Achieving Wealth, Retiring Abroad, and Other Boomer Readings

I enjoyed this short piece from AARP  which summarized a presentation speech at the AARP’s Vegas@50+ Member Event. First, the speaker identified the four different ways to accumulate wealth: marry it, inherit it, win the lottery,  or live beneath your means.

There was also a warning about being overly cautious with your investments after you retire or even as you approach retirement. Even though you may begin drawing income from your investments in a few years, that need may last for an additional 20-30 years or more. That’s why I like having two distinct retirement nest egg components: One for our basic retirement income needs that is secure and inflation protected and a second component for long term growth.

I also like the advice not to forgo “living the good life in order” just so you will have something for an inheritance to your children. I occasionally joke that I want my the last check I write to bounce!

Finally, the speaker was an advocate of downsizing. As for the concern about having extra room so that your kids and the grandkids can visit, he suggests saving the money from downsizing the house so that you can put your visitors up at a hotel. I think that may be extreme but that there is better balance than simply hanging on to the family home.

For some other readings on baby boomer and retirement issues, consider these:

The Best Life reminds us that it’s never too late to find your next career. Actually, it can be too late for some folks but it’s a lot later than you might think.

Flexo at Consumerism Commentary summarizes some of the psychological reasons why we make bad money decisions.

Forbes compiled its own list of the top ten countries for Americans retiring abroad. In the process, the author takes some shots at other countries that have been promoted as retirement havens for Americans. Interesting stuff.

Enjoy the rest of your weekend.

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