Back in 2008 McKinsey Global Institute released a study that caused The Wall Street Journal to run a headline declaring, “Spendthrift Boomers Face Perilous Retirement.”
The report found that early boomers (born 1945 to 1954) had a savings rate of 20%; late boomers (born 1955 to 1964), had a savings rate of 10%. By comparison, the “silent” generation (born 1925 to 1944) saw their savings rate rise from 15% in their early 20s to roughly 30% in their late 40s.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access