Many boomers assumed their retirements would be just as good, if not better than the previous generation. But increasingly, it looks like that’s just not going to happen.
35% of boomers said they were “totally unprepared” for retirement, and half were worried that they’d outlive their savings.
It wasn’t supposed to be like this. We were supposed to be able to retire by the early or mid-60s, and then embark on a carefree, fun existence filled with round-the-world cruises, beachfront condos and abundant spoiling of grandchildren.
In the post-recession era, however, after portfolio values tanked, the real estate market collapsed, and jobs disappeared en masse, the “golden years” concept increasingly seems like a tease.
The past decade has been brutal on boomers, forcing many to drop their rose-colored assumptions about what retirement would be like.
Speaking of which, how much savings does one need to retire comfortably nowadays?
The amount of money one needs to save today is much, much bigger (even after adjusting for inflation) than the amount needed to retire comfortably a decade or two ago. Your 60s and 70s may not be quite so “golden.”
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