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☆ The 'peak boomer' crisis might only get worse: A fifth of Americans 50 and up have no retirement savings, and the majority are worried they won't have enough money
▼ + stars: | 2024-04-26 | by ( Juliana Kaplan | Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

Americans say they don't have enough money for retirement, with a solid chunk having no savings at all. At the same time, the economy is about to see the "peak boomer" generation retire and deplete their savings. Tourangeau is part of a generation of older Americans who don't feel confident in their financial situation. Any of those who leave the workforce to retire may need to rely on any retirement savings they have built. AdvertisementAre you a peak boomer or older American worried you won't have enough money for retirement?

Persons: —, Pam Tourangeau, let's, it's, Indira Venkateswaran, Venkateswaran, Nancy LeaMond, LeaMond Organizations: Service, Congressional Research Service, AARP, Research, Savings, Americans, Federal Reserve, University of Michigan Health, Alliance, Lifetime, Security, Social Security Locations: America

☆ A 63-year-old peak boomer is 'incredibly scared' Social Security won't be enough to cover her expenses in retirement: 'I'll probably need to work until I die'
▼ + stars: | 2024-04-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

She's part of the "peak boomer" cohort, most of whom will rely on Social Security in retirement. I was somebody who did really well, and it's very disheartening because I have no idea what's going to happen with retirement," Senffner told BI. "My husband and I are both a year and a half from retirement age, but I think I'll probably need to work until I die because there's no money." Just Social Security isn't going to cover that." And with the Social Security fund set to dry out by the late 2030s — unless lawmakers intervene — Senffner is "incredibly scared" about her future.

Persons: Diane Senffner, She's, —, doesn't, Senffner, she'll, Diane Senffner Senffner, hasn't, it's Organizations: Social Security, Service, Business, Alliance, Lifetime, Income, Security, Survey, Walmart, AARP

☆ Many retirees don't delay Social Security benefits, research finds. Here's why experts say it pays to wait
▼ + stars: | 2024-04-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

And more than half of that group will primarily rely on Social Security for income, according to new research from the Alliance for Lifetime Income. Deciding when to claim Social Security retirement benefits is a high stakes decision. Eligibility for retirement benefits starts at age 62. But full retirement age – generally age 66 or 67, depending on an individual's birth year — is when retirees may receive 100% of the benefits they've earned. For each year you wait past full retirement age up to 70, you may receive an 8% benefit boost.

Persons: –, they've, Teresa Ghilarducci Organizations: Social Security, Alliance for Lifetime, Social, The New School for Social Research, Alliance, Lifetime Locations: New

☆ Welcome to 'peak boomer' era: A wave of retirees is about to blow through their savings and cling to Social Security to stay afloat
▼ + stars: | 2024-04-19 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Over 30 million "peak boomers" are entering retirement financially unprepared. This cohort is known as "peak boomers," and per the report, most of them are on track for significant economic headwinds. It's what some have called the boomer retirement bomb — and it might be costly for the rest of the workers in the economy. The peak boomers' retirement wave could also impact the overall US economy. And, per Business Insider's calculations of CPS ASEC data, 79.2% of retirees receive some type of Social Security income.

Persons: —, Robert Shapiro, boomers, Pam Organizations: Social Security, Service, Alliance, Lifetime, Income, Federal Reserve, University of Michigan Health, Commerce, Economic Affairs, Boomers, Consumer Expenditure Survey, CPS

☆ Women, part of the wave of baby boomers reaching 'peak 65,' are more likely to struggle in retirement, research finds
▼ + stars: | 2024-04-18 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The largest cohort of baby boomers is poised to reach age 65 between now and 2030. A majority of those baby boomers are not financially prepared for retirement, according to the research. Women are not the only peak boomers who are at a greater economic disadvantage, the research found. Individuals in those categories are more likely to have multiple types of retirement accounts and larger balances, according to the research. The median retirement savings for peak boomers is $225,000.

Persons: —, Robert Shapiro Organizations: Alliance for Lifetime, D.C, Commerce Department, Social Security Locations: Washington

☆ As baby boomers hit 'peak 65' this year, what the retirement age should be is up for debate
▼ + stars: | 2024-02-08 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

A fight is brewing in Washington over whether the mandatory retirement age for airline pilots should be raised from 65. The debate comes as baby boomers more broadly are reaching "peak 65" — the biggest number of Americans reaching that age in history. Age 65 has traditionally been thought of as retirement age. In France last year, pension reforms that raised the retirement age from 62 to 64 sparked fierce protests. In the U.S., the Senate is expected to mark up a Federal Aviation Administration reauthorization bill that will consider the pilots' retirement age.

Persons: Barry Kendrick Organizations: Alliance for Lifetime, Social Security, Finance, Federal Aviation Administration, Congress, Air Line Pilots Association Locations: Washington, U.S, France

☆ January Is Nearly Over. Have You Done Your Retirement Review?
▼ + stars: | 2024-01-27 | by ( Brian J. O Connor | ) www.nytimes.com time to read: +1 min

The crash diets have crashed, the brand-new budgets won’t budge and your Peloton is now the world’s most expensive laundry rack. But even if every one of your New Year’s resolutions is toast, there’s still one start-of-the-year chore you would be wise to handle: your retirement review. This is a perfect time to take stock of where your retirement is heading — whether you’re still on the job or have stopped working and are now collecting Social Security — financial planners say. Nearly all of them will need to support themselves for decades. Whether you are still working or already retired, reviewing your retirement plan and how it’s shaping up when compared with reality is a crucial step, said Michael Crews, author of the book “Saturday Everyday” and chief executive of North Texas Wealth Management in Allen, Texas.

Persons: you’re, Michael Crews Organizations: Alliance for Lifetime, North Texas Wealth Management Locations: Allen , Texas

Most grandparents offer some form of financial help to their children and grandchildren. Between inflation, rising housing costs, and increasing interest rates, it makes sense that grandparents and parents may want to help support their children and grandchildren financially. If parents weren't supporting their adult children, they'd have almost $3,000 more annually to put into their retirement funds, that same research found. Studies show that many grandparents are sabotaging their own financial future to help their adult children and grandchildren." Or grandparents might consider cohabitating with adult children and grandchildren to save money.

Persons: —, I'd, Cyrus Bamji, Savings.com, Bamji, it's, there's, Baby Boomers, Roth Organizations: Service, Alliance, Lifetime, AARP, Alliance for Lifetime

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