Most ‘Peak Boomers’ Are Not Prepared for Retirement

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A study commissioned by the Retirement Income Institute earlier this year revealed that ‘peak boomers’ are generally not financially prepared for retirement. ‘Peak boomers’ are those born between 1959 to 1964, while baby boomers as a whole were born between 1946 to 1964.

“Based on their assets, two-thirds of peak boomers will be financially challenged in retirement,” the study said on page 3. “There also are large disparities in their assets based on gender, race and ethnicity, and education.”

This later subset of the baby boom generation, now entering their retirement age, is the largest by population size in recent years, as more of the earlier group has died off over time.

“From 2024 to 2030, the largest and final cohort of baby boomers—30.4 million ‘peak boomers’
in 2022, born from 1959 to 1964—will turn age 65,” the study said on page 3.

Many of them will heavily rely on their government for a living.

“35 percent of peak boomers will depend on Social Security for at least 90 percent of their retirement income at age 70 and 58 percent will depend on those checks for at least 50 percent of their income,” the study said on page 7. […]

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