Baby boomers face bigger challenges in retirement than the previous generation. Fewer boomer-aged workers have pensions today — only 13 percent, according to Pew Charitable Trusts — which means the burden is on the individual to plan for retirement. Furthermore, longer life spans and rising healthcare costs can strain a retirement budget.
To sustain a comfortable standard of living in retirement, boomers should look to low-cost investments from trusted brokers that offer regular returns and tax advantages while minimizing short-term risk. But not every investment will be the right choice for every boomer.
“Investments that are safe to one person may not be for another,” said Patrick Hejlik, vice president of First Republic Investment Management, who has worked with baby boomers transitioning from pre- to post-retirement. “It really depends on how long they need the assets to work for them, how close to retirement they are, health status and risk tolerance.”
Making sure you have the best retirement account with low fees and a diversified portfolio is the first step to a successful investment strategy. By creating a diverse mix of the following safe investment options, you can enjoy security and build a sizeable retirement nest egg.
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