Does Saving Money Really Make Baby Boomers Happier? The Answer May Surprise You

Frugality is typically a wise financial move, especially during retirement. But being solely concerned with saving money isn’t going to make you any happier. In fact, it can make you downright miserable. For baby boomers, learning to live in the moment and be present can help them find true happiness, but so can financial security. If you need some help planning for the future while still leaving room to have some fun, then you need to keep on reading these valuable tips:

Find Everyday Ways to Save  

When you’re trying to stretch your retirement funds, it makes sense to want to save. Maximizing your savings can set you up for a more comfortable retirement, but saving money doesn’t have to mean making big sacrifices. In fact, simple changes are the best way to make the most impact on your retirement savings without making a negative impact on your life. You can use pain-free saving strategies, such as cutting down on transportation expenses, taking advantage of senior discounts while shopping, and even finding more affordable healthcare coverage. Healthcare can be a big expense for seniors, so finding ways to save on your care is a small step you can take to make a big impact on your finances. Make a point to review your coverage every year during the annual election period so you’re not paying for what you don’t need. 

Be Frugal While Having Fun

Being smart with your money is a good way to stay financially stable in retirement, but it’s also important to have fun. Stress can be a serious issues for seniors, so it’s worth spending a little of your hard-earned savings to make sure you’re not stressing too much. You can enjoy your favorite pastimes and still be frugal. If traveling is your passion, consider ways you can cut down on costs during your trips. Trade your cruise vacation for a fun car trip, or stay in less expensive options than hotels on overnight excursions. Even small steps, like bringing your own food when flying, can help you save while still doing the things you love. 

Work with a Financial Planner

If you are constantly worrying about your financial future, you’re missing out on some of the best years of your life. Allow yourself to stop worrying by working with a financial advisor who can help you put a solid financial plan in place. By using an experienced financial advisor, you can be absolutely certain of your financial plans and will know how much you can actually afford to spend. Your advisor can give you tips on how to max out your savings and investments without maxing out your stress. You can also ask for advice on stretching your current retirement to cover your expenses. While you’re getting your finances in order, consider reviewing your estate plans as well. Planning for the future as much as possible will give you peace of mind.    

Use Life Insurance to Free Up Funds 

When you meet with your financial advisor or make your financial plan, be sure to go over your life insurance coverage in detail. If you have multiple policies, you may actually have enough coverage to allow you to use one or two to free up extra cash. By selling a life insurance plan, you can put more money into your retirement accounts and perhaps worry a little less about paying for your expenses. You can even sell your policy to take that dream vacation or make renovations to your house to age in place. Whether you sell now or not, knowing you have options can put some of your monetary worries to rest. 

Seniors can benefit from focusing more on the present and putting their happiness first. After all of your hard work, you deserve to take time to think of yourself and to think of ways to make these years your happiest yet. But you also deserve to stop stressing about your financial future.  So, plan for the future, make the most of your savings, and find ways to make the most of this new life chapter. 

Photo by Toa Heftiba on Unsplash

Article from Jim McKinley
As a former banker, Jim McKinley uses his background and skills to provide advice and valuable resources to anyone who needs help with their financial literacy. In his spare time, Jim spends time with his family and his dogs and he maintains his website Money with Jim.