Baby boomers are coming up on retirement distress.
Old timers. Nowadays, around 33% of people between the ages of 67 and 72 are staying in the workforce to pay for living expenses…
- 45% of people ages 56 to 74 have nothing saved up for their retirement.
- And the boomers with savings? The median savings fund has around $200,000 for retirement.
How does it affect my wallet?
Enter the whippersnappers. Retirement expenses are rising every year, and some boomers are thanking their kids for their support.
- 13% of Americans are supporting their parents financially.
- 44% of Americans think they’ll need less than $35,000 per year to survive retirement. How much was that Florida timeshare again?
Bottom line. Traditional retirement plans are old news, so get with the times! Start expanding your options because it’s more expensive than ever to retire.
Check out this video for some more modern takes on retirement.
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