america's retirement crisis
Welcome To 'Peak Boomer' Era: A Wave Of Retirees Is About To Blow Through Their Savings And Cling To Social Security To Stay Afloat
While more older boomers tend to have a pension, a looming wave of younger retirees are about to strain the economy and Social Security.
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The Lede
The youngest baby boomers are about to enter retirement — and most of them aren't financially prepared for this next stage of their life.
Key Details
- Over 30 million boomers born from 1959 to 1964 will start to turn 65, marking the "largest and final cohort" of that generation entering retirement.
- Most of them are on track for what some have called the boomer retirement bomb — and it might be costly for the rest of the workers in the economy.
- Data also projects that employers will have to replace as many as 14.8 million peak boomers — primarily in the manufacturing, healthcare, and education industries.
