The Financial Concerns of Baby Boomers
How Baby Boomers Feel About Finances
Baby boomers, those born between 1946 and 1964, are facing a number of financial challenges. A recent study found that nearly one-third of consumers are not confident in their ability to cover any unexpected expenses. Baby boomers, who are now in their retirement years, are particularly vulnerable to financial insecurity.
5 Expenses That Retired Baby Boomers Use Their Social Security Benefits For
- Housing
- Healthcare
- Food
- Transportation
- Utilities
10 Things Boomers Should Always Buy in Retirement
- Health insurance
- Long-term care insurance
- Disability insurance
- Annuity
- Reverse mortgage
- Travel insurance
- Life insurance
- Pet insurance
- Home warranty
- Auto insurance
Baby boomers who are approaching retirement should start by evaluating their current financial situation. This includes assessing their savings, investments, debt, and anticipated expenses in retirement. Baby boomers who are not confident in their ability to manage their finances should consider seeking professional help from a financial advisor.
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