U.S. Census data indicate that by 2030, when all boomers will have hit the traditional retirement age of 65, one out of every five people in the U.S. will be of retirement age. (Photo: Shutterstock)
It should be no surprise to find that boomers are still not ready for retirement, despite the fact that 47 percent of the latest survey respondents are now retired.
That means about 34 million boomers are retired in 2019, according to the “Boomer Expectations for Retirement 2019” study from the Insured Retirement Institute, which also reports that U.S. Census data indicate that by 2030, when all boomers will have hit the traditional retirement age of 65, one out of every five people in the U.S. will be of retirement age.
But the news is not good, since this latest iteration of the study indicates that boomers are still “largely unprepared for retirement: unrealistic in their expectations, and undersaved. In fact, 45 percent have no retirement savings.”
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
