Baby Boomers are Not Saving Enough for Retirement

Posted by Lily Chung

The baby boomer group is one of the largest generations as well as the most prosperous in U.S. history. One of the biggest concerns is that baby boomers are not saving enough for retirement and this can be seen through a study done by MetLife. Studies show that 46% of the older baby boomers and 57% of the younger baby boomers have not saved enough for retirement. With changes in the financial environment, you have to be older than 65 to collect full social security benefits and lower interest rates will surely affect their investments. About two thirds of the older boomers are still in the work force and the longer they remain in the work force without collecting their social security benefits will increase it by several percent. So one of the biggest advice anyone can receive is to delay claiming your social security benefits as long as possible. The study done by MetLife also shows that the older group of baby boomers is delaying both social security and retirement, especially because of economic situations that have impacted their retirement savings. Due to the financial troubles the economy is having, younger generations have more of an advantage of saving for retirement.

Sources:
Retirement Planning: All God's Children Still Not Saving Enough
Boomers aren’t saving enough for retirement
The Retirement Prospects of the Baby Boomers