Baby Boomers: They Know What's What When it Comes to Retirement

Baby boomers may seem “old-fashioned” or”uncool” to millenials, but these older people actually have some pretty awesome advice to offer, especially when it comes to saving money. See, baby boomers have been through it all, financially speaking. They’ve been through periods of inflation, they’ve been through times where interest rates were falling, and they’ve also been through a recession or two. And, while, as far as boomer financial trends go, there have definitely been some ups and downs, members of this generation have made it through and, surprisingly, have, for the most part, done quite well for themselves, all things considered.   

So, what kind of advice would boomers give to millenials? Well, for starters, the vast majority of them say that they believe in sticking with their investment strategies, even when times get tough. Of course, before doing that, you should have a good investment strategy in place, but if you can get that down, preferably with the help of a professional, then there’s certainly no harm in sticking with what works.

Baby boomers also believe in saving, especially for retirement and for the hard times too, and in starting to do so as early in life as possible. And, furthermore, they believe in never expecting the good times to last for too long.And, while that may seem dismal, it’s true that you should never get too comfortable and should always prepare for the worst, just in case.

The bottom line is that baby boomers know what they’re talking about because they’ve lived through it, so it’s not a bad idea to follow their financial advice when given, as well as the advice of a professional. With these forms of help on your side, you’re likely to be a lot better set up for the future.