Boomers Face This Risk in Retirement: Here’s How To Avoid It

TitleBoomers Face This Risk in Retirement: Here’s How To Avoid It
Publication TypeWeb Article
Year of Publication2021
AuthorsVillanova, P
Series TitleFinance
KeywordsBaby Boomers, Pensions, Retirement

Baby boomers seem to be overestimating how long their retirement savings will last — or maybe underestimating how long they’ll live. New research from the Center for Retirement Research at Boston College found that Boomers may be drawing down their retirement wealth faster than previous generations, because they lack the widespread access to pensions that older generations enjoyed. Using data from the University of Michigan’s Health and Retirement Study, CRR researchers determined the more annuitized resources retirees have at their disposal, the slower they draw down their wealth. A financial advisor can help you calculate how much retirement savings and income you’ll need once you stop working.

Citation Key11868