Whether they're trying to pinpoint the best time to reitre or just how much they'll be able to afford in the coming decades, many baby boomers are now facing unchartered territory as they look into retirement planning. In part, the best way to stay on your feet during the golden years may be to try to have a steady income.
That doesn't necessarily mean sticking to a 9-to-5 schedule, but it does encourage supplementing 401(k) benefits and Social Security with a few other funds. For example, Investopedia's Mark Cussen suggests building up a nest egg by tweaking any risks to your investments.
"Moving a sensible portion of your portfolio to equities or higher-paying fixed income instruments will provide your nest egg with a long-term hedge against inflation," he writes. He also recommends moving about half of savings to preferred or utility stocks.
Lastly, Cussen advises baby boomers to consider downsizing their residence. This may not only help you save money in the long run, but can prove to be more comfortable, too. Transitioning to an independent living community guarantees that you'll have access to a variety of services without the worries of leaky roof or a yard in constant need of maintenance.