The arrival of Baby Boomers influenced the growth of the American economy but now that many are near or at retirement age, what about their personal economies? At least one Baby Boomer who responded to a Yahoo! query about retirement planning said that despite being college educated, she learned little about financial planning and spent her time living in the moment. She now regrets this since instead of merely pushing her retirement back a few years, she really doesn’t know how she will be able to retire.
Other Baby Boomers quoted in “What Have I Done? Baby Boomers Reveal Their Deepest Financial Regrets” discussed what they might have done differently including:
- Saving more aggressively for retirement
- Staying in touch with the workplace (an issue we touched on in “Can You Afford to be a Stay-At-Home Mom?)
- Avoiding burdensome credit card debt
- Rethinking risky real estate purchases
Some of these people took chances, like relocating for a new job, that didn’t work out as expected. One woman who regrets taking an early withdrawal from her pension fund told of why she did so: an abusive relationship. Whatever choices you made, you did so with the information you had at the time. When you are older and wiser you may be able to understand the missteps of your youth but you cannot undo them; you can only move forward.
No matter what financial decisions you regret, remember that it is not too late to change course. If you slacked off on financial planning before, the time to get on track is now. Fee-Only financial advisor Claire Emory MBA, CFP, CFA is dedicated to helping people, and women especially, take care of themselves and the people they love. She can provide guidance without taking advantage of your panic by trying to sell you certain financial products.