3 biggest financial blunders made by baby boomers

by: Casey Dowd

We’ve all made financial blunders at one time or another. But the negative impacts are particularly severe for baby boomers near or in retirement. Typically, they have more to lose and much less time to correct negative impacts.

“The reality is this…with many of the Boomers in America today, since most people spend first and plan later – if at all – it only makes sense that the behavioral circus of poor money continues.  There’s really very little mystery as to this read-fire-aim mentality,” says Jim Chilton, founder and chief executive officer for the Society for Financial Awareness (SOFA).

According to Chilton, these are the three biggest financial blunders made by baby boomers – and ways you can avoid the trap:

Trying to do too much, too quickly

Retirement is really something to celebrate, but don’t let the celebration run too long — and don’t spend all your money at once. Saving for retirement is one thing, learning how to make that retirement nest egg last 25 to 30 years or even longer is another.

continue reading »

More News