“Bleak retirement prospects for most boomers and their younger Gen-X siblings”

“Bleak retirement prospects for most boomers and their younger Gen-X siblings”

According to an article about future retirement, it does not look promising for Baby Boomers and Gen-X siblings:

“Even if they bite the bullet and stay on the job well past retirement age and late into their 70s, most Baby Boomers and the Gen-Xers who follow them will not have enough savings to cover their basic retirement expenses and out-of-pocket health costs.

That’s the grim news in a new study just released by the Employee Benefit Research Institute (EBRI), a private not-for-profit research organization based in Washington, DC.

The closest thing to good news in this gloomy EBRI report is cautious word that “the chance of success for retirement adequacy improves significantly as individuals reach their late 70s and early 80s.”

In fact, that one variable — working much longer into old age — improves one’s chance of meeting lifetime retirement needs by 10%.”

 

To read the entire article click here

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