Today, more than 10,000 Baby Boomers will retire. This is going to happen day after day, month after month, year after year until 2030. That is a lot of Boomers on the Beach! Will there be enough adult beverages with little umbrellas available?
The US is about to go through an unprecedented demographic shift with all these boomers entering retirement age. During the first half of this century, the number of senior citizens in the United States is being projected to more than double. Problem is, most of them are not ready to retire as the economic challenges over the last 10-15 years have compromised their ability to retire gracefully and just relax. Take a look at these statistics:
- Today there are about 40 million senior citizens in the United States. By 2050 that number is projected to skyrocket to 89 million
- According to the Employee Benefit Research Institute, 46 percent of all American workers have less than $10,000 saved for retirement, and 29 percent of all American workers have less than $1,000 saved for retirement.
- One poll discovered that 26 percent of all Americans in the 46 to 64-year-old age bracket have no personal savings whatsoever.
- According to a survey conducted by the Employee Benefit Research Institute, “60 percent of American workers said the total value of their savings and investments is less than $25,000”.
- 67 percent of all American workers believe that they “are a little or a lot behind schedule on saving for retirement”.
- A study conducted by Boston College‘s Center for Retirement Research found that American workers are $6.6 trillion short of what they need to retire comfortably
- Overall, the Social Security system is facing a 134 trillion dollar shortfall over the next 75 years.
- The U.S. government is facing a total of 222 trillion dollars in unfunded liabilities during the years ahead. Social Security and Medicare make up the bulk of that.