I’m a Financial Planner: 4 Financial Changes Boomers Approaching Retirement Need to Make in 2025

Core Insights - Baby Boomers are approaching retirement, with ages ranging from late 60s to early 70s in 2025, necessitating financial planning 24 to 36 months in advance [1] Group 1: Financial Planning - A comprehensive financial plan should be reviewed annually to transition from salary reliance to fixed income sources like pensions and social security [2] - This review aids in calculating the monthly income needed for a comfortable lifestyle and provides a realistic view of accumulated wealth, potentially influencing retirement decisions [3] Group 2: Residency Considerations - Decisions regarding retirement residency should be critically analyzed, including home ownership, downsizing, and the impact of monthly expenses without a salary [4][5] - Major financial considerations for retirees include health and housing expenditures, with many opting to relocate closer to family or to retirement-friendly states [5] Group 3: Post-Retirement Planning - Creating a vision board for life after retirement is essential, as many individuals may lack purpose post-retirement due to a focus on work [6] - With an average life expectancy of 17 to 20 years post-retirement for those retiring at age 67, there are opportunities to pursue personal dreams, engage in creative endeavors, or participate in philanthropy [7]