Many Black Baby Boomers in this country are on edge in 2017. This is especially true because of all of the reports of police brutality, their children and grandchildren are being bullied in the schools and there is a blatant rise of racial negativity and inequality since the election of Donald Trump.
Retirement age is getting extremely close for many Black Baby Boomers, and most are just not adequately prepared for it. The first generation of Black Baby Boomers are just about ready to hit that mark, but there are still another 13 years left of that generation of people who will be retiring.
Having thoughts about the day when you finally leave your job, saying good-by to all your work buddies and moving on could be stressful, and this is especially true if you are ill prepared for the retirement life.
Keep in mind, that Black Baby boomers cannot just rely on Social Security because the government is still unsure whether or not they will be able to meet their needs. Many people cannot rely on their employers because retirement packages are just not what they used to be in the past. So much of how and where you will live when you retire will come tumbling down on top of you, if you are not prepared.
The choices you make today are going to reflect on your retirement now and into the future. Listed below are some useful tips to make the transition into retirement a little bit easier.
Start Simplifying your Lifestyle: As you get older, you may learn that there are things you need less. The children are out of college and live on their own and now your three-bedroom house doesn’t get the use it once did. You and your family may feel a bit empathetic about the old house, but you could be losing money by just sitting on it. Selling that house and getting something smaller and easier to maintain is a quick way to boost your retirement savings.
Develop a Retirement Plan: Trying to figure out what you want to do when you retire is just as important as figuring out what you wanted to do when you graduated high school or college. If you go into retirement blindly, you may feel lost and unsure. Take a look at your options. Perhaps there is a career or business you always wanted to pursue as a part time endeavor. Perhaps there are places you want to go or plans you always wanted to make, but never had the time. Start creating a plan for retirement so you are never left wondering what you have to do.
Focus on Saving Money NOW: Save as much money as you can and create a budget today so that in 10 to 15 years, you aren’t wondering where all of your money went. This is very important for your retirement. Don’t tap into your retirement funds until you are actually retired. You will find out that creating a budget now will benefit you when you are retired because you won’t be lost. Talk to a Certified Retirement Coach to point you in the right direction.
Discover Ways to Make $$$ While Retired: Once you retire you don’t have to sit around the house all day long lounging on your lazy-boy. There are many people, especially black baby boomers, who just aren’t suited for this kind of lifestyle. Hey, it’s a fact, the fishing trips and golfing outings are fun, but you can’t do it everyday. There are ways to start a side hustle and make money even while you are retired.
There are some part time jobs you can consider and different investment accounts you can maintain. There are many different after-retirement careers such as public speaking, selling, writing or Internet-based companies. Look into all of these options before moving into retirement. You will be surprised to find that more and more retired people are working and some even have their own businesses.
Retirement is entirely what you make of it, but it will be easier if you have it planned out. Of course, no plan ever works out right down to the letter, but that’s ok. Once you create your retirement plan, work on expenses and unexpected occurrences. This will help make any surprises that came your way a lot easier to handle. If you choose to work after you retire, find something that is going to be fun, easy and relaxing.
Be absolutely sure that you don’t make your retirement years more difficult than your working years.