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!
Any opinions expressed in this forum are not the opinion or view of American Portfolios Financial Services, Inc. (APFS) or American Portfolios Advisors, Inc.(APA) and have not been reviewed by the firm for completeness or accuracy. These opinions are subject to change at any time without notice. Any comments or postings are provided for informational purposes only and do not constitute an offer or a recommendation to buy or sell securities or other financial instruments. Readers should conduct their own review and exercise judgment prior to investing. Investments are not guaranteed, involve risk and may result in a loss of principal. Past performance does not guarantee future results. Investments are not suitable for all types of investors. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purposes of avoiding penalties that may be imposed by law. Each tax payer should seek tax, legal or accounting advice from a tax professional based on his/her individual circumstances.
This material is for informational purposes only. Neither APFS nor its Representatives provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions. Information has been obtained from sources believed to be reliable and are subject to change without notification. The information presented is provided for informational purposes only and not to be construed as a recommendation or solicitation. Investors must make their own determination as to the appropriateness of an investment or strategy based on their specific investment objectives, financial status and risk tolerance. Past performance is not an indication of future results. Investments involve risk and the possible loss of principal.