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5 Frightening Retirement Statistics That Demonstrate Baby Boomers Are in Serious Trouble
The stock market may have staged an incredible rally since the lows of 2009, but for some skittish baby boomers (those Americans born between 1946 and 1964) this move comes too little, too late. A number of factors have combined to shatter the dreams of a comfortable retirement for select boomers. A volatile stock market is just one of many factors that may not have worked in their favor in recent years.
For example, historically low lending rates for the past six years have stymied any chance for boomers to safely outpace inflation with bank CDs and money market accounts. Additionally, the three decade-long shift from pensions as a retirement driver to the 401(k) has moved the onus of retirement savings from employer to employee. What’s left are a handful of boomers suddenly realizing the path to retirement is laid on their shoulders, not their employers, and they aren’t prepared. Read more…