From all expectations, baby boomers are coming to terms with their current status of their retirement. If the retirement package was mostly based on 401 K investments, their value has been hurt by the stock market performance of 2009. The objective for holding on for a better time to retire will depend on how long you can keep your current job. If the Recession of 2009 hasn't hit your Company, you're blessed. If presently out of a job, then it's time to do something about it.
Forced-retirement is not a bad word. It all depends on how much cash you have coming in every month to help you face your monthly expenses. This is called cash in and cash out.If you expect to retire on a lifestyle that costs over $10,000 per month, and your income is coming down to $5,000 per month, as an example only, in no time you will deplete your savings, assuming that you do have savings to draw from to cover the deficit. If not, don't despair. You will need to go on a monthly "expense-reduction-mode."
There are many areas to tweak and adjust, but be aware that something has to give. These are the areas for adjustment: food, entertainment, vehicles that you drive, brand-clothing, tv cable/internet, telephone land line, house services, such as lawn mowing, house cleaning, pool, etc.
You can eat steak all you want, but when you are retired, you can also eat more spaghetti with ground beef. Car brand is important only if you can afford the vehicle. American cars have excellent leasing programs, and a fine car to drive also. Clothing is a major expense for many people and you can buy brand names, but go to TJ Maxx, Marshalls or Ross for those items.
Above are some of ideas on how to save a good portion of money. Give you another example: car insurance is a major monthly expense, and with certain economy cars the cost can go down by the hundreds of dollars per month. You can certainly get most of your groceries at a Walmart and save money there also.
On my next posting, I will give you some more ideas on health, exercise, and saving money, but also how to make extra money with your free time and vehicle. For now, if you go to Ezine Articles above, and hit "View Articles" you will see my latest article on "Baby Boomers..." which goes into exciting details on ways to save and make money.
Tony McCleary
tonymcclr@gmail.com
http://babyboomers.saveliveenjoy.blogspot.com/
Monday, March 8, 2010
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