The Median Retirement Savings Balance Among Baby Boomers Is Shockingly Low
Baby boomers may be preparing to leave the workforce on short notice, but may not be financially prepared. According to a recent Transamerica survey, the median savings balance among baby boomers is only $ 144,000, and while boomers have more retirement money than millennials and Gen Xers combined (based on media balances), they still do a lot of work. The average senior in social security today collects approximately $ 18,000 in benefits annually.
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