Baby Boomers — the generation already in or nearing retirement — are the least prepared for this next stage of life, according to research from Vanguard’s Retirement Outlook.
An article by Investopedia states that just 40 percent of Baby Boomers are “on track to maintain their lifestyle during retirement.” Apparently, Baby Boomers “are less equipped for retirement than younger generations due to retirement plan access and design.” According to Vanguard, many Baby Boomers “missed out on key changes to defined contribution (DC) plans, like 401(k)s, that occurred in the mid-2000s.”
Other generations aren’t much better, with Gen X and Millennials close behind at 41 percent and 42 percent, respectively. The study found Gen Z, at 47 percent, is best prepared.
Council of Seniors is Here to Help Older Americans
All of us here at the Council of Seniors want to improve retirees’ financial futures and ensure they receive their full Social Security benefits. We are working with members of Congress to introduce the “Social Security Restitution Act.” It would provide an estimated $970 one-time payment to every retired worker receiving Social Security benefits, to help offset years of inadequate cost-of-living adjustments.
According to the Council of Seniors’ Executive Director Barbara Godwin, “For years, seniors have watched their Social Security checks fail to stretch as far as they should, while the cost of everyday essentials keeps climbing. This legislation is a straightforward, targeted way to help make up for cost-of-living adjustments (COLAs) that didn’t reflect what retired Americans were actually paying to get by.”
Please take a moment and sign our petition today to show your support.