(NAPSI)‚ÄĒThe Stanford Center on Longevity‚Äôs 2018 ‚ÄúSightlines Report‚ÄĚ found that baby boomers have accumulated less household wealth and carry more debt in comparison to previous generations of American retirees.
The report found that overall household asset balances‚ÄĒand retirement savings in particular‚ÄĒare lower for boomers than for the elderly Americans born before them. In addition, baby boomers are carrying more debt compared to older generations, with one in three holding a debt burden exceeding 50 percent of their total wealth.
With approximately 10,000 Americans turning 65 each day, the news that baby boomers are less ready to retire than those generations who have come before them is disconcerting by itself, but it is especially worrisome in light of rising retirement expenses they will face.
‚ÄúGiven that boomers will likely live longer and rack up higher lifetime medical costs than prior generations, the inevitable conclusion is that boomers will face some tough challenges during their retirement years,‚ÄĚ according to CBS MoneyWatch.