Key Findings

  • Eight in 10 (80%) retired middle-income Boomers are relying on Social Security or an employer pension to be their primary source of retirement income, while one in 10 (12%) rely on personal investments, savings, or employment as their primary source of retirement income.

  • Many Boomers haven’t made retirement preparedness a priority. Other than contributing to a retirement account or savings, only six in 10 (61%) middle-income Boomers have taken steps to plan their retirement.

Baby Boomers are retiring in droves, with today about four in 10 (39%) members of the Boomer generation identifying themselves as fully retired.

But retirement looks much different for Baby Boomers than it did for their parents and grandparents. The Boomer generation is caught in the transition from institutional responsibility for retirement financial security to an increasing amount of individual responsibility. Pensions are largely a thing of the past, which means many baby boomers retiring are responsible for their own retirement preparedness and saving the majority of their retirement income.

Unfortunately, many face a Baby Boomer retirement crisis. Statistics show that many Baby Boomers can’t afford to retire and most Boomers have not done enough to adequately prepare …

Featured Charts & Data