Every four years, more than four million baby boomers will be reaching the normal retirement age annually.
Baby boomers may not be able to enjoy their twilight due to years mounting debts, lack of savings, and health care costs.
Fifty-two percent of boomer consumers born between 1948 and 1954 are at risk of being unable to maintain their standard of living in retirement, reports the Center for Retirement Research in the Bankrate.com video “Avoiding Debt in Retirement.”
In addition, 64 percent of boomers born between 1955 and 1964 and 71 percent of Gen Xers born between 1965 and 1974 may be unable to retire comfortably in their lifetime, the center predicts.
Bankrate.com, an aggregator of financial rate information, recommends avoiding debt and start saving early.
I think the only option many people will have is to work to their dying day.