Top Three Retirement Planning Tips For Baby Boomers

Top Three Retirement Planning Tips For Baby Boomers
Photo by stevepb (Pixabay)

The top three ways to revive pension pots for those on the cusp of retirement or who are recently retired are 1) to review the pension strategy annually, 2) to know the pension’s benefits and when they will become payable, and 3) to be aware of pension charges, according to one of the world’s largest independent financial advisory organizations.

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Baby boomers: Retirement planning booster tips

DeVere Group, which has 80,000 clients and $10bn under advice, releases its ‘retirement planning booster tips’ as millions of baby boomers start to retire and the Social Security Administration closes one in 20 field offices, leaving many struggling to find advice on benefits and retirement planning.

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Reece Fallaize, deVere Group’s Senior Technical Manager, comments: “With life expectancy increasing, financial support from the authorities dwindling, the cost of living, medical and care set to rise further over the longer-term, and low interest rates, amongst other factors, many baby boomers are coming to a depressing realisation: that there just might not be enough in their pension pots to last throughout their retirement, or enough to enable them to enjoy the retirement they had envisaged.

“Naturally, for those in their 20s and 30s, the key to avoiding this issue would be to start saving as much as possible as early as possible in order to accumulate a larger pot.  But how can those who have recently retired or who are about to kickstart their retirement planning and potentially avoid having to considerably downsize their retirement ambitions and lifestyle?”

Safeguarding and maximizing your pension

Mr Fallaize explains: “Typically, it comes down to safeguarding and maximizing your pension.

“The first tip is to review your pension annually, just like a company produces accounts on an annual basis and can plan ahead based on those results.  Markets are constantly changing therefore your pension should reflect the current and forecast market conditions for optimum results.”

“The second tip is to know the benefits of your pension.  What will your income be? What is it likely to be in the future? And, more importantly, when can you receive it? What about a spousal pension and a guaranteed minimum pension? Knowing exactly what benefits you have or don’t have will enable you to plan ahead more effectively, and subsequently make other suitable arrangements if necessary.

“And the third tip is to be aware of pension charges, or to be broader be aware of ‘pension costs’, which are all the things that erode your overall pension income.  These are namely charges, inflation and, of course, taxation.

“As a starting point, people should find out what charges you are paying and see if you are getting the best deal possible. Charges alone can make a significant difference to your overall retirement income.”

Baby boomers are the new era of retirement

Reece Fallaize concludes: “The world has changed in recent years – and baby boomers are the first generation in a new era of retirement. Many people are now retired for more than a third of their lives and retirement planning strategies have to reflect this fresh reality.

“By following these tips, baby boomers should be on track to revive and boost their retirement plan and keep it in-check.”

About the author

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of 70 offices across the world, more than 1,200 staff, over 80,000 clients and $10bn under advisement.

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  1. I’m not exactly a boomer. In fact, I’m 20 years away from retirement (at least).

    But, regardless, most of us need to save more, much more for retirement. Here is what I’m doing:

    1. I now put away the maximum amount in my 401K (5% for me) that my employer will pay into the plan as a match. It is free money and dumb not to do it. It was basically a raise I gave myself.

    2. After calculating my expenses, I found that driving was my biggest expense. I fixed that by buying a fuel efficient car thats durable (Honda Civic), finding an affordable insurance policy for it ($25/month from 4AutoInsuranceQuote, yay!), and using apps like Gasbudy/Waze to save money at the tank. I cut my transportation costs in half!

    3.I cut way back on eating out. I am having a year of putting away money hard, and food was a huge portion of my budget. I save about an extra $100 a week now, and eat healthier and better. Ditto for others if you spend a lot of money in bars.

    4. I need life insurance to protect my 2 daughters, but I ditched a $275 a month whole life policy for a term policy and now I only spend $25 a month. I save the difference to my Roth IRA. If you are unfamiliar with this and want to learn more watch shows or read articles from Suzey Orman or Dave Ramsey sometime. They are huge proponents.

    There really were no two ways about it. If I plan on having a full savings account (getting there) and a comfortable retirement (I will) I have to make good decisions with my money.


  2. I have one tip for baby boomer’s retirement plan, live like a retiree now. Don’t wait till you retire, live like a retiree now, see what your expenses will be, figure out what you’ll need to do to get your debt down where you can live comfortably on your retirement income. If you cannot do it, you probably cannot afford to retire.

  3. For additional great information on retirement planning and investing check out the site Retirement And Good Living. the site offers information on finances, health, retirement locations, part time jobs, volunteering, travel and more. And it has a great blog of posts by guests from around the globe on many retirement issues.

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