The Wealthiest Generation in History Cannot Afford to Retire, and Their Children Are About to Find Out
Baby boomers hold more collective wealth than any generation before them. Individually, six in ten are not on track to afford their own retirement, and the bill is about to land on their millennial children. What are the real numbers behind the shortfall, and how to plan for it now?
Photo: Kampus Production / Pexels
Here is the first thing that does not add up. Baby boomers are, collectively, the wealthiest generation in American history. They also retire at a rate of roughly 10,000 people a day, part of what demographers call peak 65, a run of more than four million Americans turning 65 every year through 2027. And according to Vanguard's own research, only 40 per cent of boomers aged 61 to 65 are actually on track to afford the retirement they are walking into. The other 60 per cent are stepping into their post-work years short of what their own lifestyle requires, some of them by a considerable margin.
Collective wealth and individual readiness turn out to be two entirely different measurements, and the gap between them is where this story actually lives.
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Editor-in-Chief
Editor-in-Chief of Rich Woman Magazine, founder of Sovereign Magazine, author of many books, Dr Marina Nani is a social edification scientist coining a new industry, Social Edification. Passionately advocating to celebrate your human potential, she is well known for her trademark "Be Seen- Be Heard- Be You" running red carpet events and advanced courses like Blog Genius®, Book Genius®, Podcast Genius®, the cornerstones of her teaching. The constant practitioner of good news, she founded MAKE THE NEWS ( MTN) with the aim to diagnose and close the achievement gap globally. Founder of many publications, British Brands with global reach Marina believes that there is a genius ( Stardust) in each individual, regardless of past and present circumstances. "Not recognising your talent leaves society at loss. Sharing the good news makes a significant difference in your perception about yourself, your industry and your community."
