Retirement remains a top concern for Americans
Strong retirement planning can make a person’s twilight years the best part of his or her life, but many Americans have not adequately prepared for retirement. The potential financial ramifications of this problem are becoming more pronounced as baby boomers rapidly enter retirement age.
According to the U.S. Census Bureau, by 2029, all baby boomers will be over the age of 65, and the number of people above retirement age will dwarf the number of people below age 18 by 2056. These individuals are realizing the impending reality of retirement, and many are unsure of their own preparedness. Credit unions can appeal to these individuals with programs that help them effectively save for retirement before it is too late.
Baby boomers feel the pressure
The baby boomer generation is hitting retirement age during the next few years, but a remarkably small number of this cohort feel confident about their savings. A new survey, from the Insured Retirement Institute, discovered that just 60 percent of baby boomers have savings for retirement. More alarmingly, that number represents a decline from previous surveys. As of last year, 8 in 10 boomers said they had saved for retirement.