Financial Advice for Baby Boomers

“The trouble with retirement is that you never get a day off.”-Abe Lemons

The financial advice you should follow changes as you age. When you're young and single you can afford to take risks. When you're married with children you want you be more conservative with the family savings. When you reach 50 it's time to be ultra safe so you don't destroy the nest egg that has to last you another 40 years.
MSN.com smartSpending has these tips for Baby Boomers over the age of 50.

1. Get out of debt.
   Good advice at any age but you really, really want to be debt free by the time you retire. What option will you have if you lose your house because you can not pay the mortgage at age 60? Good luck finding a new job.


2. Maximize retirement savings
   At age 50 you're in the final inning for building up your retirement.


3. Beware of big expenses that might drain your savings
   Do you still have kids in college or a child not yet married?


4. Seek career freedom
   Look for a job you'll be happy to work part time, on your terms, as an alternative to retiring. Most of the tour guides my wife works with are post-retirement and do the job for fun and spare cash.


5. Think about where you will retire
   Pick a state and look at the tax impact. For example, Florida is popular because there is no state income tax.

Bottom Line

Don't wait until the last minute to plan your retirement. Begin early.