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Why Retirement Reality Is Finally Sinking In for Baby Boomers

Years after the financial crisis, many older Americans are still struggling to save.

Photo of Brian Hui
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In an article in TIME Money, Dan Kadlec writes about how the readiness of older Americans to retire has dropped sharply since the years following the financial crisis of 2008.

Dan writes that only 43% of boomers that were surveyed in a report from the Insured Retirement Institute were satisfied with their economic situation, which is a decline from 79% in 2012. There are many factors to this of course, including stagnant wages and rising costs of things such as health care.

"As reality sets in, only 24% of boomers express confidence that they will have enough resources in retirement vs. 37% five years ago. And more are pushing back their planned retirement date, with 26% saying they intend to work till age 70, up from 17% five years ago."

Read the full article here.

What is a provocation or insight that might inspire others during this challenge?

It seems that many factors are weighing in on how those 50+ is saving for retirement to support their dreams and obligations. This leads me to think that any services that are developed to help those 50+ support their dreams and obligations should be low cost and should also be designed to boost boomer morale in regards to their savings.

Tell us about your work experience:

I'm a graduate student at New York University studying Integrated Digital Media. Previously, I've had two years of experience in the architecture industry in Vancouver, CAN as a Marketing Coordinator.

Specifically, please check all that apply:

  • I'm not currently involved in a credit union, but am curious to learn more!

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Photo of Anne-Laure Fayard

Thanks Brian for sharing. Interesting insights that highlight the emotional aspects that will need to be taken into account in the ideation phase.