Boomeresque:Definition
1. Adj.: Describing a person born between 1 Jan. 1946 and 31 Dec. 1964
2. Adj.: Description of a person, place or thing possessing Baby Boomer je ne sais quoi
3. See also, Boomer, Esq.: A Baby Boomer who is also a licensed attorney (See, e.g., About).

Should You Get a Passport for Your Savings?

by Suzanne Fluhr on November 12, 2012 · 0 comments

international currency

What is the difference between Mitt Romney and most Baby Boomers?  One difference that immediately springs to mind is that most Baby Boomers did not just spend over $800,000,000 to lose a presidential election. Even though Mitt Romney also managed to lose the election without revealing more than two years of his income tax returns, we learned that his personal worth is upwards of $250,000,000 and that a good part of it lives overseas in offshore investment funds. Although it might appear unseemly for a presidential candidate to house his money in other countries, most of us do not aspire to elected office, so we do not share this impediment.

Many Baby Boomers look forward to international travel when they are able to downsize from the house in which they raised their brood to an abode more appropriate for an empty nest. This might also be a good time to look into allowing your retirement savings to travel. If this suggestion has produced a raised eyebrow, you should know that  if you are invested in mutual funds, chances are that some of your wealth already has a passport.

One problem facing those of us who are already retired or who are nearing retirement, is that the United States stock market can be a nauseating ride when our investment horizon is decreasing in terms of time. However, here at home in the United States, alternatives to the stock market where our money can grow are difficult to find. Bank interest in savings accounts with no strings attached is running less than 1% and even five year Certificates of Deposit are paying less than 2% interest at unrestricted institutions. Government issued I Bonds just adjusted to an anemic rate of return of 1.76%. It may well be time for some of our money to hit the road in order maintain its value.

You probably don’t want to spend a port day on a Greek Island cruise looking for somewhere to stash your cash and one would be wise to be wary of investing with that nice man in the Bulgarian internet cafe, but there are reputable first world firms to turn to when looking for offshore investment funds. Although we often say of our money, “You can’t take it with you,”, actually, sometimes you can — and should.

 

 

 

 

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