Preparing financially for retirement

Preparing financially for retirementThe economy has been less than desirable the past couple of years, and many baby boomers fear that their retirement living funds will be affected. However, there are a couple of things that can prevent that and also make retirement pleasant.

According to U.S. News and World Report, there are a few important things that people must do financially before entering retirement to cut costs once they stop working - paying off a mortgage, as well as getting rid of debts, commuting costs, duplicate services and convenience fees. By ridding of these, couples will be able to spend their retirement how they choose.

Even though the economy has left many baby boomers nervous of their retirement living experience, one couple was able to come back after losing a great deal, according to Fox Business. There were two main reasons why the couple is now able to enjoy their golden years after they lost 30 percent of their savings after the tech bubble collapse in 2000. They had retirement funds coming from various sources including 401(k)s and defined benefit pension plans, and they got part-time jobs for the meantime.