Baby Boomer Lifeboat   

    Tips for Comfortably Retiring on a Tight Income

Baby Boomers can still retire, even on a tight income, by taking steps to stretch their dollars! 

Tips, ideas and advice for making Baby Boomer retirement income go further!


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Baby Boomer Retirement Planning

and Financial Management

Baby Boomers Must Actively Manage their

Retirement Funds, 401k's, Pensions and Savings!

Baby Boomers must actively manage their retirement savings,If you are like most Baby Boomers, you have limited retirement savings to begin with and must learn to protect them and make them last.  Even if you have planned for retirement and have comfortable funds, complacency in financial management can yield painful results.  Without active financial management and planning, Baby Boomers could easily see their retirement savings evaporate.

Careful retirement planning, beginning with a realistic assessment of your current financial situation, is critical to making your investment funds, 401k, pension or savings last throughout your retirement years. How much do you have to work with, and how can you stretch it throughout your retirement years? An easy way to assess your financial situation is to look at your past year’s earnings, using software like Turbo Tax for free. Once you have quantified your annual cash flow, then you can take steps to reduce your debt and get the best return on your earnings.

Pay Off Those Credit Cards!

baby Boomers should pay off high-interest credit card debt.One of the best things Baby Boomers can do for themselves is to pay off all credit card debt before retirement.  Credit cards have become like financial enslavement.  Credit card companies do everything possible to entice impulse spending, then find ways to bump your annual interest rate to 30 percent, and then encourage you to only pay the minimum (at which rate, you can only escape through death).  Get rid of them - they are as insidious as nicotine-laced cigarettes!

Protect your Baby Boomer Investments, 401k's, Pension or Savings

Regardless of your Financial situation, every Baby Boomer should develop a financial strategy for retirement.  Here are some general tips for Baby Boomers to protect your savings:

  • Diversify - Don't put all your eggs in one basket.  If one part of the market or economy goes sour, you are protected by having your savings in different industries and instruments.

  • Generally speaking, think mutual funds over individual stock ownership because holdings are diversified.  No-load funds with management fees under 1 percent and a high Lipper rating are preferred.

  • Be very careful about relinquishing control over your investment funds in exchange for aBaby Boomers must protect their retirement savings! life-time annuity.  Make sure the annuity is indexed for inflation.  Also, if you later need a large sum of money, realize that annuities are usually sold at a hefty discount.

  • Avoid or fire any financial advisor who tells you to just hang in there when stocks or funds are experiencing a drastic change for the worst (e.g.,  maintaining investments in financial institutions directly affected by the subprime debacle).  Do not be complacent - An extended bear market can dramatically impact your retirement unless your savings are proactively managed. Either get a good financial planner who understands your needs and whom you trust, or educate yourself and stay on top of your investments!

  • Remember to consider the impact of inflation when doing retirement planning.

  • Fixing your nest egg allocation is more important than chasing high returns.

  • Beware of scammers who call with hot tips or speculative offers!

  • Most financial managers believe that Baby Boomers moving into retirement should employ a more conservative investment strategy to minimize exposure to market "ups and downs." Our opinion is to retain as much stock as you feel comfortable (ideally in the form of diversified mutual funds) holding to offset dips in the bonds and fixed-income markets and grow your portfolio during good years. One strategy to help get more cash to invest is to sell any car that you are no longer using, as many Americans have multiple cars that they do not drive. You can easily get cash for cars at many companies and this will give you a leg up on investing more in your future.

Every Boomer Should Make a Budget

Baby Boomers should make a budget to cut expenses and manage their savings.Identify all sources of income you can expect in retirement and develop a realistic monthly budget.  If you expect to have income from investments or real estate, factor that in as well.  Prioritize your monthly expenses, amortizing any annual or semi-annual expenses.

Do you have enough income to cover anticipated monthly expenses?  If not, something has to go or be reduced, or you need to increase your income.  This simple exercise may alert you to the need to drastically alter your retirement strategy, perhaps motivating you to take advantage of some of the "dollar stretching" tactics contained elsewhere in this Website.

Develop a Savings Withdrawal Strategy for Retirement Income

Once your savings are allocated in a manageable fashion, baby Boomers should prepare a withdrawal strategy to supplement Social Security benefits and/or pension income.  This strategy should be based on achieving the following objectives:

  • Optimize the amount you receive each month.

  • Protect your principle.

  • Minimize tax consequences.

  • Stretch your savings over your expected lifetime (or as long as you can).

Baby Boomers are strongly urged to seek the expertise of a financial planner or professional to assist in creating and managing a withdrawal plan to supplement retirement income.

Identity Theft Protection for Baby Boomers

identity theft t can result in someone taking out a loan in your, running up charges on your credit cards or cleaning our your bank account and savings before you even realize something is going on.

One of the best ways to prevent (or detect) identity theft is by periodically reviewing your credit report to look for any unusual activity.  Baby Boomers are entitled to one free credit report every year from each of the three national credit bureaus: Equifax, Experian and TransUnion.  Baby Boomers can order their free annual credit reports toll-free at 1-877-322-8228, or online from, which is a service set up by the three nationwide credit bureaus to help consumers review and manage their credit histories. 

You might want to stagger the free access to your three reports to stretch your annual coverage.  Personally, we wouldn't bother with any of the credit protection or identity theft programs being marketed by the credit agencies...but that's just our opinion.

All Boomers Should Prepare a Will!

Nothing creates a headache for your heirs like not having a will.  Probate is a process you should not wish on anyone.  And having a will gives you an opportunity to express your wishes for how your estate is to be handled.

There are numerous software packages and online sites that make it easy to prepare a legitimate will.  Simply enter "prepare will" in a search engine box and you will get a multitude of returns.


We are not financial experts, so any information we present here is intended only to give you some ideas.  Every Baby Boomer must make his or her own decisions about how to best manage their retirement assets and estate.  If you do not feel qualified, it is imperative that you hire an experienced financial manager whom you trust or take advantage of free resources to assist you in the allocation and ongoing management of your retirement funds.

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