Baby boomers without children have one important defense against the growing costs of retirement and long term care: proper money management. However, this is not as easy as it seems. If you wish to build an effective financial plan you can rely on for the years to come, then feel free to jump in on the discussion below.
In most families, parents turn to their children to provide the care and support they need as they grow older. In fact, this is the norm in most households as seen in the growing number of family caregivers in the United States. Studies point out that 50% of these individuals are adult children caring for an older mother. The care that they provide goes beyond physical needs. In many cases, adult children dedicate a significant amount of their income to pay for their parents’ out of pocket care expenses.
Now, this brings us to one important question: what about the baby boomers without children?
Unlike the others, childless baby boomers may not have the same level of support from others. They need to secure their own future, and they need to be proactive about it. This is money management is absolutely vital.
Luckily, the accessibility of the internet has money management easier. As we have highlighted in our post about financial planning using the available tools online, you and your baby boomer peers can save so much time and money by using the available resources on the World Wide Web.
Let’s take a look at the other strategies you can apply to secure your financial stability:
Long term care planning tools can help you tackle future care-related costs more effectively. These act as a guide to navigating the world of long term care without spending on financial planning consultations and the like. Through these tools, baby boomers without children can ensure that they are building a plan efficiently.
As pointed out above, childless baby boomers may not be able to rely on family members as quickly as those with children. Without the ready support, they need to take active measures to protect their quality of life.
It is critical for older adults to find people they can trust to make any financial and medical decisions when they cannot do so themselves. This helps baby boomers avoid guardianship, which is not only costly; it also removes the person’s rights to make financial and medical decisions.
Choosing the individuals that will manage their lives by then is important because so many older adults fall prey to theft and fraud. So many seniors lose substantial amounts of money just by trusting the wrong people.
Online retirement calculators can help baby boomers determine their financial capabilities during retirement. These help them know how much they need in retirement and determine if they are on the right track.
Moreover, they must create a list of their potential expenses. Studies point out that households typically spend much more during the first two years of retirement. By being conscious of this and by being aware of the necessities, baby boomers can control their spending more effectively.
With or without children, baby boomers just want to be able to maintain their independence and control. The problem is that many are still a long way from this kind of security. There are too many factors to consider, and only a handful are preparing effectively beforehand. On top of the financial dangers, these baby boomers also face substantial risks like isolation, loneliness, and even abuse.
The twilight years are uncertain now. However, it should not remain that way for long. Baby boomers must be proactive about the future and start taking these active steps now.