"Many Boomers are not able to retire because they simply have saved too little. According to Fidelity, the average 401(k) balance among baby boomers is $249,300, while the average IRA balance is $275,002."
"Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today."
Despite reaching traditional retirement age, many Baby Boomers are still working, with 88% engaged in some form of employment. A major reason for this is insufficient retirement savings; average balances for 401(k) and IRAs show many Boomers are unprepared for retirement. Inflation and rising long-term care costs further complicate their ability to retire comfortably, leading over a third of Boomers uncertain about retiring this year. Financial tools are available to assist them in evaluating their preparedness for retirement.
Read at 24/7 Wall St.
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