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Retirement for Baby Boomers

Core Facts

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Monday, March 26, 2018

Demographers and researchers typically categorize Baby Boomers as starting birth years, ranging from the mid-1940s and ending birth years, ranging from 1960 to 1965. The term "Baby Boomer" is used as well in a cultural context, so it is difficult to achieve a broad consensus of a precise date definition. Different people, organizations, and scholars have varying opinions on who exactly is a Baby Boomer, both technically and culturally. The “baby boom” or large rise in pregnancies following the Second World War is what inspired the name.

Regardless of cultural or historical background, if you were born in 1945, let’s say, then you would be age 73 in 2018, which brings us to the question of retirement age. Retiring is not as simple as just drawing a proverbial line in the sand and stop working when you get to a certain age. If it were that easy, the world would certainly be a different place. The facts are rather startling. There are 76 million Baby Boomers in the United States, and more than 40 million of whom are already age 65 or older. These Baby Boomers will retire at a rate of 10,000 per day for at least the next 15 years. By 2030, more than 20% of the U.S. population, (almost 73 million Americans) will be age 65 or older.

For these folks to maintain even their current lifestyle, they will need to have retirement savings in place. Retiring means you will need to have enough money set aside to take care of all your basic expenses, plus any and all unforeseen bills or events, for instance, if you had to take care of medical bills or funeral costs or even simply heating or power and water bills. Some things are easy to take for granted like your car. If a sudden repair is needed that costs more than expected such as engine replacement or a rebuild, it can run into thousands of dollars.

The average pre-retirement Baby Boomer does not have enough savings for their retirement years, and one third of Americans have no retirement savings at all.

Making certain that your future is safe by saving or at least planning properly for retirement is essential. “Getting professional advice and seeing what the best plan is for you is a good idea. It’s better to start planning sooner rather than later,” says Executive V.P. of Sales at David Lerner Associates, Inc., Martin Walcoe. Take control of your own life and future, and make sure your finances are secure.


Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Member FINRA & SIPC

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Lawrenceville, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 800-367-3000 Visit our website: www.davidlerner.com

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Jake Mendlinger
Account Manager
516.829.8374 X 232

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