Boomers aren’t saving enough in the short term to adequately fund the long-term time in retirement.
One of the challenges facing boomers retiring is Most have not saved enough money to live comfortably in retirement.
And because life expectancy continues to increase so too does the risk of outliving one’s savings.
Only 23 percent of boomers ages 56-61 expect to receive income from a private company pension plan, and only 38 percent of older boomers expect a pension. and future income from Social Security stagnates or even decreases
The question many of us ask ourselves will be ever able to retire, and the unfortunate answer doesn’t look good for us boomers.
New data reveals that Baby Boomers are not financially able to cover financial emergencies. According to the Insured Retirement Institute and published on MSM It states that approximately 70% of older workers have just $5,000 or less in immediate savings,
And that means not only will they not be able to cover any unforeseen emergencies, but retirement seems to be out of the question.