Welcome to ‘peak boomer’ era: A wave of retirees is about to blow through their savings and cling to Social Security to stay afloat

By Juliana Kaplan,Ayelet Sheffey

• Over 30 million “peak boomers” are entering retirement financially unprepared.
• The economy could take a hit, with industries like manufacturing and education needing to replace boomer workers.
• Those new retirees will likely be disproportionately leaning on Social Security to stay afloat.

The youngest baby boomers are about to enter retirement — and most of them aren’t financially prepared for this next stage of their life.

Beginning this year, over 30 million boomers born between 1959 to 1964 will start to turn 65, marking the “largest and final cohort” of that generation entering retirement, according to a new report from the Alliance for Lifetime Income’s Retirement Income Institute.

Many in this cohort, known as “peak boomers,” are facing significant economic headwinds, the report said. It’s what some have called the boomer retirement bomb — and it might be costly for the rest of the workers in the economy.

Read Full Article Here…(finance.yahoo.com)

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