A new Bankrate study found many Boomers nearing retirement feel unprepared to stop working.
GREENSBORO, N.C. — The Federal Reserve’s long-awaited decision Wednesday to lower the benchmark interest rate by half a percentage point is underscoring an important financial reminder to seniors: plan ahead for retirement, and don’t put all financial eggs in one basket.
“Be prepared to adjust your monthly budgets for smaller checks in 2025, thanks to interest rate cuts,” debt expert Ja’Net Adams said.
Adams, who founded her financial literacy program Debt Sucks University, said she has been talking to her retirement-age clients about findings from a recent Bankrate Survey. It revealed the top two regrets Americans have in saving for retirement — not investing earlier in a 401k and not putting enough savings in an emergency fund.
Troublesome trend
Adams said, “It is a trend that is troublesome because of the millions of Baby Boomers there are in the United States. It is important to look …