Financial Planning

It’s simple Baby Boomer facts that every year brings new challenges for people looking to retire. Having enough money in the bank to support retirement is just one of them.

On average, the Baby Boomer generation has saved $38,000 for retirement, not including social security or pensions. Those that have qualified retirement plans averaged $88,000 saved. While this is not much to live off, 48% of Boomers feel comfortable with their savings. The statistics below break down Baby Boomers’ true feelings about their savings:

48% feel comfortable with their savings and are on par with their peers

20% are ahead of the game and doing better than most

14% are just getting started

13% feel behind

5% are lost and confused

Recent years have shown that Baby Boomers aren’t using traditional pensions anymore. As of now, 35% of Baby Boomers are relying on social security income for their retirement. However, this shouldn’t be the only method for income in retirement. Too many Baby Boomers are expectant that they will receive enough money to live off from social security.

Looking for some helpful Baby Boomer facts? Boomers can ease the reliance on social security by saving money in different areas. Income can be divided between personal banking accounts, 401K accounts, and social security. The saying “don’t put all your eggs in one basket,” rings true when it comes to saving for retirement.

While retirement accounts, savings, and social security are just a few ways of supporting retirement, Boomers should consider looking into stocks, bonds, and capital as other means to bring in money.

With this information, we know that Boomers are going to have to downsize parts of their lifestyles during retirement to stay within their new budget.