“Peak Boomers” - born ‘59 to ‘64 - had “median retirement assets of just under $225,000 as of 2022.” Noted are wide gaps especially by education level: $6992 median retirement assets for those without a HS degree; $661449 for those with a graduate degree. Not stated is what proportion of wealth is held within the top 1% but I suspect it is the majority.
My WAG is that the vast majority of Boomers will be using their RMDs and more for living expenses. Required is not required. They don’t have enough there plus Social Security to stay close to previous standard of living.
These are the folk who are crash will hurt the most
And IMHO the bunch with the most wealth, can weather a bear market easily, and will reinvest RMDs the same as they have been investing before.
Not “Peak Boomers” … that was the part of where the article was going, the demise of defined benefit pensions for this group, and eventually to a sales pitch for annuities as part of retirement plans:
About a quarter of peak boomers have such plans, which provide former workers with a fixed monthly check based on their past earnings and which covered about two-thirds of private-sector workers in 1980. They have been largely supplanted by “defined contribution” savings plans such as 401(k)s, in which employees make contributions and manage withdrawals in retirement.