After surveying 1,200 investors, Capital Group has found five golden rules retired Baby Boomers have learned after years of investing and saving for retirement. Here are what Baby Boomers say are the must follow steps to secure your financial future:
Stay invested for the long term. Nine in 10 retired Boomer investors said you should stay invested in the market. When it comes to fluctuating markets, only three in ten would change their strategies based on market conditions.
Keep an eye on fees. 78 percent of Boomers stressed the importance of low-cost simple investments to buy and hold for the long term.
Diversify your portfolio. 85 percent of retired Boomers said building a diversified portfolio is one of the key steps to ensuring a better retirement.
Protect yourself against market downturns. Eight in 10 Boomers said protecting their nest egg and lowering the risk of losses during market downturns was a important part of securing their retirement income.
Start saving early and often. Eight in 10 retired Boomers reported saving a portion of monthly income toward retirement is a key rule to follow, and 60 percent said they wished they had started investing as soon as possible.