Many of America’s baby boomers are gearing up for retirement, banking on Social Security, 401(k) plans and their home equity to keep them afloat through their golden years.
Today, boomers between the ages of 50 and 68 account for more than 25 percent of the country’s population. Every day for the next 19 years, close to 10,000 Americans will reach the retirement age of 65, according to Pew Research.
The retirement shortfall this generation faces is a serious one: A little more than 60 percent of early and late boomers say they are not saving enough for retirement, according to Financial Finesse’s 2013 Generational Research study, which examined 20,575 employee assessments taken on the financial education company’s website. Baby boomers face problems their parents did not, such as big tuition bills for their kids’ college educations and a lack of savings for long-term health care.