All I seem to hear about these days is how difficult it is going to be to retire and how many of us will not have enough money with which to retire. What people overlook is the creative and adaptive nature of the baby boomer generation; we will be able to retire, it’s just some of us might have to be a little more creative than others. Enough with the negative for now, Columbus Day was yesterday, a day celebrating the discovery of the New World by pioneering through a passage which previous European civilizations thought too difficult to traverse. (Yes, I know, we are ignoring the Vikings and probably some other cultures, too.) While it’s not an exact analogy, Columbus venturing out into a brave new world, a world which he had no idea what it would behold, is similar to the baby boomers getting ready to retire into a brave new world for which many of us feel we may not be prepared.
Well, take a look a this article in U.S. News & World Report reminding us there are plenty of things to enjoy as we retire, even if our finances are not exactly where we want them. Once we retire we have more freedom and more choices than ever. Hey, I know you think you don’t have the money to travel, but remember all those vacation destinations know the economy is hurting too, there are great deals out there, you have more leverage than ever when shopping around to find the best travel options that fit your budget. Check out this seniors travel guide for AARP discounts and more traveling options.
So what might get in the way? Many baby boomers are concerned that they will have to take care of their aging parents, financially and otherwise. And because of this fear, they are worried about spending any money on themselves. Well, planning appropriately can resolve this issue. There are gift planning strategies that can allow your parents to pass down assets to family members while preserving their option to qualify for government benefits such as Medi-Cal and the VA Aid & Attendance Improved Pension .
These benefit programs have a seemingly endless amount of rules and regulations that one must follow in order to qualify for benefits. So, yes, legal help is a virtual necessity to “get it right.”