Wednesday, July 24, 2024

Boomers Are Finding Unique Ways to Fund a Better Retirement

Many of us wish to retire somewhere warm, travel and enjoy our passions. But can you even afford this lavish snowbird retirement lifestyle? You can, according to this article from Forbes, and many boomers now are getting creative with how they can afford their retirement life.

While you may dream of owning a home in Palm Springs, for example, you may be better off renting a home for your journeys to California. As one son in the Forbes article discovered by crunching the numbers, owning (with the additional costs of property taxes, maintenance, mortgage payments, insurance and property fees) adds up quickly. Renting comes with fewer repair costs, for one, and there are advantages outside of financial reasons. It also allows you greater freedom to travel and spend time in different places around the world.

Another way boomers are being resourceful in carving out funds for their retirement lifestyle? They’re creating new sources of income by becoming Airbnb or Vrbo hosts with their existing properties. Stay at your cottage property (or vice versa) and the earnings you make as a host can go towards your snowbird budget.

Get inspiration from the other ways boomers are getting creative in finding revenue streams so that they can make their ideal retirement plans a reality, visit Forbes.

Read more:

The Great Retirement May Become The Great Semi-Retirement

Baby Boomers Are The Fastest Growing Demographic Using Fintech

The Economic Impact of People Retiring Earlier Now

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