Age and Retirement Savings | WYPR

Age and Retirement Savings

Feb 16, 2017

Credit frankieleon/flickr

A piece published earlier this year by writer Dan Caplinger indicates what many of us know – the oldest members of the baby boom generation have now turned 70 and thousands reach standard retirement age each day. Rather than approaching retirement with enthusiasm, many boomers are simply terrified given the paucity of their savings and prospects of expensive needs registered during retirement. While boomers are likely to be more concerned about their retirement prospects than younger Americans, younger folks have reason to be concerned as well.

As Caplinger indicates, a recent survey conducted by GoBanking Rates found that more than 70 percent of those in their twenties and thirties have saved less than $10,000 toward retirement, with more than two fifths having no retirement savings at all. Shockingly, the same survey found that more than a quarter of those ages 55 and older have no retirement savings at all and fewer than half have more than $50,000 saved for their golden years.

A study conducted by the Insured Retirement Institute had a similarly pessimistic assessment of the situation, determining that 45 percent of Boomers have no money saved for retirement. The result is despair – less than a quarter of Baby Boomers have confidence that they’ll have enough money in retirement. More than a quarter think they will work until age 70.