For baby boomers ( those born from 1946 to 1964) planning for retirement is an important activity to consider and pursue. As a baby boomer retiree, here are three suggestions:
1) Discover the timeless. The timeless represents activities so enjoyable that the clock is irrelevant. Timeless activities represent your passion and meaning. It does not matter what it is; it truly matters only if you don’t have any. How do you fill in those hours spent working if you have not developed passion and meaning for that which is not related to a paycheck? If you do not have any timeless activities, what do you love to do? How can you apply your expertise as a volunteer? Example: Some retired sole proprietors volunteer for the Small Business Administration advising would be proprietors.
2) Maintain a healthy mind and body. We can’t enjoy our retirement years if our body and mind are not functioning effectively. The importance of diet will not be stressed, but exercise will be. Most of the benefits to exercise are obvious; what is not obvious is its capacity to manage the emotional barriers. When I started race walking, my intent was to manage weight and keep in shape physically. As time progressed over the years, the principal benefit was that the activity cleared the mind form its unlimited clutter.
3) Be financially prepared. How would you feel if you had more money available to you in retirement than when you were working? This scenario is actually possible if you manage your resources wisely as early as possible coupled with the luck of no financial setback. If you have not as yet done so, consider the enormous benefits of opening an Individual Retirement account. The benefits are available in the short as well as the long term. If you invest $4,500 in an IRA account that is tax deferred within the 28 percent bracket, your annual tax savings is $1,260. In the long term, the benefits are in proportion to your investment choices.
Indeed as Social Security is concerned, the changes may affect your decision if you are not a baby boomer of a certain age. Reminder: Social Security can be taken at a reduced amount at age 62. You can also work, but you are subject to pay $1 for every $2 earned in excess of slightly more than $13,000. Is this a good idea? Possible benefit: According to actuaries hired by Money magazine, the reduced amount received early will not amount to a monetary loss until the age of 81!