engaging goals. Think about putting
aside small amounts over time in these
high-yield accounts for the kind of spe-
cial purchases and experiences that can
bring you joy.Here are a few popular splurges and how
much they may cost you.Weddings or rehearsal
dinners. According to Brides
magazine, 42% of couples said
their parents fully paid for their wedding
in 2018—festivities that cost more than
$44,000 on average. Rehearsal dinners
that year were pricey, too. TheKnot.com
says they averaged $1,297.Bucket-list travel. Baby
Boomers told AARP they
plan to spend an estimated
$6,600 on leisure trips in 2019. And 53%
of those surveyed said they plan on
traveling internationally in 2019, with
“bucket list trips” a top motivation for
going abroad.Home renovations. Households
age 55 and over accounted
for half of all homeowner
improvement spending in 2017, accord-
ing to Harvard’s Joint Center for Housing
Studies. And average spending on proj-
ects has increased significantly in recent
years—hitting $2,800 in 2017.Helping an adult child
buy a home. One in five US
homeowners received gifts or
loans to help them buy a home in 2018,
says Legal & General Group, a financial
services firm. Parents accounted for 72%
of the lending and provided loved ones
with an average of $39,000.New cars. Fifty-four percent
of Boomers told AARP that
a car is worth splurging on.
Likewise, 77% said their vehicle brings
them happiness and 78% said it is the
key to their independence.If
you’re close to retirement or
already retired, there are many
good reasons to open one or
more dedicated, online savings accounts.Arguably, the most important is to
ensure easy access to cash for emergen-
cies. An emergency fund can help you
avoid tapping your long-term retire-
ment savings accounts, which may have
a negative tax impact, for unexpected
costs such as a busted air conditioner or
trip to the emergency room.Another critical objective is for protec-
tion against market volatility. Having
cash reserves (enough to cover two or
even three years of living expenses) can
help you preserve your investing assets
should stocks take a dive right before or
during retirement.But you can also use online accounts
to grow savings earmarked for moreDown payment on a vacation
home. Homes purchased for
family gatherings may one day
become retirement abodes. According
to Bankrate.com, lenders often require
a down payment of 10% to 20% for
second-home mortgages.RVs and boats. Leisure vehicles
can add a unique sense of
adventure to retirement life.
The RV Industry Association says prices
for new RVs range from $6,000 for modest
models of folding camping trailers and
truck campers to $500,000 for higher-end
models of Type A motorhomes. Boats also
come in many price points. According
to the National Marine Manufacturers
Association, a small aluminum fishing
boat will set you back less than $1,000,
but a sportfishing yacht can cost millions.Cosmetic enhancements.
There were nearly 50,000
more cosmetic procedures
performed on those 55 and older in 2018
than in the previous year, according to
the American Society of Plastic Surgeons.
They included liposuctions, hair trans-
plantations, breast augmentations, eyelid
surgeries and facelifts. Fees range from
just over $3,100 to more than $7,600,
depending on the type of procedure.Exercise equipment. Fitness
goals can be easier to reach
with the convenience of a home
gym. Consumer Reports says popular
cardio machines include treadmills,
which start at about $500, and ellipticals,
which can cost about $600 or more.Supporting education.
According to AARP, 21% of
grandparents spend money
on their grandchildren’s school or college
tuition, with the average amount being
$4,075 annually.10 Fun Ways Boomers Can Use
Online Savings Accounts
ADVERTISEMENT(^1) National savings average rate courtesy of the FDIC’s Weekly
National Rates and Rate Caps, as of 08/07/2019; average rate used
is for deposits under $100,000.
A good place to
stash your cash
Online savings accounts offer
dramatically higher yields
than traditional banks. In fact,
the interest rate for online
accounts at Barclays is 21 times
the national average.^1
There are other attractive features
as well. Many online accounts,
including those with Barclays,
have no monthly maintenance
fees, don’t require a minimum
opening balance, and are insured
by the Federal Deposit Insurance
Corporation.
Visit Banking.BarclaysUS.com for
more information.