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Studies are Bringing Some Unpleasant Realities About Retirement Planning to Light
As a rapidly increasing demographic, retiring baby boomers are getting a lot of attention, particularly in the area of financial health. Researchers are finding out many oldsters simply haven’t salted much away for retirement. Last fall, a Harris poll conducted for Wells Fargo found that a third of respondents 25 to 75 years old — with a household median income of $63,000 — weren’t saving for retirement. Half of those over age 50 said they would not have enough money to live on when they stopped working. It is becoming common for baby boomers to say they’ll either delay retirement or will never stop working. People approaching retirement had a median savings level of $14,500, according to a recent study from the National Institute on Retirement Security. Read more…