Late Boomers: Evaluate Your Retirement Plan

Late Boomers – born in the window of 1960 to 1965 – may be in trouble when it comes to retirement, especially compared to Mid-Boomers (born from 1954-1959).

According to a new report out of the Center for Retirement Research at Boston College, late boomers have simply accumulated less wealth than mid boomers, a discrepancy that is largely due to The Great Recession of December 2007-June 2009, when – at a crucial age for saving more for retirement – layoffs forced many to take lower paying jobs. Along the way, a sizable number of Booms could not afford to contribute to a 401(k), and shifts from pension plans to defined-contribution plans also created a shortfall.

Thus, for those with a contribution plan like a 401(k), 403(b), or IRA, the average amount that was contributed during that time was $32,700, as opposed to Mid-Boomers’ average contribution of $52,300. The brief revealed that the total retirement wealth for Mid-Boomers was $350,449, whereas Late Boomers amassed only $299,703 – a staggering difference.

Despite the discrepancy between the retirement savings of Mid-Boomers and Late Boomers, it isn’t too late for Late Boomers to increase savings and grow nest eggs. Consult a financial advisor about your retirement portfolio, including your investments, your insurance, and even your estate planning. The Great Recession may have negatively impacted your savings and retirement plans, but there is hope.

Contact Ambassador Advisors today to begin your journey towards peace of mind. Once the deficiencies in your retirement planning have been identified, we can work towards addressing them together!

Source https://finance.yahoo.com/news/retirement-savings-late-boomers-are-on-the-brink-171200627.html

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