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That said, some common money mistakes may be putting boomers at risk.
From underestimating inflation to relying too heavily on Social Security, certain missteps can drain savings faster than expected.
Here are some cash flowmistakes boomers are making with their retirement savings and how to avoid them.
Lastly,Social Security benefitsbecome taxable if the total income exceeds certain thresholds.
High inflation early in their retirement journey will force higher withdrawals from their retirement portfolio, he said.
Longevity will be the biggest factor impacting boomer retirees, he said.
This may include dividend-paying stocks, money market funds or bonds.
When in doubt, do your research, he said.
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