Money.ca shares five savvy moves that helped baby boomers become wealthy by retirement age.
Legendary actress Bette Davis famously said, "Getting old ain't for sissies"—and neither is saving enough money for a fulfilling retirement.
1. Avoid lifestyle creep An improvement in your finances, such as a raise at work or an inheritance, shouldn't be an excuse to go out and spend. 2. Auto-save, always Out of sight, out of mind is the smart payday rule for anyone with an eye on retirement. A good way to do this is to set up automatic savings. Do this by setting up automatic transfers from the bank account where your paycheque is deposited to a savings account that's used as an emergency fund or feeds your investment account.
Boomers with a comfortable nest egg have typically invested in a portfolio that includes various investments products and assets, including stocks, commodities , and exchange-traded funds. And as they neared retirement age, boomers moved more and more of their investment portfolio into less riskier fixed-income products, such as bonds and guaranteed investment certificates. In the last year, many boomers also capitalized on fixed-income alternatives, such as real estate.
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