Boomers Not Ready to Retire

The stock market is near all time highs, yet Americans are far from being ready to retire. Here is the latest article from CNBC and the executive summary of a report from EBRI (Employee Benefit Research Institute) titled EBRI’s 2013 Retirement Confidence Survey: Perceived Savings Needs Outpace Reality for Many.

Younger Americans, especially those between 29 and 37 are seeing their wealth decrease in ways that are a bit alarming for our society:

Despite the Great Recession and slow recovery, the American dream of working hard, saving more, and becoming wealthier than one's parents holds true for many. Unless you're under 40. Stagnant wages, diminishing job opportunities, and lost home values may be painting a vastly different future for Gen X and Gen Y. Today's political discussions often focus on preserving the wealth and benefits of older Americans and the baby boomers. Often lost in this debate is attention to younger generations whose wealth losses, or lack of long-term gains, have been even greater.

Gene Stuerle wrote a blog post about it. You can ready the study as well.

How much do you have saved for retirement?

Fidelity released this information around Valentine's Day. CNBC had the best article I read showing us the state of American's 401(k)s:

The amounts that investors have saved through their 401(k)s vary widely depending on a participant's age. Fidelity said the average year-end balances were $143,300 for participants 55 and older and not yet retired; $120,400 for baby boomers born from 1946 to 1964; $59,100 for Generation Xers born from 1965 to 1978; and $15,400 for those in Generation Y, born from 1979 to 1991.

In case you missed it here is CNBC's article.

ECRI updates us on their business cycle data (March 2013 PDF)