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Money management tips for baby boomers. Retirement finance & money mattersBY: Tim | Category: Business and Finance | Post Date: 2008-06-30
You have been working very hard for all these years and now the time is coming close for you relax and retire. I also belong to the same generation and I call United States of America as my home. In this article I will reveal my financial strategies and the steps I have taken to manage my money for a safe retired life. As a baby boomer, my investments are diversified, keeping in mind that the economy is global and not just national. Throughout my life I have been a blue collar worker in Michigan State, and recently I have seen a lot of changes in the industries around me. I personally know several coworkers who have lost jobs in automotive industry and few are in a financial mess too. Fortunately I have been the saving types and have accumulated a good amount money for my retirement. As a Baby boomer, I cannot take chances with my money and I can clearly see that there need to be significant changes that need to be made in my money management strategy. I am divorced and have 2 children from previous marriage and a few grand children. 1. INVEST IN GOLD: I have brought gold coins for 20% of my savings. Most of my gold purchases have been in recent years between 500 to 800 dollars and today the gold is trading at 900+ dollars. I intend to sell my coins gradually as the gold is international currency and it's value always increases with time. If the US economy flattens or the US dollar goes down then this gold will save me. I plan to sell 3 to 5 percent of gold every year during retirement. I personally recomend all baby boomers to buy gold with atleast some percentage of your savings. 2. RETIREMENT ACCOUNTS: I have 50% of my money in retirement accounts. One-third of allocation is in bond funds, another one-third in S&P 500 bond and the remaining in Asian mutual fund. I really think that countries like India, China and Russian have a very bright future and I will get very good returns from them in a long run, better than America itself. 3. CASH AND BANK CD's: 30% of money are in high interest CD's and some in my regular checking account. 4. HOUSE PAYMENTS / MORTGAGE: My last house payment will happen in the year I retire ( a 66). I do not plan to use my house for reverse mortgage as you never know these banks. If the value of my house goes down, they may start playing tricks and reduce my monthly reverse mortgage payments. This house will be my gift to my children after I am no more. 5. SOCIAL SECURITY: I will start taking money out of my Social security at the age of 66 years. Many will suggest you to wait till 68 years but I will personally start withdrawing in the above mentioned age. 6. MEDICAL CARE: Once I retire I will be enrolled in government's medicare program. For all these years I have contributed and now is my time to be on the receiving end. Not sure what the future of medical care in United States will be but I hope that in future the government implements the universal health care. 7. TRAVEL: As a retired individual, I will have all the time in the world to go around. I do not plan to take very expensive trips. 8. SOCIAL EVENTS: I do plan to do participate in local community events and do some voluntary work as much as possible. Remember a healthy lifestyle is the way to live. I will also be doing light exercises and walking to keep myself fit. God bless America. I hope we all baby boomers have a healthy and financially secure retirement. Article Source: http://www.saching.com About Author / Additional Info: I live in a small town in Michigan and like to write articles about finance and cars. Additional Articles: * Corruption in the entrance examinations | Fake identity in exams * Indian Stock Market - A good time to invest in shares * Online Paid Surveys: Make More Money Working From Home * All you need to know about blood groups and blood types * Nutritional and dietary guidelines for people who are obese Does this article violate or infringe on your copyright ? It is a violation of our terms for authors to submit content which they did not write and claim it as their own. If this article infringes on your copyrights, then use our Contact us form with the detailed proof of infringement along with the offending article's title, URL and writer name. If you do not hear back from us then contact us again in another 10 days. Thank you. Comments on this article: (0 comments so far) * Additional comments are now closed for this article *
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