As Baby Boomers approach retirement age, a significant portion faces financial insecurity due to inadequate savings. Roughly two-thirds lack sufficient funds for retirement, with many relying heavily on Social Security, which covers only about 40% of their pre-retirement income. This dependence on Social Security creates potential difficulties, as the system may not sustain their financial goals. The alarming statistic reveals that many Boomers, particularly those aged 55 and older, are economically insecure, making prudent financial planning crucial as they reflect on their retirement prospects.
A majority will find themselves with inadequate resources for retirement, and a large majority will either have inadequate resources or are likely to suffer significant strains in retirement.
This isn’t part of the American dream. Less than half of Boomers have saved enough to retire with comfort, creating widespread economic insecurity.
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