The next best tip is to take 10 percent of your hard-earned income and save it through your company pension plan. This is usually the best and cheapest way to start saving and building net worth. It's never too early. The sooner you start, the less you'll have to put away later and the more you will accumulate in the end. That's free money.
Baby boomers have a number of options.
Obtain objective, qualified, professional financial advice. Clearly understand your goals, objectives, and risk tolerance level. Baby boomers should sign up for the plans offered by their employers, set up a financial plan with reasonable goals, and start as soon as possible to take advantage of the power of compound interest. If you're a baby boomer and haven't started a serious, systematic savings plan for retirement, you have a lot of catching up to do. Start by taking advantage of any qualified pension plan that may be available to you.