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9 401(k) Mistakes & Solutions All Boomers Should Be Aware Of

June 30, 2020 · Personal finance

7th Mistake: Having a Traditional View of Retirement

Everyone has a preconceived idea of what retirement should be, but very few of us will be able to reach our dream nest egg goals. That’s mainly due to finances or medical issues. In most cases, a bleak idea of the future might even stop some baby boomers from trying altogether.

These ideas are mainly shaped by two factors: what we see around us and what we see portrayed in media- and most of the time these two different views may clash exponentially.

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What You Should Start Doing Now

It’s time to stop looking at retirement as a one size fits all sort of deal. If you already have these views then changing them could benefit you. We know, it’s difficult to make these kinds of shifts, but it’s not impossible!

In most cases, boomers believe their golden years will be all about kicking back and enjoying lots of free time. But does it have to be that way just because previous generations have done it?

We think not! Maybe it’s time to consider that your ‘retirement’ is more like a second act in life. We’re healthier for longer, we live for much longer too, and there’s plenty of work opportunities that don’t require a lot of strenuous activity. Maybe your retirement will be a combination of relying on your funds plus a laid back job. Hey, maybe you can even start monetizing your hobbies!

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