Are you a babyboomer getting ready to retire? Well, if you are, you are in good company. As a generation, we are at the forefront of a major downsizing process. According to the census bureau, as of July 1, 2005, there were 78.2 million estimated number of baby boomers and in that same year, it was estimated that 50.8% of all women were baby boomers. That's a large number any way you look at it... Most of those 78.2 million people eventually may be looking for single level homes when they retire if they don't already live in one. So, if you haven't thought about that kind of competition, you might want to skip the 2 story home and go directly to looking for that (soon-to-be in high demand) single level retirement home now. Now, if you are in a single level home currently, in another 20 years or less, you and all your fellow baby boomers will begin their track toward assisted living or moving in with their children or even downsizing once again, from the comfort of that treasured single level home... to a smaller, much more manageable dwelling. With this move, comes other strategies to make life more manageable, but we'll have to save this for another day. So, you must be asking yourself by now, what's her point? Well, if you are in one of these situations, you may have hesitated moving previously, because you did not want to pay a higher property tax for your next home. If that's the case, then you should learn more about Propositions 60 and 90 if you plan to live in California which were amendments passed to benefit retiring seniors and alleviate their property tax burden by transferring their property tax base year values. There are a lot of other things to consider as our generation grows older. Every situation is different. There are many who are reaching or have reached retirement age that for one reason or another haven't saved much and/or were never able to purchase a home. Unfortunately, as retirement approaches most incomes will shrink and the options we have will become much more limited, as we reach that stage in our lives. Nevertheless, it's not too late to change bad habits. Here are ten goals to plan for before retiring: 1. Live below your means and always save something "for a rainy day".
2. Research living in a "no income tax" state.
3. Join AARP (Great benefits and discounts available)
4. Always be aware of senior citizen discounts. Some start at age 50.
5. Downsize your life earlier and clear clutter. Sell or give away things you don't need.
6. Get involved in activities and/or hobbies not related to work.
7. Set up a trust. http://www.dummies.com/how-to/content/benefits-of-setting-up-a-trust.html
8. Network, network, network (Try not to cocoon yourself).
9. See what Social Security entitles you to and create other sources of income. http://www.ssa.gov/ 10. Read up on how medicare, medicaid and supplemental health insurance pertains to you. http://www.cms.hhs.gov/ |