40 Percent of Boomers Have No Retirement Savings

Many members of the baby-boom generation are postponing their retirement, given that a troubling 40 percent have no money whatsoever put away for their post-employment years.
Another 21 percent have less than $100,000 in retirement savings.
Those are sobering facts from the latest annual survey by the Insured Retirement Institute (IRI), which monitors the retirement income industry, measuring the retirement preparedness of the boomer generation.
The survey found that 13 percent of boomers have put away between $100,000 and $250,000, 19 percent have $250,000 or more, and 7 percent aren’t sure how much they have.
Among boomers who are still working, only 69 percent have saved for retirement.
Overall economic satisfaction has plunged in 2015, from 76 percent in 2011 and 65 percent in 2014 to 48 percent today. The decline is more pronounced among boomers who have retired — dropping from 72 percent last year to 45 percent in 2015.
Among all boomers, just 27 percent now believe they will have enough money to live comfortably throughout their retirement years, 28 percent think they will have enough money to take care of medical expenses, and 19 percent believe they will have enough money to pay for long-term care such as at a nursing home.
More evidence from the IRI survey that boomers are facing economic hardships: Nearly one-quarter of boomers reported that they have had difficulty paying their mortgage or rent in the past year, and 19 percent of working boomers stopped contributing to a retirement account such as an IRA in the past 12 months.
This year 28 percent of boomers expect to retire at age 70 or beyond, 15 percent at ages 65 to 69, 13 percent at 65, and 26 percent before 65. The rest are not sure.
Half of all boomers cite Social Security as their major source of income during retirement, although the average monthly payout this year is just $1,328, while 23 percent cite an employee-funded retirement plan such as a 401(k), and 25 percent are relying on an employer-provided pension.
Four out of 10 boomers with less than $250,000 saved for retirement and no private pension believe they will be able to pay for their basic needs and medical expenses in retirement with at least some money left over for travel and other leisure activities. But the IRI notes that “this may be unrealistic for those who are unable to reduce expenses or who experience significant medical costs.”
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