Turning 50 soon?
You’re not alone: The younger wave of the baby boomer generation — 75 million Americans born between 1946 and 1964 — began turning 50 in 2016.
That’s a big number for this demographic, and the country, to absorb. Those 50-and-over –and even those who haven’t reached the half-century mark — can benefit from the five top smart money moves below, according to several financial and demographic experts contacted by TheStreet.com:
Consider moving.
It usually costs more to live in or near big cities, and on or near coastlines, notes Adrian Nazari, founder and chief executive officer of Credit Sesame, a personal finance website. “You can save thousands of dollars a year in real estate taxes and on home and food costs by moving to ‘middle America,’ where the cost of living is lower,” Nazari says.
As an example, the median household income in Auburn, Ala., is only $21,630, and the winters are mild. In Blacksburg, Va., it’s $26,792, and in Mount Pleasant, Mich., it’s $27,621. “These three cities all happen to double as college towns — Auburn University, Virginia Tech and Central Michigan University, respectively — which tend to offer lots of cultural and educational events, often priced low to attract students.”
Maximize your employer retirement savings match.
Hands down, signing up for your employer match is the easiest way to sock more money away for retirement, Nazari states. “Doing so rewards you with free money,” he says. “For example, an employee making $50,000 annually that puts 5% in her 401k plan and participates in a dollar-for-dollar matching program will receive an additional $2,500 each year.”
Employer matches do not count towards annual contribution limits, so if you can save the full $18,000 you’re allowed in 2017, participating in one of these programs could net you some serious cash, Nazari points out.
Read the full story on TheStreet.com.
