Baby Boomers Beware: Nearly Half Have No Retirement Savings

Getting your Trinity Audio player ready...

So many people wish they had saved more for retirement. Here’s what to know so you can take action!

As many Americans near retirement age, a concerning fact has emerged: nearly half of the baby boomers have no retirement savings, according to recent data. While this may surprise some, it is a reality for many individuals who work for smaller companies that do not offer retirement savings or are self-employed and live paycheck to paycheck.

Retirement savings are not limited to baby boomers, as fewer than half of working-age Americans have any retirement savings. Even in the 55-64 age group, only 58 per cent of Americans own retirement accounts. According to Social Security projections, this presents a significant problem as a retiree at age 65 can now expect to live, on average, 20 more years.

If you don’t start preparing for your retirement, you may be forced to mitigate the effects of a retirement savings shortfall. Some of these options include downsizing, relocating to an area with a lower cost of living, and using public transportation. But most importantly, retirees must have the right mindset about their lifestyle in retirement, which is why it’s crucial to start making lifestyle adjustments before retirement.

In order to determine the best strategy for your individual needs and avoid having to make these concessions later on, it is crucial to speak with a financial advisor today. Our team is here to help you navigate the complexities of retirement planning and investment and ensure that you are well-prepared for whatever the future may hold.

Remember, it’s never too late to start planning for retirement and securing your financial future. By taking action today and speaking with one of our advisors at deVere, you can receive expert guidance and insights to help you achieve your financial goals. Don’t wait. Reach out to us today and take the first step towards a more secure financial future.

Facebook
Twitter
LinkedIn
Email
WhatsApp

Tell Me More