Quick & Easy Financial Advice For Those Close to Retirement

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JLP Staff

Aging Well /

If you were born between 1946 and 1964, you're part of the large and much-discussed Baby Boom generation, which is quickly moving toward retirement. The good news is baby boomers are living longer and enjoying healthier and more active lifestyles than their parents before them. Unfortunately, traditional retirement savings plans, such as 401Ks and company pensions, are not as generous as they once were, sending an increasing number of baby boomers into retirement with significant debt.

It's never too late, however, to start planning for your retirement. Here are some helpful tips!

Plan, Plan, Plan

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Baby Boomers like to take matters into their own hands, but when it comes to the complex waters of retirement planning, it pays to talk to an objective financial planner who can help you navigate your plan. When discussing such options as social security income, mutual funds, or a reverse mortgage, be certain to retain an advisor who is not also a salesman of the products under discussion to ensure you are receiving unbiased advice..

Have a Clear Map

As you've progressed through life, changing jobs and starting new savings initiatives, there's a good chance you've left a trail of diverse investments in your wake. It's a sound idea to begin a process of concentration, whereby you bring all the information about your assets into one format and then make a number of copies. This lets your professional planner gain a clear picture of your current situation, and it tells your heirs and beneficiaries your plan should you require hospitalization, become uncommunicative due to illness or accident, or pass away.

Avoid Fees

Much of the money that Baby Boomers have set aside in savings is depleted each year by fees paid to asset managers. Many people are unaware of how much they are being charged. It's time to change that. There are a number of non-profit agencies illuminating just how much these fees are costing people as well as explaining fair prices for investment services.

Know Where You Will Be

It pays to consider where you will live in retirement. Ask yourself if your current home will be suitable for you in retirement. Will you need that much room? In 10 years, will stairs present a challenge? Does your family know your wishes regarding hospitalization? Many options exist for real estate planning, living assistance, and reverse mortgages, but again, it is worth it to seek out an independent and reputable advisor to assist you in making these important calls.


While planning for retirement may seem daunting, by taking it one piece at a time and seeking out an experience advisor to tailor your plan, you'll gain confidence in your road ahead. You would not begin a trip without knowing what was in your suitcase. Think of retirement as just such a trip that requires a clear understanding of what is in your portfolio and how you plan to use it to attain the retirement lifestyle you desire. 

Categories: Aging Well
About The Author
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Joan Lunden’s in-house research and writing team works with Joan to create content that complements her focuses and the interests of her fans. The team is dedicated to creating a thriving community through content and conversations, and hopes their work, like Joan’s, can make a difference in the lives of her readers everywhere.

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