One one hand we hear the Baby Boomers are not planning on retiring at all.  On the other hand, we hear that they are all getting ready to flee the workplace simultaneously.  How can they both be true?  Perhaps the desire is there for retirement, but the funds are not.  It seems Baby Boomers have lived so much in the here and now that they don’t have the savings built up to kick back and relax at retirement.

Almost one in three boomers will lack money in retirement to pay for health care or long-term care, according to a study cited in a Minnesota Human Services Department report that’s part of Transform 2010, the first lap of the longer-range Project 2030. A risk index released recently by the Center for Retirement Research at Boston College raises similar concerns. Thirty-five percent of early boomers and 44 percent of late boomers will be “at risk” at age 65 of maintaining a pre-retirement standard of living, the index reports.

For a generation that prides itself on being cool, that’s not cool at all.  In fact, this is very uncool.  This is a serious problem that is coming our way, and it is coming fast.  There is help, and although it won’t be easy, there are ways to fatten up that nest egg.  Reading this article is a good start - research your options and make the best decisions you can to increase your savings and secure your future.

Baby Boomers Lacking Retirement Savings