Too Little, Too Late? The Reality of Baby Boomers Trying to Catch Up on Retirement Savings

While 44% of Baby Boomers have managed to save over $250,000 for retirement, nearly 66% will struggle to maintain their lifestyles during retirement due to various financial factors.

High recent inflation, the dot-com bubble, subprime mortgage crisis, and market crashes, compounded by a lack of financial literacy, contribute significantly to the Baby Boomer retirement shortfall.

Despite 44% of Boomers having over $250,000 in savings, many will still face financial uncertainty in retirement, highlighting a significant retirement funding crisis.

As the last Baby Boomers reach retirement age, estimates indicate that 30.4 million people will retire between 2024 and 2030, raising concerns over their financial preparedness.

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