The baby boomer generation is reaching retirement age in droves, and for many the recent financial downturn has hit their bottom line fairly hard. Instead of relying on a comfortable retirement many boomers are finding that they are going into retirement age on shaky ground. For those in such a situation the concern is not just finding a way to retire comfortably, but also worrying about becoming a financial burden on their families. Here are a couple of tips that can help ease your concerns.
Loans don’t have to come from family.
When baby boomers fall on financial hardships they often ask family members for loans. This can cause difficulty as some family members may be reluctant to say no yet may not be totally comfortable providing the loan funds. But boomers should also consider other avenues before they ask friends and family. You can consider, for example, using the equity in your home as a way to borrow funds and use those funds as an investment that will generate cash. As a last resort you can think about a hardship withdrawal from your retirement account.
Learn to talk about money.
While the baby boomer generation is not as notoriously close lipped about money as their parents, some are still hesitant to speak about it openly. If you are one of those people you should consider being more open about your financial situation. Not only will this help you discuss financial difficulties in the future, but can lead you to frank and open discussions that could lead to better solutions or options you hadn’t thought about.