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Here are six mistakes boomers aremaking with their money in the Trump economy.
Boomers must shift from a set it and forget it mindset to proactive financial planning, Stroup said.
The next decade will bring market fluctuations, tax policy changes and shifting retirement landscapes.
Experts said not saving enough for retirement and depending on alternative payment methods could hurt boomers.
They have higher credit card debt than previous generations, explained Chad Gammon, owner ofCustom Fit Financial.
Some boomer investors are shifting towards conservative investments.
While caution is understandable, its crucial to avoid panic-driven decisions that could cost boomer investors long-term growth.
For some boomers, delaying retirement is the smart move.
However, older adults should consider whether delaying retirement aligns with their health and personal goals.
Ignoring Inflation Risks
Prices for everyday items could increase this year due to Trumps tariffs.
Erika Kullberg, a personal finance expert, said boomers should reassess their budgets to account for inflation.
She also suggested delaying Social Security to maximize benefits and exploring tax-efficient investment strategies.
Take a deep breath, stay calm and remain disciplined and well-diversified, Buckingham said.
Consider including low-risk investments and products as part of a well-rounded investment portfolio.
Consider supplementing Social Security and pension benefits with annuities that guarantee income benefits for life.
With potential modifications to Medicare on the horizon, many arent preparing for the costs of healthcare.
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