Baby Boomers
Financial Concerns
Baby Boomers (born 1946 to 1964) have re-written societal rules at every stage of their life – and retirement is no different. They are at the forefront of defining retirement as a new phase in life that can bring freedom, purpose, and enjoyment.
7 in 10 Baby Boomer workers (69 percent) either expect to or already are working past age 65 or do not plan to retire. However, only 56 percent are focused on staying healthy and only 40 percent are keeping their job skills up to date to help ensure they’ll be able to continue working. Forty-two percent envision a phased transition into retirement, and 63 percent prefer to stay with their current employer while transitioning into retirement. However, this may be easier said than done. Only 29 percent of Baby Boomers indicate their employers offer any sort of flexible retirement transition arrangements.
Many Baby Boomers were already mid-career when the retirement landscape shifted from defined benefit plans to 401(k) or similar plans, so they have not had a full 40-year time horizon to save in 401(k)s. Currently, 78 percent of Baby Boomer workers
are saving for retirement in a company-sponsored 401(k) or similar plan and/or outside the workplace, and they started saving at age 35. Among those participating in an employer-sponsored 401(k) or similar plan, they are saving 10 percent (median) of
their annual salaries. Baby Boomers have saved $152,000 in all household retirement accounts (estimated median). Only 26 percent have a backup plan for retirement income if forced into retirement sooner than expected
Collinson, Catherine, et al. “What Is ‘Retirement’? Three Generations Prepare for Older Age 19th Annual Transamerica Retirement Survey of Workers.” What Is “Retirement”? Three Generations Prepare for Older Age 19th Annual Transamerica Retirement Survey of Workers, Transamerica, Apr. 2019, transamericacenter.org/docs/default-source/retirement-survey-of-workers/tcrs2019_sr_what_is_retirement_by_generation.pdf. Page 11.
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