Retirement bliss for baby boomers may turn to blues

Will the old thirtysomething gang still be showing up for work at seventysomething?

That could be the case for many of their real-world contemporaries if they hope to enjoy financially secure retirements, reports CNBC.

Baby Boomers, with their inheritances, homes, and old-fashioned pensions, may appear to be on track for a solid retirement — but some experts say the forecast for the generation born from 1946 through 1964 isn’t necessarily so rosy.

While Boomers are more likely than younger workers to have defined-benefit pension plans and certain other advantages — that’s particularly true of older Boomers — many may wind up financially ill-prepared for retirement unless they work longer and save more.

The recent financial crisis took a toll on wealth; inheritances on average won’t be that big; traditional pension benefits are phasing out; and many shop-till-you-drop Baby Boomers simply haven’t saved enough money to last through retirements that should stretch beyond those of previous generations, economists note.

Click here to read more.

Post a Comment

Your email address will not be published. Required fields are marked *