From Yahoo Finance: 2025-05-24 14:01:00

Many baby boomers are making financial moves that could jeopardize their retirement amid economic uncertainty. Outdated investment strategies could lead to financial missteps, with some boomers not saving enough for retirement. Recent stock market fluctuations in response to Trump’s tariffs have unsettled investors, prompting caution but advising against panic-driven decisions. Over one-third of older adults are unsure about retiring due to the economy and inflation, with prices expected to increase this year. Experts suggest reassessing budgets, delaying Social Security, and exploring tax-efficient investment strategies. Trump’s proposal to eliminate federal taxes on Social Security benefits could primarily benefit wealthy older adults, potentially leading to a 30% decrease in benefits overall. Despite the Trump administration’s assurances, retirees should plan for emergency savings and explore supplemental insurance options to buffer against unforeseen events, especially in healthcare costs. Health savings accounts and long-term care insurance should be priority considerations as out-of-pocket healthcare expenses rise faster than general inflation.



Read more at Yahoo Finance: 6 Mistakes Boomers Are Making With Their Money in the Trump Economy