10 Retirement Blunders Baby Boomers Made That Millennials Must Avoid


Not Starting Early Enough

Boomers often make the mistake of not starting to plan for retirement as soon as possible. Time is the most important part of making a good plan for retirement. 


Unnecessary Debt

Boomers often have a lot of debt at the end of their lives, which means they have less money to spend on fun things or travel during their "golden years."


Not Estimating Healthcare Costs

Many boomers don't set aside enough money for their health care costs. Healthcare costs can be very expensive, and sadly, Medicare doesn't cover all of them.


Ignoring Taxes

Taxes are often forgotten when figuring out if someone is ready for retirement. However, taxes can eat up a lot of retirement savings.


Not Understanding Social Security Benefits

They think that Social Security will be enough to support them when they retire, but they don't think about whether they are eligible for other benefits or how much those benefits are worth.


Not Diversifying Your Investments

Putting all your eggs in one basket might seem like a safe bet, but it could be a disaster when you try to use your retirement savings. 


Ignoring Inflation

It's important to think about inflation when you're planning for retirement. Inflation is when the prices of things and services slowly go up over time.


Not Planning for Long-Term Care

The high cost of nursing homes and assisted living facilities can quickly wipe out a senior's retirement savings, forcing them to rely on their families for money.


Missing Out on Employer’s Benefits

Use this to your advantage and pay attention to other perks, like discounts on health care or help paying for school.


Skipping Retirement Account Contributions

Some older people didn't put money into their retirement accounts because they wanted to buy things or make short-term investments instead. 


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