As if we needed another financial crisis…
According to these articles, baby boomers aren’t just a little behind on their savings. They’re in deep trouble. Time says the average 55-65 has less than 120K to draw from. This article in InfoWars claims the numbers are even worse; A full quarter of them haven’t saved anything at all.
IW: *26 percent of all Americans in the 46 to 64-year-old age bracket have no personal savings whatsoever.
And Forbes numbers show the average 65 year-old with less than 25K in total savings.
Forbes: * Our national demographics, coupled with indisputable glaringly insufficient retirement savings and human physiology, suggest that a catastrophic outcome for at least a significant percentage of our elderly population is inevitable. With the average 401(k) balance for 65 year olds estimated at $25,000 by independent experts – $100,000 if you believe the retirement planning industry - the decades many elders will spend in forced or elected “retirement” will be grim. *
Even though their numbers vary a lot, this is scary stuff. And about 10,000 of them are reaching 65 every day (according to IW).
Lately, things have been pretty grim for the Millienials, but the boomers have had a good economy for most of their working lives, and have few excuses (collectively) for winding up destitute. In aggregate this seems to be a catastrophe of their own making, and I suspect the current workforce will have little sympathy for their plight.
So what is likely to happen to them? What do you think should be done?