
In the end, how you live your life during retirement depends entirely on you, and your choices will determine whether or not you will be able to live on less during your future retirement. Make strategic financial decisions and have an idea of what you want your future retirement lifestyle to be now and you will be well on your way to living out your retirement dreams.
If you enjoyed todays post on Retiring Baby Boomers, Can You Really Live On Less In Retirement? leave me a comment below and add anything else you think may be relevant.
The Reawakened Entrepreneur
Helping you to Retire Wealthy, Travel the World. Stay Young, with
Your Own Home Based Business.
Email me…… Lyndakonline@gmail.com
PS By the way If you are looking at ways to supplement your income take a look at what I do, its perfect for baby boomers…