Jon Kattke, a financial planner at Tradition Wealth Management, has plenty of experience helping baby boomers manage their finances. Here’s what he recommends:
Establish a comprehensive retirement plan.
The best retirement plans include funds for hobbies, enough money saved for travel and a well-planned budget to help manage finances later in life.
Plan for the worst-case scenario.
Unexpected medical costs will come up later in life, and Kattke suggests planning for these ahead of time. “If your plans work in the worst-case scenario, then you’ll be fine for retirement,” he says.
Keep a diversified portfolio.
Kattke suggests having money invested in the market that is both diverse and efficient. Baby boomers need investments that keep up with both inflation and taxes.
Be flexible with the changing times
Tax laws and implications may change over time, and inflation rates may rise and fall. Kattke suggests establishing a financial plan that will stand the test of time.
