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As the baby boomers approach retirement, they may find themselves facing financial challenges that will impact their quality of life in retirement. According to a recent survey by the Employee Benefit Research Institute, 60% of baby boomers are concerned about running out of money in retirement, and 57% are concerned about paying for healthcare expenses.

To help alleviate these financial concerns, many baby boomers are turning to their 401(k) and IRA accounts. These accounts allow boomers to save for retirement on a tax-deferred basis, which means they can contribute pre-tax dollars and avoid paying taxes on the money until they withdraw it in retirement. This can help reduce the amount of money they need to withdraw each year, which can help stretch their retirement savings over a longer period of time.

Another strategy boomers are using is to take advantage of catch-up contributions to their retirement accounts. For example, workers age 50 and older can contribute an additional $6,000 to their 401(k) accounts in 2018, and an additional $1,000 to their IRAs. These catch-up contributions can help boomers make up for lost time and build their retirement savings more quickly.

In addition to these strategies, many boomers are also working with financial advisors to create a comprehensive retirement plan that takes into account their financial goals and risk tolerance. This can help them make the most of their retirement savings and ensure that they have enough money to last throughout their retirement years.

Overall, while the financial challenges facing baby boomers may be significant, there are many strategies they can use to help mitigate these challenges and ensure a comfortable retirement. It's important for boomers to start planning for retirement as early as possible and to work with financial professionals to create a personalized retirement plan.

Note: This is a hypothetical scenario and should not be used as the sole basis for making investment decisions. It is important to consult with a financial advisor or tax professional before making any investment decisions.