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Why you won't retire at 65

GOBankingRates logo GOBankingRates 6/9/2017 Cameron Huddleston

Many baby boomers won't be able to retire — at least, not in the traditional sense. The idea of days on the golf course, adventures around the world and leaving the workforce by age 65 won't be a reality for many people in this age group, based on the findings of several recent studies.

© wavebreakmedia / A big reason boomers might have trouble retiring is because a growing percentage of them have absolutely nothing saved for retirement. In fact, GOBankingRates' 2017 Retirement Savings survey found that 29 percent of adults ages 55 and older have $0 saved in 2017, up from 28 percent in 2016.

Boomers Are Still Recovering From the Great Recession

© Ruslan Guzov / The Great Recession has played a role in boomers' lack of savings and unpreparedness for retirement. "This group has still not fully recovered since the peak before the crisis pre-2007," said Goldberg.

Boomers Have Taken on More Debt

© / Boomers' debt could make it harder for them to have a comfortable retirement or to retire when they want. "Boomers have the second-highest level of debt across generations, averaging $99,852 — surpassed only by Generation X, whose average debt is $134,786," said Heather Battison, vice president of consumer communications at credit bureau TransUnion.

Boomers Will Have to Work Longer — or Work in Retirement

© Pressmaster / The average retirement age in the U.S. is 63, according to a SmartAsset analysis of Census Bureau data. However, 59 percent of boomers plan to retire at age 65 or older, according to IRI. More than a quarter plan to retire at age 70 or later.

Health Issues Could Hurt Boomers Retirement Plans

© Monkey Business Images / "The wild card in retirement is your health," said Goldberg. And it's a card many boomers aren't prepared to be dealt.

Long-Term Care Needs Could Sabotage Boomers’ Retirement

© Kzenon / Almost 70 percent of people turning 65 will need long-term care at some point in their lives, according to the U.S. Department of Health and Human Services. One in five will need it for longer than five years. However, less than one-third of Americans 50 and older have begun saving for long-term care.

This article originally appeared on Why Most Boomers Won’t Be Able to Retire


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