TeeBeeDee Boomer Experience Bank: Four Tips for Protecting Retirement Savings

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Online Social Network TeeBeeDee offers advice from Boomers on how to protect your nest egg during economic hard times

Putting off retirement is not a new story for TeeBeeDee members. In fact, we purchased the domain name notretiring.com two years ago. Going back to school, starting new careers, pursuing part-time jobs based on their passions -- TeeBeeDee members have been ahead of this curve, and I expect they will stay ahead because they've been through tough times before.

TeeBeeDee (http://www.tbd.com), a social network for adults 40+ who believe life is still to be determined, offers insights and advice directly from TeeBeeDee members. Most recently, the country's financial crisis has the Boomer membership talking and sharing advice on how to save money and protect retirement savings. The most common advice has been centered on continuing to work past retirement age, becoming debt-free, and relearning the habit of saving instead of spending.

TeeBeeDee is a leading destination for the Boomer generation, typically described as adults between 44 and 64 years old. Boomers represent over 77 million people in the U.S. and are one of the fastest growing segments online. Boomers are embracing social networks like TeeBeeDee in greater numbers because they can meet new friends and learn from people with similar life experiences. At TeeBeeDee, Boomers come together to share and discuss their passions across a wide variety of topics such as pets, cooking, travel, family, and genealogy. It is also the place where Boomers ask questions and receive advice on careers, finance, family, health, relationships, sex over 40, friendships, and much more.

TeeBeeDee Founder and CEO Robin Wolaner commented, "Putting off retirement is not a new story for TeeBeeDee members. In fact, we purchased the domain name notretiring.com two years ago. Going back to school, starting new careers, pursuing part-time jobs based on their passions -- TeeBeeDee members have been ahead of this curve, and I expect they will stay ahead because they've been through tough times before."

Here are TeeBeeDee members' Top Four Boomer Tips for Protecting Retirement Savings:

  • Keep Working - You may have fantasized about lounging around in a hammock for the rest of your days, but 60 and 70 year-olds are still quite active and vibrant. Try doing a "dream job" that you couldn't afford to pursue before retirement. In the words of one member, "the only dreams not attained are the ones not sought out." Working part-time can keep you feeling connected and productive, and the extra money can go a long way in helping your nest egg last longer. And getting a job that offers health coverage can do even more in the way of putting money back into your pocket.
  • A Penny Saved is a Penny Earned - Retirees can't control market volatility, but they can control their discretionary spending. One TeeBeeDee member advises, "Just because you can afford a McMansion, doesn't mean you have to live in one. And just because the neighbor bought a new car, doesn't mean you have to."
  • Reduce your Debt - The debate on TeeBeeDee rages on about how much of your debt you need to pay off before retirement (should you pay off your house? Can you really drive the same car for the next 20+ years?). But most members agree that credit card debt is destructive to your retirement bottom-line. One member writes, "learn the meaning of the word "NO!" Pay all this stuff off while you're working, or make it the very first thing you do when you retire."
  • Go Green - With gas prices still above $3 a gallon, using public transportation or walking can help keep the cash in your wallet. And one member notes, "I'm a recycler, and I'm about to spend $13,000 on a solar panel setup for my home with a net meter to the grid. With the government and power company incentives, I will break even in 3 years. Then I make money."

About TeeBeeDee
TeeBeeDee is a social network for people 40+ who know that life is still To Be Determined. TeeBeeDee is the place where people who have lived a little meet to re-invigorate their lives with new friendships and make the most of life's "second half." TeeBeeDee's social networking platform includes groups, discussions, private messaging, Q&A, profiles, quizzes, polls, alerts, tags, photos, and original editorial content. At TeeBeeDee, Boomers come together to share and discuss their passions across a wide variety of interests such as pets, cooking, travel, family and genealogy. It is also the place where Boomers ask questions and receive advice on topics as varied as careers, finance, family, health, relationships, sex over 40, and much more. For more information visit http://www.tbd.com.

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Lora Ma

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