We Baby Boomer women are coming into our retirement at a shaky time economically. Property values are down, and many of us have watched as the value of our investments has dropped, too.
At the same time, Boomers know that challenges are meant to be overcome. That said, here are 5 things you can do to regain financial ground and retire into your second life in style:
1. Downsize your housing. If you’ve raised kids and they’re gone, chances are you’re paying for more house than you need right now. Yes, you may lose some potential equity if you sell it—but you’ll be saving the money you’re putting into it right now. Renting costs about half the price of owning.
2. Take control of your finances. If there’s anything we’ve learned it’s that the financial services industry can’t be trusted. Boomer women need to learn how to manage and grow our own wealth.
3. Consolidate as many debts as you can into lower-interest debts, and pay those off as quickly as you can. Credit cards are nice, but they’re not usually a necessity. Cut the rest up and keep the one with the lowest interest for emergencies.
4. This is a longer-term tip, but I suggest taking care of yourself in low-cost ways now so you can afford high-cost care later. Boomer women need to get and keep our bodies active and feed ourselves well. At this point, every step you take now means an extra step you’ll be able to take when you’re 90!
5. Create an extra income by opening your own business. You can start an online business for a fraction of the cost of a traditional business. And your Internet business makes money for you 24/7.
We Boomer women have come a long way. We’ve seen recessions, and wars, and oil spills before, and we’ve dealt with them while also destroying the old stereotypes and expectations for women. After all of that, Baby Boomer women shouldn’t have any trouble turning our financial ships around!