Top Regrets of Boomers Who Retired Broke

Описание: Many Baby Boomers are entering retirement age broke. Here are the top regrets of Broke Boomers!


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Chapters

00:00 Start Here
01:18 Making Social Security Your Retirement Plan
02:53 Letting Debt Pile Up
04:22 Not Taking Care of Your Health
06:21 Not Putting Money in 401k and Roth Account
07:39 Not Investing Your Retirement Fund
09:29 Not Staring to Invest Earlier
12:07 Not Having Hobbies Outside of Work


Boomers are reaching retirement age and finding themselves either financially prepared or financially unprepared for retirement. For those who are financially unprepared, they are looking back at their lives with many regrets. In this video, I share the top 7 regrets of boomers who retired broke.

1. Making Social Security Your Retirement Plan

The biggest regret that boomers had was making social security their entire retirement plan because once they received social security they realized it was not enough to retire comfortably. Social security will help you in retirement, but you cannot depend on it 100% and you need other accounts like a 401k and Roth IRA.

2. Letting Debt Pile Up

Another common theme of boomers who retired broke was they put off solving their financial problems and let debt pile up throughout their lives. Then, once they reached retirement age, they found themselves on a fix income and unable to pay off their debts. Solving financial problems gets harder as you let them sit, so take action today to get out of debt so it doesn't pile up.

3. Not Taking Care of Your Health

On top of being on a fixed income with debt, many broke boomers ran into health problems as they got older and regret not taking care of their health. It is important to take steps throughout your life to create good habits that allow you to live a healthy life and avoid problems as you get older.

4. Not Putting Money in 401k and Roth Account

As I mentioned, you cannot rely on social security alone for retirement, but you need to contribute to a 401K and Roth IRA plan. Broke boomers regret not contributing to these accounts throughout their lives.

5. Not Investing Your Retirement Fund

In addition to contributing to these accounts, another thing you must do is make sure that the money is invested in the market to grow over time. Failing to do so could cost you an extreme amount of money by not accumulating interest.

6. Not Staring to Invest Earlier

When it comes to investing, what matters is when you invest, not how much you invest. Both are important; however, the earlier you start investing your money in retirement accounts, the more time it has to grow into something much bigger. Your golden years of retirement are in your 20s and 30s.

7. Not Having Hobbies Outside of Work

Among these boomers who did retire either on a fixed income or while working a part time job, they had extra time in their lives to do whatever they wanted; however, many found themselves bored because throughout their lives they did not develop any hobbies outside of work. In addition to taking the steps to prepare financially, it is important to also develop hobbies outside of work that bring you joy in life.


**This video is intended for entertainment purposes only, none of it should be interpreted as financial advice. Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. **