wavebreakmedia\/Shutterstock <\/p>\n
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.<\/p>\n
Legendary actress Bette Davis famously said, \u201cGetting old ain\u2019t for sissies.\u201d<\/p>\n
And neither is saving enough money for a fulfilling retirement. It takes determination, willpower and a well-considered plan.<\/p>\n
But it can be done, and there\u2019s a pattern of behavior among the ones who do it successfully.<\/p>\n
The generation currently in the process of doing it \u2014 the baby boomers, whose youngest members are in their early 60s \u2014 have some wisdom to impart.<\/p>\n
Here are five savvy moves that made many boomers wealthy by retirement age.<\/p>\n
An improvement in your finances, such as a raise at work or an inheritance, shouldn\u2019t be an excuse to go out and spend.<\/p>\n
The strategizing boomer knows that any boost to income should go to savings and investments. In other words, they live below their means.<\/p>\n
However, it\u2019s all too common for a lot of people to spend what they earn \u2014 a losing proposition when it comes to saving for retirement. Instead of indiscriminate spending, follow the advice that finance writer Elizabeth Aldrich\u2019s father gave her: create a retirement budget and stick to it.<\/p>\n
By connecting with a financial professional, you can create a wealthbuilding plan that helps you get to retirement faster.<\/p>\n
With Advisor.com<\/a>, you can find qualified financial professionals to help you fulfill your wealth goals. Their free service that helps you find the right fiduciary for you by matching you with a small list of the best options for you to choose from.<\/p>\n Set up a free, no-obligation consultation<\/a> with one of their pre-screened financial advisors today.<\/p>\n Experts like Dave Ramsey say you should invest 10% to 15% of your income annually.<\/p>\n Boomers with a comfortable nest egg have typically invested in a portfolio that includes a mix of asset classes, including real estate. Commercial real estate has long been touted as a wise investment for adding stability to your portfolio \u2013 outperforming the S&P 500 over a 25-year period.<\/p>\n Real estate investing doesn\u2019t have to involve heavy labor or even finding desirable properties on your own. Commercial real estate private equity firms like First National Realty Partners<\/a> are making it easy for investors to discover investment properties and begin earning from day one.<\/p>\n Story Continues <\/p>\n FNRP offers qualified investors entry to top-tier commercial real estate assets, primarily focusing on essential real estate sectors<\/a> like grocery-anchored retail, multi-family housing and industrial properties.<\/p>\n The savvy boomer will continue to invest even after they retire. There\u2019s no age limit on contributions to a Roth individual retirement account (IRA), for example, as long as the contributor earns income.<\/p>\n If you opt for a Gold IRA with Goldco<\/a>, you can benefit from the tax advantages of a traditional IRA alongside the inflation-hedging properties of gold<\/a>.<\/p>\n Trending: Robert Kiyosaki says this 1 asset will surge 400% in a year<\/a> \u2014 and he begs investors not to miss its \u2018explosion\u2019<\/strong><\/p>\n Out of sight, out of mind is the smart payday rule for the boomer who has managed to retire with confidence. That means earnings are automatically transferred to savings and investment accounts as soon as the wages are deposited.<\/p>\n With Acorns<\/a> \u2014 an automated saving and investing app\u2014 doing this is simple.<\/p>\n When you link your bank account to your Acorns account, they automatically round up every purchase you make to the nearest dollar and put the spare change into a smart investment portfolio. This way, even when you\u2019re spending on essentials, you\u2019re saving too.<\/p>\n Sign up now and you can get a $20 bonus<\/a>.<\/p>\n In Q3 2025, credit card debt in the U.S. reached more than $1.23 trillion \u2014 up $24 billion from the previous quarter, according to the latest debt report from the Federal Reserve Bank of New York.<\/p>\n For those who carry balances each month, paying with cash or using a debit card to pay for purchases might be the better way.<\/p>\n No one ever feels ready to start thinking about life insurance. But the truth is, the younger you are when you purchase a policy, the lower your premiums will be.<\/p>\n Life insurance can be used to replace lost income, cover outstanding debts, finance children’s education and pay for funeral costs. When you purchase life insurance, you are giving your family the gift of financial protection \u2014 ensuring that they will be taken care of if the worst happens.<\/p>\n