Boomers Share 5 Lessons on Retirement
Here are five of the biggest lessons Boomer investors have learned when it comes to saving for a secure retirement:
Be in it for the long-term — Don’t expect much from quick hits. Nine in 10 (92 percent) retired Boomer investors stress the importance of getting and staying invested in the market. When markets fluctuate, stay put; only three in 10 (32 percent) say they would adapt their strategies based on market conditions.
Know your fees — Being able to easily understand fees is crucial to your peace of mind and financial security. Ninety-four percent of retired Boomers want to be able to easily understand the fees they pay, and 78 percent stressed low-cost simple investments to buy and hold for the long term.
Diversify!— As the saying goes, don’t put all your eggs in one basket. Eighty-five percent of retired Boomers believe that building a diversified portfolio is one of the most important elements for a safe path to a better retirement.
Be prepared for downturns — Take steps to lower your risk in the face of a market downturn. Eight in 10 (80 percent) retired Boomers stress the importance of protecting their nest egg and lowering the risk of losses during market downturns.
Start saving early and often — Eight in 10 (79 percent) retired Boomers believe saving a portion of monthly income toward retirement is one of the best things you can do, and 60 percent said they wished they had started investing as young as possible.
When it comes to surprising costs in retirement, health care tops the list, with 43 percent of retired Boomers reporting spending more on health care than they had planned. Conversely, only 9 percent report spending more on housing costs than they had anticipated, and just 11 percent say they are paying more than expected to support dependent family members, such as adult children living at home.
Overall, 60 percent of Boomers said they feel positive about their retirement compared to their expectations, and most are positive about the next 10 years of market returns. Fifty-three percent believe the market will go higher and perform at least as well as the past five years or so, or it will average single-digit returns in line with historical averages.If retirement is in your near future, check in with your financial advisor to make sure your plan is on track. Now is the time to start budgeting for factors you may not have anticipated.
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