Typical Boomer Retirement Modest Compared to Parents

Boomer retirement looks like it is being significantly impacted, according to this infographic. The expectation that each successive generation will be better off financially than the prior is no longer valid. Contributing to this new reality has been the diminishing role of traditional pension plans with defined benefits in favor of 401(k) savings plans.

It also appears that the recent recession has had a major negative impact to retirement savings. As the economy improves, it is hopeful this can be changed. Readers of this site should take extra steps to make sure they are significantly beating these averages.

Sources: Center for Retirement Research, Federal Reserve, U.S. Census Bureau, Fidelity Investments


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