As economic uncertainty grows months into President Donald Trump’s second term, many baby boomers are making money moves that could jeopardize their retirement.

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From overreacting to market volatility to underestimating healthcare costs, these financial missteps are often fueled by short-term thinking or outdated advice.

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Christopher Stroup, the founder and CEO of Silicon Beach Planning, said outdated investment strategies could cause some boomers to make financial missteps.

“Boomers must shift from a ‘set it and forget it’ mindset to proactive financial planning,” Stroup said. “The next decade will bring market fluctuations, tax policy changes and shifting retirement landscapes.”

He explained, “Many boomers are holding too much cash, assuming it’s ‘safe,’ while inflation erodes their purchasing power. Others are clinging to outdated investment strategies, such as relying on bonds or dividends without adjusting for market volatility.”

Experts said not saving enough for retirement and depending on alternative payment methods could hurt boomers.

“They have higher credit card debt than previous generations,” explained Chad Gammon, owner of Custom Fit Financial.

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Recent stock market fluctuations in response to Trump’s tariffs have unsettled many investors, particularly baby boomers who hold substantial equity.

Some boomer investors are shifting towards conservative investments. While caution is understandable, it’s crucial to avoid panic-driven decisions that could cost boomer investors long-term growth.

“It’s easy to get caught up in near-term uncertainty and market volatility,” said Tom Buckingham, chief growth officer at Nassau Financial Group. “But it is risky to make significant changes to your long-term financial plan and investment strategy based on the latest headlines.”

According to recent research by Indeed Flex, an online marketplace for flexible and temporary work, over one-third of older adults are unsure whether they will retire this year due to the current economy and inflation.

Researchers said, “With only 10% retired, the three highs — the cost of living, housing prices and healthcare costs — may force the aging population to rethink retirement. Factor in economic uncertainty with Trump’s proposed new tariffs on imports; boomers may need to delay retirement even longer.”