Baby boomers are confronting serious financial challenges in retirement, primarily due to insufficient savings, which have been further strained by inflation and rising healthcare costs. The average savings for baby boomers stands at a concerning median of $194,000, with many not meeting even basic retirement savings benchmarks. Social Security is insufficient to cover their living expenses, exacerbating the financial strain as housing costs continue to rise. Many baby boomers also experienced substantial losses during the Great Recession, limiting their ability to recover and build adequate retirement funds.
One of the most essential truths facing baby boomers is that their savings are not sticking around as long as this generation might have hoped.
According to the TransAmerica Center for Retirement Studies, baby boomers have an estimated median retirement savings of just $194,000.
There is no question that Social Security cannot sustain baby boomers during retirement.
The general rule of thumb is to save 8-10 years of your annual income before retiring.
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