According to a recent Bankrate survey, 56% of U.S. workers feel they are falling behind in their retirement savings, and Gen Xers (43-58 age).
According to Bloomberg, four decades of strong growth in home prices and stock prices have made baby boomers the wealthiest generation in U.S. history, but some of the youngest among them are not adequately prepared for retirement. Some people are not ready.
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According to a recent paper from the Boston College Retirement Research Center, “late boomers,” Americans born between 1960 and 1965, have fewer retirement assets than older boomers born between 1942 and 1959. They also have significantly less savings for retirement.
After adjusting for inflation, the average late boomer (household in the middle 20% of wealth) between the ages of 51 and 56 has approximately 2.8 billion yen in assets between Social Security, pension benefits, and 401(k)-type retirement plans. The investigation revealed that it was worth $1,000,000. .
At the same time, the typical “mid-boomer” born between 1954 and 1959 and the average “early boomer” born between 1948 and 1953 have total retirement assets of nearly $350,000; It's here. A little ahead.
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The Great Recession, which lasted from December 2007 to June 2009, was the longest economic downturn since World War II, decimating the housing market and stock prices at a time when late boomers were at their peak earning potential, and USA Today reported that savings were squeezed. report.
“The reality is that people are being forced to make financial decisions to put food on the table and keep a roof over their heads,” Josh Hodges, chief customer officer for the National Council on Aging, told the magazine. “It was,” he said. “At the end of the day, these people have done nothing wrong.”
