An estimated 10,000 Baby Boomers are expected to enter retirement every day until 2030, but data reveals that an alarming number are financially unprepared for retirement.
As Baby Boomers search for ways to bolster their retirement savings, will accessing their home equity be the answer?
The Center for Retirement Research at Boston College estimated that the typical Baby Boomer with a 401(k) has saved around $135,000 in 401(k) and IRA accounts, equating to an income of only $600 month.
Allianz Life’s Chasing Retirement Study discovered that while 90% of active retirement savers believe accumulating enough savings is essential to their ability to enjoy retirement, they are already too far behind to reach their savings goals.
This lack of financial preparedness has become the No. 1 cause of concern among Baby Boomers aged 54 to 63, according to Bank Rate.
“Among those Americans actively saving for retirement, our study finds a dramatic difference between those who feel on track and those who feel behind, with this subset wishing for ways to catch up but without taking on too much risk,” Vice President of Consumer Insights for Allianz Life Paul Kelash said.
“While it’s a positive…