FYI: It seems like every week I see another survey about how ill-prepared the baby boomer generation is for retirement. Here’s the latest from Alessandra Malito of MarketWatch:
Baby boomers, or those born between 1946 and 1964, expect they’ll need $658,000 in their defined contribution plans by the time they retire, but the average in those employer-sponsored plans is $263,000, according to a survey of 900 investors by financial services firm Legg Mason. Older boomers, who are 65 to 74, have an average of $300,000.
It’s hard to paint such a wide brush when we’re talking about 74 million people or so but these stats seem to match up pretty well with a wider data set from the Federal Reserve:
Regards,
Ted
http://awealthofcommonsense.com/2017/08/why-is-there-a-retirement-crisis/
