The 401(k) generation is beginning to retire, and it isn’t a pretty sight. The retirement savings plans that many baby boomers thought would see them through old age are falling short in many cases. The median household headed by a person aged 60 to 62 with a 401(k) account has less than one-quarter of what is needed in that account to maintain its standard of living in retirement, according to data compiled by the Federal Reserve and analyzed by the Center for Retirement Research at Boston College for The Wall Street Journal.
Boomers Find 401(k) Plans Come Up Short – WSJ.com
Considering the boomers retiring now built their plans during periods of exceptional wealth, what can the future generations, say 20 or 30 years from now expect given the budget cuts currently discussed? I suspect it won’t be a pretty sight, with a class of elderly people unable to pay for even the most basic stuff.
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