Nearly One-Third of Baby Boomers Have No Retirement Savings
November 8, 2018
Baby Boomers are heading into retirement with little savings and high debt, according to a new report from Stanford’s Center on Longevity. The study found that, as of 2014, when the mid-boomers (those born between 1954 and 1959) were 58 years old on average, 30 percent had no money in retirement plans. For those who do have savings, the average for boomers born between 1948 and 1953 was $290,000, and $209,246 for those born between 1954 and 1959.
In addition to lower savings, the Boomers will be entering retirement with high debt. About 70 percent of mid-boomers are in debt, with the average household owing $110,000. 15 percent have debt that exceeds half of their total wealth.