A new study from Bankrate shows that many Baby Boomers close to retirement are worried about their financial preparedness. Since the Federal Reserve recently lowered interest rates, experts are stressing the need for good retirement planning and spreading out investments. Ja’Net Adams, a debt expert and founder of Debt Sucks University, has been sharing the important points from the study with her clients.
Top Regrets:
The survey found that the two biggest regrets Americans have about retirement savings are not starting a 401k sooner and not saving for emergencies. Adams is worried about this trend, especially since many people now rely on 401ks instead of pensions, which has led to inconsistent savings for retirement.
Challenges Ahead:
Adams pointed out that many companies don’t teach employees enough about 401k plans, so fewer people participate. She also mentioned the risks with traditional pensions, where employees might not get all the benefits they were promised because of poor management of pension funds.
Actions to Take:
Adams suggests a few ways Baby Boomers can improve their financial security in retirement. She recommends paying off mortgages to lower future expenses and contributing as much as possible to retirement accounts. She also advises looking for post-retirement work in the same field to earn extra income. By fixing common money mistakes and taking action now, Baby Boomers can improve their financial future.
