Baby Boomers Making Common Financial Mistakes

The biggest financial mistake made by boomers is voting Obama (O’Bummer, Boomer!}

CBS Boston

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BOSTON (CBS) – Workers in their 40s and 50s don’t have a lot of time left to secure their financial future, and there are several common mistakes that often threaten their dreams.

The consequences of the wrong financial mistakes are very real. One recent study projected one in five American workers won’t ever be able to retire.

Financial Planner Dana Levit of Paragon Financial Advisors in Newton said the problem for this age group is they don’t have much time to correct mistakes.

One problem is carrying consumer credit card debt into retirement. A national study found middle and low income households headed by older Americans carry an average balance of close to $8,300; the study found the balance to be about $6,300 for younger households in the same demographic.

“Once you get into habits, it is really hard to change,” said Levit. “You get…

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