The oldest members of the generation reached retirement age (or 65-years old) in 2011, and the youngest members will reach this milestone in 2029. By 2030 all baby boomers will have turned 65 and Generation X will start their contribution to the expanding older cohort. Another way to cover the skills gap is to retain your baby boomer employees on the job indefinitely. Debt is yet another problem for baby boomers. Research by the Insured Retirement Institute (IRI) also suggests trouble for some retiring Boomers. 2. These people today are either already in, or at least facing retirement and this article, originally intended to be just about the retirement expectations of Baby boomers, really has to be combined with a look at some of the challenges with which that they are faced leading up to that time. Be warned, however. Baby boomers may say they plan to work into their 70s (or possibly forever), but by age 68, only 16 percent of people actually work full time (17 percent work part time), according to Gallup. The future also depends on them, but in a different way. What Happens When Baby Boomers Go? According to the study, 45% of Baby Boomers have no retirement savings.

Retirement villages — walled, gated and separate seniors’ enclaves — have had their day. With baby boomers aging, the cost of long-term care is set to triple in the next 30 years. Baby boomers belong to the generation born between 1946 and 1964. Baby boomers who don’t retire. Yes, it’s the most obvious but it’s worth repeating. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. For many retirement-age baby boomers, retirement is getting postponed. Two-thirds of boomers report they want to continue working beyond age 65, … About 60 percent of law firm partners are baby boomers and 25 percent of all lawyers are 65 and older. 33% of baby boomers have between $0 and $25,000 of retirement savings 75% of Americans reported a lack of confidence in receiving Social Security benefits and … 46% admitted to taking no steps to prepare for the likelihood they could outlive their retirement. The word “retirement” is redundant … Boomers, especially older ones, created and now dominate the present legal landscape. On average, they're more than $110,000 in the red, a burden more than 50 percent higher than the amount carried by people born in the 1930s.

According to the IRI survey, an astonishing 23% of baby boomers have no retirement savings… and never did. As the big bulge of baby boomers head into old age, as many as half are coming face-to-face with a new American economic reality: Retirement means a …