Barron’s: Here’s How Much the Average Working Boomer Has Saved for Retirement (June 23, 2022)

JUNE 25, 2022 ~ NICHOLAS CHUCKAS

Marin Larkin has published an article on Barron’s, entitled “Here’s How Much the Average Working Boomer Has Saved for Retirement.” The article begins as follows:

The first is a survey of 1,000 working Americans conducted recently showing much, or little, they have saved for retirement. And the picture isn’t so much bleak as devastating.

Less than half of those surveyed have saved $100,000: Not even close to enough to support a median income of around $40,000 a year in retirement. One in six say they have saved nothing. A third are currently making no contributions. And it’s not just the young, who do at least have decades to make up the ground.

Respondents who are still working, with a median age of 60, have average savings of around $112,000.

One quarter of those surveyed, and 30% of millennials, said they were planning to rely on “cryptocurrencies” to finance some of their golden years.

Click here to see the full article: “Here’s How Much the Average Working Boomer Has Saved for Retirement”

Posted by Nicholas Chuckas, Associate Editor, Wealth Strategies Journal