Looking at the median numbers of those who have saved up for retirement puts how scary this situation is in perspective. Of those that have saved at least something for retirement, the median stands at $100,000. As a whole, baby boomer’s media retirement stands at $40,000, brought down by the 24% that have saved absolutely nothing for retirement. What’s even scarier is the amount of pre-retirees that use social security as a financial safety net. 65% of baby boomers ranked social security as ‘extremely’ or ‘very important’ when it comes to income during retirement. According to the Congressional Budget Office, social security is expected to run dry by 2037. What will retirees do then?
