The latest from BobPisani » Baby boomers face a retirement crisis: little savings, high health costs, and unrealistic expectations. investinyou (In partnership with acorns.)
April is National Financial Literacy Month, but this week is National Retirement Planning Week, which means it's time for yet another round of depressing statistics about how unprepared we all are for retirement.
The three"legs" of the retirement"stool" are Social Security, private pensions and personal savings. None is in great shape. The average Social Security check is $14,000 a year, hardly a cushy retirement. Only 23 percent of boomers ages 56-61 expect to receive income from a private company pension plan, and only 38 percent of older boomers expect a pension. As for personal savings, I'll make it simple: Most boomers have not saved nearly enough.
We are all going to live a lot longer than we think. In about half of all married couples over 65, one partner will survive to at least 95.This simple banking move can multiply your moneyWe are underestimating how much we are going to spend. The average amount spent by Americans 65-74 is $55,000 a year, but most baby boomers don't think they will need anywhere near that amount. Indeed, 60% say they will need less than that to live on.
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