7 Worst Mistakes Boomers Can Make With Money — and How To Avoid Them

7 Worst Mistakes Boomers Can Make With Money — and How To Avoid Them

Cindy Lamothe    Sun, March 9, 2025   GOBankingRates

Every generation comes with its own set of challenges and opportunities. For boomers, there are certain fumbles they can make with money that will significantly hinder their financial situation in retirement.

 “Boomers often face financial pitfalls that can jeopardize their retirement,” said Stewart Willis, President of Asset Preservation Wealth & Tax.

Below are some of the worst mistakes and how to avoid them.

 Putting All Investments Into Cryptocurrency

According to Melanie Musson, finance expert with Insurance Providers, some boomers make the mistake of putting all their investments into cryptocurrency.

“Crypto has had an impressive run. It could grow rapidly, or it could fizzle. It’s risky. High-risk investments have a place in a diversified portfolio, but they’re not where a boomer should allocate all their savings.”

She noted that boomers’ retirement finances don’t have time to bounce back from a major loss.

Instead of putting everything into crypto, she advised investing in a diversified portfolio favoring Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck options.

Racking Up Credit Card Debt

Another financial pitfall is racking up credit card debt.

“Credit card debt is expensive. Interest rates are ridiculously high. If you get into credit card debt, you’ll pay back far more than you borrowed, making your retirement savings disappear more quickly than you anticipated,” said Musson.’

TO READ MORE:  https://www.yahoo.com/finance/news/7-worst-mistakes-boomers-money-110043895.html