Study: Most Boomers only have 30% of what’s needed for retirement

Study: Most Boomers only have 30% of what’s needed for retirement

RICHMOND, Va. (WWBT) - A new study says the average baby boomers is about $320,000 shy of where financial advisers recommend.

Clever Real Estate surveyed 1000 Americans about their financial well being and found those 60 and older have only saved about 30 percent of the recommended retirement amount. Stagnating wages, credit card debt, and lack of emergency funds all contribute to these relatively sparse retirement accounts.

And 59 percent of Baby Boomers believe Social Security will be a major source of income in retirement. This is a lesson to the younger generations to save as much as possible for retirement in your working years.

Have money set aside in a 401k or IRA on top of what you expect from social security.

According to this study, most Baby Boomers plan to retire by age 68. And it’s never too late to meet with a financial adviser and figure out what’s best for your future years.

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