9 Expert Money Tips for Working Boomers Who Want a Luxurious Retirement

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Though a great many baby boomers have retired, there are still plenty who are working — possibly because they want to have not just a comfortable retirement, but also a luxurious one.

Perhaps they want to ensure that they can travel widely, splurge on expensive meals or want the freedom to do pretty much whatever they want without landing into debt as a result. 

If you’re a working boomer aiming for a luxurious retirement, make — or ensure you have made — the following expert money moves. 

Max Out Retirement Contributions 

First things first: make sure to maximize your retirement contributions. 

“If you’re over 50, you’re eligible for “catch-up” contributions, meaning you can put more into your 401(k) or IRA than younger workers,” said Cliff Ambrose, FRC, founder and wealth manager at Apex Wealth.

“Taking advantage of these higher limits is crucial because the more you save now, the more wealth you’ll have to enjoy later, whether that’s for travel, dining or living in a dream home.”

Consider Downsizing 

If you raised a family in the home you’re currently living in, chances are good that you no longer need a house quite so spacious.

Downsizing may not sound luxurious, but it can actually go a long way in carving out room for other expenses. 

“By selling your current home and moving to a smaller, less maintenance-heavy property, you can free up cash to invest or use for travel and experiences,” Ambrose said. “It’s not just about reducing costs — it’s about reallocating your money toward the things that will make your retirement feel rich and rewarding.” 

Plan for Healthcare Costs

Listen here, boomers and absolutely everybody else: You need to plan aggressively for healthcare expenses in retirement.

You can kiss a luxurious retirement goodbye if you aren’t well prepared for medical costs in your golden years. 

“Healthcare is one of the biggest expenses in retirement, and luxury isn’t just about the fun stuff — it’s about peace of mind, too,” Ambrose said. “Ensuring you have a good healthcare plan and setting aside money in a Health Savings Account (HSA) can save you from unexpected medical bills, so you can focus your spending on the things you really want to do.” 

Create a Travel Fund Now 

“If you’re dreaming of traveling the world, then create a travel fund now,” Ambrose recommended. “Set aside a portion of your current income specifically for future trips. This way, your retirement savings can focus on your daily expenses, and you won’t feel guilty about splurging on luxury vacations.”

Delay Social Security Until Age 70

You may already be eligible to receive Social Security benefits, but it’s wise to wait as long as possible if you want a more ample income stream coming in. 

“By waiting until age 70 to claim your benefits, you’ll receive the highest possible monthly payment,” Ambrose said. “This can be especially helpful if you want a more luxurious lifestyle, as it guarantees more income for life. Those extra years of work can also mean more savings and a bigger safety net.”

Learn To Live on Less Than 70% of Your Take-Home Pay 

Ideally, you’re already used to living well below your means in order to maximize saving and investing. Get even more comfortable with this way of life if you want a luxurious retirement. 

“Being able to save 20, 30% or more of your income does two things,” said Greg Luken, founder at Luken Investment Analytics. “First, it helps you build up a larger chest of wealth to pull from. Secondly, it helps build the discipline day by day, week by week, to live a lifestyle below your income.

“Plenty of people save substantial assets and still blow it because they have not learned to live substantially below their means.”

Use a Retirement Calculator

Make sure you have a solid ballpark idea of how much money will be necessary for a luxurious retirement. 

“Many retirees maintain or even increase their spending post-retirement (contrary to popular belief),” said David Rosenstrock, CFP and director of financial planning at Wharton Wealth Planning. “A retirement calculator can help you determine the necessary funds for a comfortable lifestyle.

Diversify Your Investments 

Every generation must diversify investments in order to protect their wealth. Working boomers are no exception and doing this can help secure them a luxurious retirement.

To do this, you need to not be overly risk averse, which, understandably, can be tricky when you’re close to retirement. 

“While it can be tempting to play it safe as you get closer to retirement, keeping a portion of your portfolio in growth-oriented investments like stocks can help your money continue to grow,” Ambrose explained. 

Talk With a Financial Advisor

Consider enlisting the services of a financial advisor to help you get on track for a luxurious retirement. 

“A financial advisor can help you find the right balance between growth and safety, so you’re not risking too much but also not missing out on potential gains that could fund a more luxurious lifestyle,” Ambrose said. 

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