Failing at Retirement: 11 Mistakes Baby Boomers Are Making

2. They don’t have a written retirement plan

Retirement plan with graphs and glasses

Most boomers don’t have a written retirement plan. | iStock.com

Boomers might be confident a secure retirement is in their future, but they’re not doing much to prepare for what’s ahead. Two-thirds of people surveyed didn’t have a written retirement plan, even though most experts agree having such a document is essential.

At the very least you need to figure out how much money you will likely have in retirement, how much you need to live on, and how much you can safely withdraw from your accounts given how long you expect to live. You can try to do the planning yourself, or meet with a financial adviser who can work with you to create a retirement road map.

Not only do many boomers lack a retirement plan, but they’re on shaky ground when it comes to investing for the future.

Next: Boomers probably think they know more than they really do.

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