{"id":845461,"date":"2026-09-12T17:02:15","date_gmt":"2026-09-12T17:02:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/845461\/"},"modified":"2026-09-12T17:02:15","modified_gmt":"2026-09-12T17:02:15","slug":"5-easy-ways-us-boomers-fry-their-nest-egg-and-retire-poor-even-with-big-savings-are-you-making-the-same-mistakes","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/845461\/","title":{"rendered":"5 easy ways US boomers fry their nest egg and retire poor (even with big savings) \u2014 are you making the same mistakes?"},"content":{"rendered":"

\"A<\/a> Thanumporn Thongkongkaew\/ Shutterstock <\/p>\n

Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. <\/p>\n

You’ve worked hard, saved funds and made smart investments. Now it’s time to enjoy your retirement \u2014 but what if a few mistakes can crack and drain your nest egg? <\/p>\n

Building your savings is only part of your retirement plan, and for boomers in particular, there are common financial mistakes that may siphon your savings. <\/p>\n

Top Picks <\/p>\n

From disregarding long-term insurance to avoiding investing in alternative assets at all \u2014 or even falling prey to increasingly sophisticated fraud attempts \u2014 these mistakes can leave you feeling fried and scrambling for additional income. <\/p>\n

Here are five retirement mistakes boomers make, and what you can try to make your retirement fund last as long as possible. <\/p>\n

1. Avoiding long-term care planning <\/p>\n

One of the biggest mistakes boomers can make is not securing long-term insurance for their health. Long-term care insurance is meant to provide coverage for the costs of in-home assistance, nursing homes or assisted living facilities. <\/p>\n

Without proper planning, it can fall on your children to offset costs of unexpected long-term care. <\/p>\n

And don’t make the common mistake of assuming Medicare (1) will cover the costs, either. Medicare only covers short-term (2) stays. Even then, the process can be expensive and convoluted. <\/p>\n

“Long-term care is one of the biggest financial risks people tend to overlook,” Christina Donkers (3), an independent senior Insurance Broker and advisor, told Moneywise. <\/p>\n

“The purpose of long-term care insurance is to help protect the retirement savings and assets you’ve worked your entire life to build, while giving you more choices about where and how you receive care.” <\/p>\n

Donkers has been in the business of insurance for several decades and has seen healthcare costs for long-term facilities and at-home care increase, often leaving boomers with an expectation of what something should cost versus the reality of rising prices. <\/p>\n

“If someone needs care for two to three years, they could quickly consume $200,000-$300,000 or more of their retirement savings,” Donkers said. <\/p>\n

She added it’s difficult enough to think about spending down the financial legacy you have worked to build, but the bigger concern can be the impact on a surviving spouse. <\/p>\n

“A prolonged need for long-term care can potentially leave a healthy spouse with fewer resources for their own retirement and future care,” warned Donkers. <\/p>\n

Find a hybrid policy <\/p>\n

When selecting the right long-term insurance, it’s a good idea to look carefully at policies with the lowest possible premium. Just because you’re getting a great rate doesn’t mean that you’re getting the coverage you need. <\/p>\n

Consider the benefit amount, any inflation protection, the elimination period and the benefit period. You’ll also want to make sure it covers your anticipated needs \u2014 whether that’s care at home, assisted living, nursing-home care or some combination of the three. <\/p>\n

If you’re not sure where to start, you could consider working with an insurance provider like GoldenCare<\/a>, which operates like a specialized broker rather than a single insurance carrier. <\/p>\n

GoldenCare also works with multiple top-rated insurance companies<\/a> \u2014 such as Mutual of Omaha, Genworth, Transamerica, National Guardian Life and United Security, according to Retirement Living’s ranking of long-term insurance plans (4). <\/p>\n

GoldenCare offers different options based on your needs<\/a>, including hybrid life or annuity with long-term care benefits, short-term care, extended care, home healthcare, assisted living and traditional long-term care insurance. <\/p>\n

Read More: Vanguard reveals what’s coming for U.S. stocks \u2014 and it could be bad news for this group of investors<\/a> <\/p>\n

2. Ignoring alternative assets <\/p>\n

One of the easiest ways to actively ignore a market is by not participating in one, but that doesn’t mean it isn’t moving along without you. Most people know about investing in stocks and bonds, usually through a 60\/40 portfolio split, but there are also opportunities for assets that are insulated from market tremors. <\/p>\n

Alternative assets like real estate, fine art and even cryptocurrency are ways to diversify your portfolio, especially when combined with traditional assets. But getting access to these markets can be tricky, especially if you’re a self-directed investor. <\/p>\n

If you’re curious about where to start with alternative assets, an investment platform like Willow Wealth<\/a> can help investors diversify beyond publicly traded stocks and bonds through private-market opportunities in alternative assets. <\/p>\n

Investments can begin as low as $5,000, and you can choose individual deals or opt for diversified funds<\/a>, including funds managed by institutional firms such as Goldman Sachs, Carlyle and StepStone. So far, more than 500,000 members have invested over $6 billion (5) through Willow and the platforms it has acquired. <\/p>\n

See how Willow can put your money to work across a wider range of assets<\/a>. Just note that private investments can require long holding periods, carry higher fees and result in losses. <\/p>\n

Invest in real estate without the hassle of being a landlord <\/p>\n

If you’re looking for something that feels more tangible in the world of alternative assets, real estate is an option \u2014 but it doesn’t have to necessarily mean additional work for you while in retirement. There are platforms that allow you to invest in rental and vacation properties without having to be in charge of the property’s day-to-day needs. <\/p>\n

Arrived<\/a>, a real estate platform company backed by investors such as Jeff Bezos, allows buyers to get into SEC-qualified investments in rental homes<\/a>. <\/p>\n

In addition to any property appreciation, Arrived’s properties can help you earn a passive income stream<\/a> without any of that extra work that comes with being a landlord or host. No midnight maintenance calls over burst pipes here. <\/p>\n

All you have to do is sign up, then you can view a selection of vetted properties and start investing with just $100<\/a>. That way you can make sure the platform is right for you. <\/p>\n

Once you become an investor with Arrived, you’ll have access to more than 596 properties in 67 plus markets<\/a>. You can also take advantage of their secondary market for fully funded properties after a six month holding period if you want to reshuffle your portfolio. <\/p>\n

And, for a limited time, investors can get a 1% account match<\/a> when opening an account and adding $1,000 or more. <\/p>\n

3. Falling victim to increasingly sophisticated scams <\/p>\n

According to recent data from the FBI (6)and the Federal Trade Commission (FTC), older Americans are experiencing the bulk of targeted attempts at cyberfraud and consumer fraud. The report estimated that in 2025, $20.9 billion (6)was lost due to internet crimes, with boomers being primary victims of these scams. <\/p>\n

And the scams aren’t just becoming more prevalent \u2014 they’re getting more sophisticated. Not only do you have to worry about links you shouldn’t click from phishing emails, but also generative AI emails spamming your inbox and voice cloning (7). <\/p>\n

The FBI says that these crimes targeting older Americans are known as “grandparent scams,” which in some cases use AI clones of a relative’s voice to create a fake emergency. So far, the FBI has identified $893 million in losses tied to AI, (8) with older adults bearing $352 million in damages. <\/p>\n

When it comes to phone calls, always check the number \u2014 does it match what you might have for that relative? Consider having a pass phrase that you can use if you’re suspicious. You can also ask them for a video call to verify their identity. <\/p>\n

And if you want additional peace of mind, there are specific companies, like Aura<\/a>, that assist in safeguarding your personal information. <\/p>\n

Aura is an example of when AI is used for good \u2014 its AI-powered services can remove your personal data from Google search results, people-search sites and brokers that sell your data to advertisers. <\/p>\n

Aura also monitors spending patterns so you know when a suspicious transaction pops up. And if identity theft does happen, their $1 million insurance protection<\/a> covers eligible losses and fees. <\/p>\n

You could save up to 68%<\/a> if you sign up today \u2014 and Aura even offers a risk-free, 60-day money-back guarantee. <\/p>\n

4. Neglecting an emergency fund <\/p>\n

When it comes to planning for retirement, many older Americans focus primarily on their nest egg. After all, it’s the vehicle that will, ideally, carry you through your golden years. <\/p>\n

However, that doesn’t mean that you shouldn’t make sure your emergency fund is well-stocked, especially as you near your “retire by” date. Having cash set aside can help out if you’re forced to retire early due to health complications, layoffs or sudden caregiving responsibilities. <\/p>\n

An unexpected expense can make you draw on your investments earlier than expected, or at a downturn in the market. <\/p>\n

A high-yield account like a Wealthfront Cash Account<\/a> can be a great place to grow your uninvested cash, offering both competitive interest rates and easy access to your money when you need it. <\/p>\n

A Wealthfront Cash Account currently offers a base APY of 3.30% through program banks, and new clients can get an extra 0.75% boost during their first three months on up to $150,000 for a total variable APY of 4.05%<\/a>. <\/p>\n

That’s 10 times the national deposit savings rate, according to the FDIC’s August report. <\/p>\n

Additionally, Wealthfront is offering new clients who enable direct deposit ($1,000\/mo minimum) to their Cash Account and open and fund a new investment account an additional 0.25% APY increase with no expiration date or balance limit, meaning your APY could be as high as 4.30%<\/a>. <\/p>\n

With no minimum balances or account fees, as well as 24\/7 withdrawals and free domestic wire transfers, your funds remain accessible at all times. Plus, you get access to up to $8M FDIC Insurance eligibility through program banks<\/a>. <\/p>\n

5. Sticking with an old advisor <\/p>\n

Sometimes, an old advisor can be like a well-worn jacket. Comfortable, but with loose threads and thinning insulation. Sometimes, it’s a good idea to take a hard look at your financial advisor, especially when your nest egg is reaching a critical mass. <\/p>\n

It’s the same mentality as occasionally checking rates on your car insurance or cell phone plan. You might be drastically overpaying, or allowing your funds to be managed on autopilot instead of in your best interests. <\/p>\n

After all, the goal of your portfolio advisor is to make you money. Start by speaking with close friends about their preferred financial advisors and look for financial advisor firms that are SEC-registered entities. Make sure to pay attention to any asset under management (AUM) fees or annual costs, and compare them between your options. <\/p>\n

But if you’re not sure where to start, you could also use Advisor.com<\/a> to find a potential match. <\/p>\n

Advisor.com does the heavy lifting for you, vetting advisors based on track record, client ratios and regulatory background. Plus, their network comprises fiduciaries, who are legally required to act in your best interests. <\/p>\n

Just enter a few details about your finances and goals, and Advisor.com’s AI-powered matching tool will connect you with a qualified expert<\/a> suited for your needs based on your unique financial goals and preferences. <\/p>\n

Finding the right advisor isn’t always easy \u2014 there’s no one-size-fits-all solution for financial success. That’s why Advisor.com lets you set up a free initial consultation<\/a>, with no obligation to hire, to see if they’re the right fit for you. <\/p>\n

What To Read Next <\/p>\n

Get Warren Buffett’s best investing lessons, free. Join 250,000 readers getting Moneywise’s sharpest money reporting every week. Subscribe and we’ll send you our guide to the ideas that built Buffett’s fortune as a welcome gift.<\/a> <\/p>\n

Article Sources <\/p>\n

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines<\/a>. <\/p>\n

Yahoo Finance (1<\/a>), (2<\/a>); Professional Choice Insurance (3<\/a>); Retirement Living (4<\/a>); Willow Wealth (5<\/a>); AARP (6<\/a>); American Bar Association (7<\/a>); Bressler (8<\/a>) <\/p>\n

This article provides information only and should not be construed as advice. It is provided without warranty of any kind. <\/p>\n","protected":false},"excerpt":{"rendered":"Thanumporn Thongkongkaew\/ Shutterstock Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content…\n","protected":false},"author":2,"featured_media":845462,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[69738,78065,28,357765,66513,28422,1168,147,530,6476,357766],"class_list":["post-845461","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-alternative-assets","tag-boomers","tag-business","tag-christina-donkers","tag-financial-mistakes","tag-healthcare-costs","tag-jeff-bezos","tag-personal-finance","tag-personalfinance","tag-retirement-plan","tag-willow-wealth"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/845461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=845461"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/845461\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/845462"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=845461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=845461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=845461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}