What can fix this? Will financial education make a difference. Is it too late? Frankly I don’t know.
I miss being a Baby Boomer by three years. I am among the relative few born in the middle of WWII, but I cannot comprehend nearing retirement totally unprepared.
We know younger generations are behind in retirement savings and their excuses abound, including the Great Recession, but it’s hard to imaging Boomers with valid excuses for no savings. After all, this generation had the best chance of any to have a pension.
I wonder if these lessons will be learned by Millenials? Not even proposals to enhance Social Security benefits in the future will help this.
Research by the Insured Retirement Institute (IRI) suggests trouble for some retiring Boomers. According to the study, 45% of Baby Boomers have no retirement savings. Only 55% of Baby Boomers have some retirement savings and, of those, 28% have less than $100,000. Thus, approximately half of retirees are, or will be, living off of their Social Security benefits.
Why Baby Boomers Lack Funds