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Boomers Struggling to Meet Retirement Quota
Baby Boomers have been struggling recently to reach their goal for retirement. The main problem that they face is a lack of adequate savings to support their retirement plan. Many Boomers are entering retirement relying on Social Security as their sole source of income. This is unsustainable as living wage, as it would leave most well below the poverty line without a supplemental source of income. As many as half of those nearing retirement age say they only have $100,000 saved, leaving them with $7,000 a year if used conservatively. This is leaving many putting retirement off and continuing work. For more information on this topic, visit this article by Core Hengst with Plan Adviser.