Retirement News: Baby Boomers Hit Peak 65
According to this CBS News article, we are now entering the “Dead Zone,” or Peak 65, that many economists have warned about. The retirements of the youngest baby boomers, those born between 1959 and 1965, are retiring in waves. They are basing this on the fact that those born in the above span of years will turn 65 in 2024–2030. You can imagine how this is playing out in Social Security. One-third of these peak boomers will rely on 90% of their retirement income on, you guessed it, Social Security. The shocking part to me is that 1 in 4 workers have nothing saved at all in retirement. Well, no, I’m not really shocked based on the many interviews I’ve done.
So, why are so many “young” baby boomers retiring when they don’t have enough to live on in retirement? The article didn’t go into that. But I suspect it is something I have long said in my retirement articles. Those who say they will work until they die are finding out they don’t have the health to make it to work. I do believe health is the driving force. But why are so many retiring without any retirement savings at all? It could be what I talked about last week in “Retirement Chronicles: Imagine Life Without Retirement”. It is the working poor, such as Brenda, who are in failing health, as discussed in the above linked article. Many are being forced into retirement without the funds necessary to live. They work at…
