Being a baby boomer myself, iI remember many of the old nostalgic print advertisements and television commercials. Looking back at these product advertisements they all seemed to show an example of a total family involvement. Consumers decisions to purchase most items would be a family event and would generate conversations and opinions of all the families members. The average American family consisted of 2 parents always a male father, a female mother and 2-3 children showing a boy, a girl and baby- this was the face of post war America.

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 Retirement and Spending

Like many baby boomers preparing for retirement, your plans have most likely changed due to the current economic slowdown and decreasing values of retirement plans. It seems most of us are realizing that an early retirement plan will have to be put off and we will be working to an age older than our parents did when they retired. Remember your parents telling you to “save for a rainy day”? Well the rain is here and we have to face the reality that the “good old days” are likely gone forever.

The new game plan is get down to basics and plan for financial survival in the years ahead. The baby boomers are a generation of pacesetters that have been the marketing target in the marketplace throughout their lifetime. The upcoming 10 year period will probably be the last hoorah for our generation to have a majority spending influence in the global economy. This generation can no longer reward themselves with material things every minute they feel they deserve it. Boomer's must learn to value the simpler things in life, spend less and find happiness without feeling deprived. Personal satisfaction can be achieved in many other ways rather than spending money.

Boomers should take the time to discover new ways to gain personal gratification as they curb their spending. Take a count of the many material things you have purchased in the past 20 years and make a list of those items in the priority of your enjoyment. You will probably discover that after you bought the items you never had time to enjoy them or didn't need them at all. Make another list of activities, recreation, crafts or hobbies that you truly enjoy doing but wish you had more time to do them. Analyze and evaluate both lists to see if you are satisfied with what your hard earned dollars bought in the past.

Now is the time to adjust your financial goals, be realistic about retirement plans and try to find personal satisfaction and happiness in alternate activities you love to do. Recognize your spending weaknesses and convert them to savings plans as you reach your final working years before retirement. Instead of just tweaking your spending budget, make a complete savings and retirement plan with goals that are reachable. Explain to others in your household that this adjustment must be made for a happier and healthier future for the whole family.

It is OK to tell the kids certain material things aren't affordable right now. From your experience, teach them what the word affordable really means and that buying today and paying for tomorrow is not the way to happiness. It is up to you to show them that personal gratification can be attained many other ways like physically doing something you enjoy or helping others that are less fortunate.

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