Baby Boomers have faced a significant disadvantage in retirement preparation due to their late shift to 401(k) accounts, which has impacted their overall readiness for retirement.
The shift from defined benefit pension plans to 401(k)s left many Boomers unprepared for retirement, as they often did not have the savings habits necessary for the new system.
To ensure financial security in their later years, Baby Boomers need to adopt new saving strategies, including saving more, working longer, or reducing their living expenses.
Many Baby Boomers started investing late for retirement, which compounds their challenges in achieving financial security as they approach or enter retirement.
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