Baby Boomers Can Survive The Current Economic Times

Baby Boomers are some of the people most affected by the current worldwide recession. As a result, you find your dreams of retirement being delayed because your pension funds are far less that you’d anticipated at this time of your lives. If you are retired, you may get nervous about the fact that your money is in institutions that have failed or are unstable. Some of you are anxious that you face the prospect of having to return to work to make ends meet. Some of you, also, find yourselves not being able to do the things that you used to because you simply can no longer afford it or you don’t want to spend your money on anything that’s not necessary. There are some things you can do to keep your spirits and finances up despite the downtimes.
Mentally
Sit down with spouse, child, counselor, pastor, or close friend and discuss what’s causing you anxiety. Ask them to help you come up with a plan of action to combat the problem. If the problem is beyond your control; acknowledge that and ask for help to get past it. Make sure you share the fact that you’re experiencing pangs of anxiety with someone you trust. Try not to watch too much television news as the news you hear may make you feel even more anxious. Do not keep it to yourself, it will bring you down and you might end up being depressed.
Financially
If you’ve lost money on your pension fund and you’re retired or within ten years of retirement, count your losses and take the rest of your money out of the stock market. Put it in something more stable like a Certificate of Deposit or even a savings account. If you think you might have to work a couple years longer than you’d planned, accept it. Recognize that it’s something beyond your direct control and ask your family members and friends for support. Keep a keen eye out for investment opportunities that are guaranteed that may yield a higher return that what you have now. You could put more of your saving into a Certificate of Deposit or extend the term as this usually gives you a higher rate of interest.
Socially
So, you can’t go to dinner once a week anymore; then go once a month. If you can no longer afford to go to bingo at the club, have bingo night at your house and have your friends bring something to eat. You could also rotate homes and each bingo night is held at a different friend’s home. If golf’s your game and you think the club fees are a bit over-the-top, try miniature golf or go as a guest a few times a year. It might also be a good time to get a new hobby…something that does not require a lot of money such as hiking, cycling, volunteering etc. It is a great opportunity to learn something new.
Please be aware that BoomerYearbook.com does not have the expertise to give professional advice on the topics. The above are simply possible suggestions and should be done with the help of a true professional in the respective fields should that be necessary. We welcome your own suggestions on how Boomers can survive the economic downturn. We look forward to hearing from you and hearing your responses to our weekly tips. Sign on for next week’s update on baby boomers and municipal bonds.
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