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May 10, 2011 | Topic(s) : Planning for retirement
It's not always easy to predict the volatile state of the economy – many baby boomers have already felt the bite of the recession, and now they're wising up to investments and looking for more secure ways to save.
U.S. News & World Report recently suggested a few tips for older adults who are trying to prepare their savings for retirement:
1. Boost Social Security benefits. It's always good to have a steady source of income. With Social Security, the longer one waits to withdraw, the bigger the payout. Retirees may want to consider waiting until 70 and a half to withdraw, because their benefit payments will be permanently bigger after that.
2. Prepare for aging parents. While not on the news provider's list, installing a senior alert system in a parent's home can be just as important, particularly if one is planning to keep working part-time through retirement. This device allows users to instantly send a medical alert if they require assistance.
3. Investments. Try to make sure that a portfolio is diversified and some money is allocated to stocks that have kept up with inflation. "Have some exposure to commodities, stocks, and real estate, but don't go overboard," financial planner Lyle Benson told the news source.