EBRI Study: Boomers Not Saving Enough for Retirement

11:17 am Uncategorized

The Washington, D.C.-based Employee Benefit Research Institute has released a study showing that 47 percent of American workers aged 56-62 – the Baby Boomer group – have not saved enough to last through their retirement.

In addition, the study found that 44 percent of workers aged 36-45 are also likely to run out of funds during their retirement years.

The EBRI researchers noted that the longer a person has been invested in a 401(k) retirement plan, the more likely it is they will have enough saved for retirement.  However, the researchers also said that most retirement account balances are still relatively low – meaning that more Boomers will need to work well past the traditional retirement age, and younger workers need to engage in retirement planning as soon as possible.

In addition, the study showed that higher income workers are also at risk – albeit a smaller risk — for financial problems in retirement due to escalating healthcare costs.

If you’re concerned about having the financial ability to maintain your desired lifestyle during retirement, contact our California estate planning law firm.

Get started by contacting our Orange County asset protection estate planning law firm as soon as possible.

Leave a Comment

Your comment

You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.