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Maximizing Savings for Baby Boomers

Savings is much harder to do than it seems it should be. Our brains are wired to prefer immediate rewards over delayed ones. This present bias makes spending feel more satisfying than saving. Many of us have optimism bias where we assume future income will solve today’s financial gaps. But as we are Aging, we know we are running out of time to begin saving. This is a dilemma many of us face and our Experts in this area of the site talk about why we must be saving now to protect what future we have left.

Strategies to improve our savings habits include setting up automatic savings which removes the decision-making process and helps bypass temptation and builds consistency. Labeling a savings account “for the grandkids” rather than “vacation fund” creates emotional attachment and motivation to leave your Legacy. As Baby Boomers approach Retirement, it’s crucial to have a solid financial plan in place for the rising costs we are facing and the unexpected expenses we all just seem to have.