Boomers and Saving for Retirement
Boomers have come to be known as notoriously bad savers. Though, most are entering retirement directly after a recession that depleted most peoples’ reserves. They were also brought up and went through their working lives in a time that many pension plans were being phased out by companies and were under the impression that Social Security was a full retirement plan replacement program. This has all culminated in the staggering statistics recently released by the Insured Retirement Institute that show the Boomers as a whole are grossly underprepared for retirement. Only 22% of Baby Boomers feel confident for retirement with their current savings and plan. This has led to about a third of Boomers postponing retirement past when they had planned to retire in order to play catch up. For more information on this subject, visit this article by John Sullivan with 401k Specialist.
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