Due to Money Baby Boomers Likely to Face a Bleak Retirement - If Any Retirement at All!

According to MotleyFool.com, more than 39 percent of individuals who are presently in or near retirement have saved less than $25,000 for their golden years. Apparently this is the lowest American savings rate since the Great Depression.

Actually it's worse than that. Check out the numbers from the RCS. They reflect the total savings and investments (not including the value of the primary residence) of today's workers, by age group:

Retirement Savings

-------Less than $25K - $25K-$49.9K - $50K-$99.9K - $100K-$249.9K - - 250K +

All Ages - - - 53% - - - - - - - 12% - - - - - - - 12% - - - - - - - 11% - - - - - - 12%
25-34 - - - - - -73% - - - - - - - 11% - - - - - - - 7% - - - - - - - - - 4% - - - - - - - 5%
35-44 - - - - -49%- - - - - - - 14% - - - - - - - 16%- - - - - - - - - 12% - - - - -- - 9%
45-54 - - - - 44%- - - - - - - 14% - - - - - - - 12% - - - - - - - - - 15% - - - - - - 16%
- 55+ - - - - -42% - - - - - - - 8% - - - - - - - - 2% - - - - - - - - 12% - - - - - - - 26%

Source: Retirement Confidence Survey, April 2006.

Note that according to the above figures, half of the people 55 and over have saved less than $50,000 for retirement.


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