Late Boomers: Why Getting Older Should Reshape Your Financial Goals

So you’re getting older, so what, right? You can age gracefully, pick up a few more aches and pains and start thinking about those pre-screening health exams and tests on the horizon and live life to its fullest, no matter what age you’re about to reach or milestone birthday you have staring down the barrel at you.

But as you get older, aside from your health, exercise, skin, and hair, what about your financial standing and how you are going to change or adjust your money woes, hardships or keep on the same path of success you’ve had since you were in your 20s.

If you’re someone who has done well with money and been successful, then you’re undoubtedly not going to change much, other than maybe a few tweaks here and there, but otherwise you’ll continue to grow your financial portfolio and not worry about retirement and other “down the line” money woes that plague some.

Those individuals are few and far between, unfortunately, as getting older setting in often comes with it more of the same bad decisions financially that has left us with little saved and not much of a positive outlook for what the future holds.

But don’t fret, because whether you’re turning 40, 45 or 50, you still have hope, and plenty of time as long as you reset so to speak and begin thinking about ways you can save and readjust your feelings and actions toward money and saving it.

Such as having a budget, which sounds as though it should be commonplace by now, but for some is anything but. The budget also should be examined for flaws, such as expenses that are no longer needed or are excessive. If you can start eliminating what you spend your money on, do it, and take that money and put it away. Also, as you get older and get raises periodically at work, that’s a huge sign that you should be putting that money toward your retirement. If you’re paying into a 401K and you get a yearly raise, up your percent that you’re putting toward your retirement fund; that’s just sound business and financial sense.

As you get older, you also want to become very much aware of debt and what you’re going to do with it (and that answer should be paying it down). You don’t want to consider retiring with a mountain of debt and credit card payments that can eat away at your 401K or pension or any other money you have once you start working.

Again, budgeting is key. The more you save now, the more you can either set aside or pay down what you owe to creditors and start moving in the direction that getting older just means getting richer.