The boomer generation is tremendously optimistic about the future and their retirement years. However, are they prepared? As it turns out, not really.
A Forrester Research study in the US found that three in 10 boomers between 51 – 61 haven’t started any financial planning for retirement. In US, Strategic Guidance found that only 15% of its citizens felt fully prepared financially.
There is a new reality for boomers going into retirement.
Two thirds of boomers will be carrying debt into retirement rather than paying it off beforehand.
Instead of savings, real estate accounts for a great deal of boomer household wealth. This may lead to insufficient cash balances from which to draw on for retirement income.
Almost 45% believe they’ll be helping their children financially for the next seven to 10 years.
More than half of those surveyed don’t expect an inheritance. Their parents are living longer – and depleting the assets.
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