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Surely youve heard a boomer go off on how millennials are avocado toast-addicted money wasters.
And then youve heard all the snide stuff folks have to say about boomers.
Oh, there are plenty of accusatory insults to choose from.
The truth is, a lot of boomers made a lot of money mistakes in their heyday of earning.
But its not Gen X, millennials or Gen Z that boomers failed the most; its themselves.
Millions of boomers just didnt save enough money to ensure financially secure futures.
And now, theyre hurting.
What are five things boomers could have done differently to better save for their futures?
Financial expertsweighed in with some information.
They didnt start an investment habit early enough, said Dave Fortin, CFA and co-founder atFutureMoney.
you should probably hone your mind to focus on long-term gains rather than short-term fixes.
And you oughta be willing to takesome investment risksand not jump ship when the waves get rocky.
A lot of boomers failed to do this.
Embraced Passive Index Investing
It would have benefitted boomers to be more aggressive inpassive index investing.
Passive index investing has a big advantage and that is it minimizes costs, Johnson said.
Minimizing fees and transaction costs ensures that more of the investors hard-earned cash is being put to work.
Wiped Out Credit Card Debt
A lot of boomers really overdid it with credit cards.
They overused them and didnt pay off their debts in full or on time.
They can also need in-home care or to pay for a nursing home which is super expensive.
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