Not saving anything
According to the IRI survey, an impressive number of 23% have no retirement savings, and even worse, they never did. The three pillars of a good retirement are Social Security, private pensions and personal savings.
When it comes to baby boomers, none of those is in great shape. The average Social Security check is $14,000 a year, so you can hardly sit comfortably by the time you’re retired.
When it comes to a private pension, only 23 % of boomers ages 56-61 are expecting any income from a private company pension plan, and only 38% of older boomers expect a pension. As for personal savings, it won’t take too long to discuss it: they didn’t save enough.
