Financial Experts: 10 Retirement Mistakes Boomers Make (But You Don’t Have To) (2024)

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e=r.searchBoxForm.querySelector("[name=fr]"),n=r.searchBoxForm.querySelector("[name=fr2]");e&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr&&(e.value=i.searchBox.params.fr,e.disabled=!1),n&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr2&&(n.value=i.searchBox.params.fr2,n.disabled=!1),r.searchBoxForm.submit()}}),1e3)},r.recognition.onspeechstart=function(){},r.recognition.onspeechend=function(){r.recognition.stop()},r.recognition.onerror=function(){r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_error")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play()},r.recognition.onaudiostart=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.add("listening")},r.recognition.onaudioend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("listening")},r.recognition.onsoundstart=function(){r.hideTrending(r),r.noSpeech=!1,r.speechButtonContainer&&(r.speechButtonContainer.classList.remove("listening"),r.speechButtonContainer.classList.add("speaking"))},r.recognition.onsoundend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("speaking")},r.recognition.onstart=function(){r.recognitionInit(r),r.startRecognition(r)},r.recognition.onend=function(){r.isRecognitionStart=!1,0==r.noSpeech&&""==r.speechResult&&(r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_nomatch")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play())},document&&document.dispatchEvent&&document.dispatchEvent(new Event("VOICE_JS_READY"))}}o.I18n=m,o.prototype.renderPermissionGuide=function(e){var n='\n

    \n

    \n

    \n

    \n

    \n

    \n

    \n

    '.concat(e.i18n.t("search.voice.permission_title"),'

    \n

    ').concat(e.i18n.t("search.voice.permission_text"),"

    \n

    \n

    \n

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    \n

    \n

    \n

    \n

    \n

    \n \n \n \n \n \n \n

    \n

    \n

    \n \n \n '.concat(e.i18n.t("search.voice.recognition_retry"),'\n

    \n

    \n

    \n

    \n

    \n

    \n ').concat(e.i18n.t("search.voice.trending_title"),'\n \n

    \n

    \n

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e)&&("SpeechGrammarList"in e||"webkitSpeechGrammarList"in e)}}],d=0;d0){var n=e.speechResult.charAt(e.speechResult.length-1);"."!==n&&"?"!==n&&"。"!==n&&"?"!==n||(e.speechResult=e.speechResult.slice(0,-1))}},o.prototype.sendBeacon=function(n,t){var o=e.YAHOO.ULT||{},i=e.YAHOO.SB||{};if(o.beacon_click){var r={_S:i.config.i13n.spaceid,_I:i.config.i13n.pvid,actn:n,sec:"search",slk:t};e.YAHOO.ULT.beacon_click(r)}},o.prototype.ajaxReq=function(t,o){var i,r,a=XMLHttpRequest.DONE||4,s=new XMLHttpRequest;if(n.documentMode&&n.documentMode<10)return(new e.XDomainRequest).onload=function(){try{r=JSON.parse(i),o(r)}catch(e){return}},s.open("GET",t),void s.send();s.onreadystatechange=function(){if(s.readyState===a)if(200===s.status){i=s.responseText;try{r=JSON.parse(i),o(r)}catch(e){return}}else o(r)},s.open("GET",t,!0),s.timeout=1e4,s.send()},e.YAHOO||(e.YAHOO={}),e.YAHOO.Util||(e.YAHOO.Util={}),e.YAHOO.Util.VoiceSearch=o}(window,document)}();var Wn={containerClass:Un.tooltip,textClass:Un.tooltip__text,showClass:Un["tooltip--show"]},Jn=["zh-hant-tw","zh-hant-hk"];ye("ybar-mod-searchbox",(function(e){var n={ybar:document.getElementById("ybar"),searchInput:document.getElementById("ybar-sbq"),buttonBar:document.querySelector(".".concat(Un["sa-btn-bar"])),voiceSearchBtn:document.getElementById("ybar-sbq-voice"),searchForm:document.getElementById("ybar-sf"),searchBoxIcon:document.querySelector(".".concat(Un["searchbox-icon-uh3"])),searchBoxPlaceholder:document.getElementById("ybar-smartphone-searchbox-placeholder"),searchBoxBackButton:document.getElementById("ybar-search-back-btn"),shopsButtonsWrap:document.querySelector(".".concat(Un["shops-buttons"])),categorySelect:document.getElementById("shops-category-select"),selectedMerchantInput:document.getElementById("selected-merchant-input"),selectedMerchantClearButton:document.querySelector(".".concat(Un["selected-merchant-clear-button"])),submitSearchBtn:document.getElementById("ybar-search"),clearSearchBtn:document.getElementById("ybar-sbq-x")};!function(e,n){var t,o,i,r=e.getConfig();if(n.ybar&&"desktop"===r.device&&(null===(t=r.bucketConfig)||void 0===t?void 0:t.highlight_searchassist)&&(null===(o=r.bucketConfig)||void 0===o?void 0:o.overlay_class)){n.ybar.setAttribute("data-ovrly-bkt",r.bucketConfig.overlay_class),null===(i=n.searchForm)||void 0===i||i.classList.add(Un[r.bucketConfig.overlay_class]);var a=document.createElement("div");a.classList.add(Un.overlay,Un[r.bucketConfig.overlay_class]),document.body.appendChild(a),e.onDestroy((function(){document.body.removeChild(a)})),e.addElementListener(n.searchForm,"focusout",(function(e){if(n.searchForm&&n.searchInput){var t=e.relatedTarget;t&&!n.searchForm.contains(t)&&window.YAHOO.SA&&window.YAHOO.SA.apps&&window.YAHOO.SA.apps[0]&&window.YAHOO.SA.apps[0].view.shown&&window.YAHOO.SA.apps[0].view.hide()}}))}}(e,n),zn(e,n),n.voiceSearchBtn&&function(e,n){var t=e.getConfig(),o=t.locale,i=function(){var e,t;(null===(t=null===(e=window.YAHOO)||void 0===e?void 0:e.Util)||void 0===t?void 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    Financial Experts: 10 Retirement Mistakes Boomers Make (But You Don’t Have To) (2024)

    FAQs

    What is the retirement mistake boomers should avoid? ›

    Planning to work indefinitely

    Many baby boomers have every intention of staying on the job beyond age 65, either because they want to, they have to or they plan to maximize their Social Security checks.

    What is the number one mistake retirees make? ›

    1) Not Changing Lifestyle After Retirement

    Among the biggest mistakes retirees make is not adjusting their expenses to their new budget in retirement.

    What are the 7 crucial mistakes of retirement planning? ›

    7 Retirement Mistakes That Are Costing You Money
    • Procrastination. ...
    • Underestimating Retirement Expenses. ...
    • Ignoring Employer-Sponsored Retirement Plans. ...
    • Not Diversifying Investments. ...
    • Withdrawing Retirement Savings Early. ...
    • Overlooking Healthcare Costs. ...
    • Neglecting Long-Term Care Planning.
    Jul 10, 2024

    What is the #1 reported mistake related to planning for retirement? ›

    Retirement Mistake #1: Failing to take full advantage of retirement saving plans.

    How much does the average Boomer have in retirement? ›

    The median retirement savings of baby boomers is $202,000. Forty-three percent of 55- to 64-year-olds had no retirement savings at all in 2022, according to the Federal Reserve Board.

    What are the top 5 worst states to retire in? ›

    The 10 worst states to retire in 2024, according to Bankrate:
    • Washington.
    • California.
    • North Dakota.
    • Massachusetts.
    • Colorado.
    • Maryland.
    • Texas.
    • Minnesota.
    Jul 28, 2024

    What is the average income for most retirees? ›

    The average before-tax income for households of retired Americans in 2022 was $96,668, according to the central bank's Survey of Consumer Finances. The median before-tax income for this group was much lower at $47,560.

    What percentage of retirees have over $1 million? ›

    Percentage of retirees with $1 million

    The dream of retiring with a million-dollar nest egg is a common aspiration, but the reality paints a different picture. According to estimates based on the Federal Reserve Survey of Consumer Finances, only 3.2% of retirees have over $1 million in their retirement accounts.

    Which retirees are happiest? ›

    “In similar research that we conducted a decade ago, we also found a strong relationship between happiness and planning, as retirees who expressed the highest levels of satisfaction were also those who took concrete steps to put their emotional and financial lives in order at least five years before retirement.

    Do retirees regret retiring? ›

    More than one-third (37%) of retirees regret not working longer,2 according to a paper published by the National Bureau of Economic Research (NBER). Retiring too early can be a regrettable choice for many reasons. For starters, leaving the workforce early means relying on your savings for a longer time.

    How many people regret not saving for retirement? ›

    Financial regrets are widespread.

    77% of people have a financial regret, including 22% who regret not saving for retirement early enough, 18% who regret not saving enough for emergency expenses and 14% who regret taking on too much credit card debt.

    What is the 3 rule in retirement? ›

    In some cases, it can decline for months or even years. As a result, some retirees like to use a 3 percent rule instead to reduce their risk further. A 3 percent withdrawal rate works better with larger portfolios. For instance, using the above numbers, a 3 percent rule would mean withdrawing just $22,500 per year.

    What should you not do when you retire? ›

    The most popular answer by far was:
    • 1. “ Do not sit inside all day doing nothing” ...
    • “Don't run around like a headless chicken. Don't lose your identity.” ...
    • “Never think you are too old to take up a new challenge!” ...
    • “Don't procrastinate…do it now!” ...
    • “Don't forget the reason you saved for retirement”
    Mar 14, 2023

    What is the biggest risk in retirement? ›

    Here are four of the most common dangers to your retirement strategy and the steps you can take to prepare for them.
    • OUTLIVING YOUR MONEY. ...
    • CHANGES IN MARKETS. ...
    • INFLATION. ...
    • RISING MEDICAL EXPENSES. ...
    • 7 key retirement deadlines you won't want to miss.

    What should you never do when you retire? ›

    Overspending. Many people find themselves on a reduced or fixed income in retirement. So, it's really important to make sure you're not overspending. Creating a clear budget can help you track where your money is being spent each month, ensure you're not living above your means, and help you stay out of debt.

    What is a common mistake people tend to make in retirement planning? ›

    A common mistake people tend to make in retirement planning is: saving too little. The two ways to pay the premiums for annuities are single premium and: premium in installments.

    What is the 25 rule for retirement? ›

    The rule of 25 is simple: You should have 25 times the annual amount you plan to spend in retirement saved before you leave the workforce.

    Why is retirement so hard for baby boomers? ›

    "A majority will find themselves with inadequate resources for retirement, and a large majority will either have inadequate resources or are likely to suffer significant strains in retirement," Robert J. Shapiro, a co-author of the study and the chairman of economic consulting firm Sonecon, told CBS MoneyWatch.

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