This document outlines 14 common mistakes made by baby boomers regarding financial planning for retirement. These mistakes include not planning for costs of healthcare, long-term care, or disabilities in retirement years; not understanding tax rules around withdrawing from retirement accounts; carrying too much debt like a mortgage into retirement; and failing to diversify investments, meet with financial advisors, or communicate financial plans with heirs. The document stresses the importance of planning early and saving significantly to generate sufficient retirement income beyond what Social Security may provide.
This document outlines 14 common mistakes made by baby boomers regarding financial planning for retirement. These mistakes include not planning for costs of healthcare, long-term care, or disabilities in retirement years; not understanding tax rules around withdrawing from retirement accounts; carrying too much debt like a mortgage into retirement; and failing to diversify investments, meet with financial advisors, or communicate financial plans with heirs. The document stresses the importance of planning early and saving significantly to generate sufficient retirement income beyond what Social Security may provide.