Despite reaching traditional retirement age, many Baby Boomers are still working, with 88% engaged in some form of employment. A major reason for this is insufficient retirement savings; average balances for 401(k) and IRAs show many Boomers are unprepared for retirement. Inflation and rising long-term care costs further complicate their ability to retire comfortably, leading over a third of Boomers uncertain about retiring this year. Financial tools are available to assist them in evaluating their preparedness for retirement.
Many Boomers are not able to retire because they simply have saved too little. According to Fidelity, the average 401(k) balance among baby boomers is $249,300, while the average IRA balance is $275,002.
Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today.
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